All-Cash Homebuyers Dominate In New York

By Matthew Robinson

US News Editor

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Cash purchases dominated New York's housing market in the first half of 2025, accounting for more than 60 percent of all deals, a new report has revealed.

Between January 1 and June 30, 10,825 sales out of a total 17,924 recorded deals were cash buys, according to the report from the Center for NYC Neighborhoods.

Queens saw the largest total number of cash buys, but the Bronx recorded the highest cash-buy ratios, the report said.

Why It Matters

Nationally, all-cash deals accounted for around a third (32.8 percent) of home sales during the first half of 2025, Realtor.com reported in October.

The 60 percent figure in New York City reflects the city's deepening economic inequality, making homeownership increasingly unattainable for many residents.

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What To Know

The report, titled "NYC's Homeownership Hotspots II: Shifting Trends and New Realities," revealed that Queens recorded the highest number of cash buys in total during the first half of this year with 4,132 deals. It was followed by Brooklyn on 3,250; Manhattan on 2,256; and the Bronx on 1,036.

The highest concentrations of cash buys in Queens were in the neighborhoods of College Point, Whitestone, Bayside, Flushing, Bayside Hills, Bellerose, Hollis Hills and Fresh Meadows.

The Bronx recorded the highest cash-buy ratio, with approximately 17 cash purchases to every mortgage deal, the report said.

In Council District 13—which includes the neighborhoods of Pelham Bay, Throgs Neck, Soundview and West Farms—there were around 320 cash buys compared to just five financed purchases.

Meanwhile in Manhattan, approximately nine in 10 homes costing over $3 million were purchased with cash, the report said.

The only two neighborhoods where financed purchases surpassed cash buys were Harlem and Washington Heights in Manhattan, the report said.

Newsweek contacted the Center for NYC Neighborhoods for comment outside of regular working hours.

What People Are Saying

The Center for NYC Neighborhoods said in the report: "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."

The organization said regarding cash buys in April: "This dramatic upsurge could be tied to the high interest-rate environment, with buyers avoiding borrowing due to elevated interest rates.

"At the same time, this also means homeownership in NYC is becoming increasingly more stratified, rather a luxury for those who can borrow (perhaps even from family and friends) and afford to buy in the current, high-cost market."

Joel Berner, Realtor.com's senior economist, said the cash-buy surge is likely driven by wealthy individuals, rather than first-time homebuyers.

"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," he told the outlet.

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