Cash buyers are stepping back from Miami’s real estate market after their pandemic-era shopping spree. In 2024, about 38% of Miami-area homes were purchased with cash, down from 42% in 2023, according to recent data. While the decline signals a shift, the share of cash transactions remains historically high both in Miami and nationwide.

A Redfin analysis shows that across the U.S., the percentage of cash home purchases dropped to just under one-third last year, the lowest since 2021. Despite this dip, wealthier buyers continue to dominate, as rising home prices make it increasingly difficult for lower-income Americans to compete.

Meanwhile, overall home sales in 2024 reached a nearly 30-year low, according to the National Association of Realtors. With high interest rates and affordability challenges, the market is adjusting—but cash buyers still hold significant influence.

(source: Axios, Redfin, picture: Kian Lem)