In Manhattan, cash purchases accounted for 60% of home sales in the first five months of 2023, significantly surpassing the city average. The median price for these cash deals was $1.25 million, reflecting higher liquidity premiums compared to mortgage sales. In luxury areas, cash sales were notably higher, with Hudson Yards seeing a median cash price of $7.35 million. Family-based purchases dropped to 46%, while solo women buyers represented 20%. Local residents dominated the buyer pool, indicating a strong regional purchasing trend despite increasing out-of-state interest.
Cash buyers in Manhattan represented 60% of home sales in early 2023, significantly higher than the city average, driven by demand from affluent buyers and investors.
The premium paid by cash buyers in Manhattan was substantial, with a median price for cash purchases at $1.25 million, exceeding mortgage-backed sales by $215,000.
In major neighborhoods, cash purchases significantly outpaced median prices, illustrating a strong demand for premium properties among cash purchasers.
Family-based purchases have decreased to 46%, while solo women buyers lead at 20%, revealing changing demographics in zip code spending patterns.
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