All-Cash Buyers Account for 60% of Home Sales in NYC in First Half of 2025

All-cash deals continue to dominate New York City's housing market, accounting for 3 of every 5 home sales recorded in the Big Apple in the first half of 2025, a new report reveals. 

From Jan. 1 through June 30, 2025, all-cash transactions outpaced financed sales in the Big Apple. Of the 17,924 sales recorded, 10,825 (just over 60%) were cash buys, according to the latest biannual report from the Center for NYC Neighborhoods.

Only two neighborhoods, Harlem and Washington Heights, both located in uptown Manhattan, saw financed transactions surpass cash buys. 

"The dominance of liquid capital this period underscores how cash reigns supreme in New York City’s most competitive housing segments, offering buyers leverage not just in price, but in perceived reliability," said the authors of the report.

Analysts relied on home sales data from the Automated City Register Information System (ACRIS), specifically from deed records and transfer-tax filings in Brooklyn, Queens, the Bronx, and Manhattan. Because Staten Island does not participate in ACRIS, the report does not include information on transactions in that borough.

In raw numbers, cash purchases have increased by roughly 7% compared with the second half of 2024. However, their overall share of total sales has declined substantially.

From July to December 2024, cash deals accounted for roughly 80% of the 12,531 citywide residential real estate transactions, according to the Center for NYC Neighborhoods' previous report.

By June 2025, total sales had exceeded 17,000, while the portion of cash buys eased from 80% to 60%.

Realtor.com® senior economist Joel Berner says the continued strength of cash sales in New York City suggests they are driven by wealthy buyers and equity-rich homeowners rather than first-time home shoppers.

"New York has a strong luxury segment of the market, and we know from previous research that more expensive homes often get more cash offers from the types of buyers who are cash-rich and looking to buy expensive properties," says Berner.

Meanwhile, budget-conscious buyers and those who do not already have equity in a previous home are stuck on the sidelines because of elevated mortgage rates and sellers' preference for cash offers.

Cash is king in Queens

During the first half of this year, Queens led in total volume of all-cash closings in New York City, with 4,132 purchases in the first half of 2025 at a median sales price of $850,000. 

The report indicates that well-established residential neighborhoods like College Point, Whitestone, and Bayside boasted the highest shares of cash transactions in the borough.

However, it was the Bronx that posted the highest rate of all-cash purchases: roughly 17 for every financed buy. 

For example, in Council District 13, which is comprised of West Farms, Soundview, Throgs Neck, and Pelham Bay, there were 320 cash deals compared to just five mortgaged home purchases.  

"It's likely that demand is stronger in these more affordable boroughs than the pricier ones and there is more competition between buyers," says Berner.

Brooklyn had the second-highest volume of cash buys, at 3,250 transactions with a median sales price of $1.1 million.  

In more affluent Manhattan, 2,256 buyers had their all-cash offers accepted during the first six months of 2025, with the median price of $1.63 million. 

Notably, 9 out of 10 Manhattan properties priced above $3 million were bought without financing. 

"In high-demand locations, sellers are more likely to get multiple offers and therefore more likely to get a cash one that they can pounce on," says Berner.

Cash offers' appeal explained

Sellers overwhelmingly favor all-cash offers over those requiring home loans for several reasons.

For starters, cash buys come with fewer strings attached—such as financing contingencies—and typically offer faster closing timelines, both of which appeal to motivated sellers.

It's important to note, says Berner, that all-cash offers do not often correspond with higher prices. In fact, sellers would at times agree to a modest price reduction just to close a cash deal.

As a recent report from Realtor.com showed, cash buyers are most active at the low and high ends of the price spectrum

Generally, lower-priced markets and sought-after second-home destinations see more all-cash sales, led by institutional investors and wealthy, older purchasers looking for vacation properties. 

Nationally, approximately one-third of homes sold in the first six months of the year were paid for in all cash, down 0.6% from the year before.

From January to June 2025, about two-thirds of the homes sold for under $100,000 across the U.S. were paid for in cash, while the majority of homes priced at $2 million and up were cash buys.

New York state saw one of the largest increases in the share of cash buys, fueled by renewed demand for luxury homes.