House hunters making all-cash offers have a competitive edge over those relying on financing. Albuquerque, NM, stands out with 71% of home purchases made in cash, greatly exceeding the national average. This trend is attributed to the city's affordability and investor interest, as explained by Realtor.com economist Joel Berner. The rise in cash purchases indicates that investors find opportunities in the South and West, as demonstrated by the overall market's median listing prices being generally lower in these regions. Other significant regions include Myrtle Beach, SC, and cities across Florida.
"Albuquerque is relatively affordable, which makes cash purchases easier. It's also an attractive market for investors ... and investors are generally more able to pay in cash or secure their own financing other than a conventional mortgage."
"Albuquerque has led the national rate of all-cash purchases for a long time, and the gap is growing."
"The top 10 cities where at least 40% of home purchases were paid for fully in cash were all located in the South and West."
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