The percentage of cash home sales in DC in 2020 dropped compared to previous years, likely the result of borrowers taking advantage of record low interest rates. 8,744 homes sold in the District through the first 11 months of 2020 — and 15 percent of those homes went to buyers paying all cash. This percentage is down compared to 2018 and 2019 when approximately 17-20% homes sold did so in all-cash transactions.
The all-cash neighborhoods in DC are also largely the priciest with four of the top five coming in neighborhoods where the median home price exceeds $1 million. However, it wasn’t just the city’s high-priced neighborhoods where cash was king. In Barry Farm, 28 percent of homes purchased fell into the all-cash category.
Below is a sampling of DC neighborhoods and the percentage of all-cash transactions so far this year:
West End: 30 percent
Georgetown: 35 percent
Spring Valley: 32 percent
Barry Farm: 28 percent
(Urban Turf, photo by shutterstock)