All-cash offers are still a third of all home purchases, dominated by 'investors and second

All-cash offers have cemented their place as a formidable force in the U.S. housing market, accounting for nearly one in three home purchases in the first half of 2025, according to the latest analysis from Realtor.com . The data reveals that about 32.8% of home sales so far this year were completed fully in cash—a figure only slightly lower than last year, but significantly above pre-pandemic norms. These transactions are “especially common at the extreme ends of the price spectrum,” writes senior economic research analyst Hannah Jones , who notes that they vary dramatically across regions.

Central to this phenomenon is the growing role of two groups, Jones concludes: investors and second-home buyers. Institutional investors, in particular, have continued to leverage their financial