Cash Buyers in South Florida’s luxury Real Estate Market in 2023
Buyers who pay Cash for their Property purchases in South Florida instead of Financing their Property purchases with a Mortgage continue to represent a very large quantity of South Florida’s Real Estate buyers. The percentage of cash buyers in South Florida far exceeds the U.S. national average of 30% cash buyers and Florida has the highest number of cash Real Estate buyers in the United States.
Our luxury Real Estate market in particular is dominated by cash buyers.
Included below are current cash buyer stats within Palm Beach County, Broward County, and Miami-Dade County for Single Family Homes, Condos and Townhomes that were purchased during the months of January – March of 2023 with a minimum purchase price of $1,000,000.
Palm Beach County:
- Cash purchases of Condos and Townhomes =86%
- Cash purchases of Single Family Homes = 72%
Broward County:
- Cash purchases of Condos and Townhomes = 78%
- Cash purchases of Single Family Homes = 43%
Miami-Dade County:
- Cash purchases of Condos and Townhomes = 70%
- Cash purchases of Single Family Homes = 48%
Cash paid for Property purchases is paid in the form of Funds wired to a Bank Account, typically the Bank Account of a Title Company or Attorney, and then wired to the Property Seller’s Bank Account at the time of Closing.