Seattle’s Hot Housing Market

In Seattle’s hot housing market, nearly a quarter of sales are all cash

According to the Seattle Times, in one of the most expensive housing markets in the country, nearly one in four homes is selling for all cash. 

Between January and April, 23.8% of home sales in the Seattle area went to buyers paying all cash, according to an analysis of county property records by Redfin. The level of cash purchases is up slightly from about 22% in the same period last year and roughly 20% in 2019. Nationally, the share of all-cash home buys — 30% — hit a level last seen in 2014, when cash deals were soaring in the years following the housing crash, according to Redfin. In many of those markets, of course, it takes a lot less cash.

Local brokers say the tech industry, boasting employees with high salaries and stock-option packages, is a driving force of cash purchases here. Cash shoppers looking for their own home or second homes are drawn to some of the area’s priciest neighborhoods, while investors may pay all cash to acquire midpriced rental properties that can turn a profit, agents said.