Reno, NV tops list of metros with all-cash buyers

Realtor.com^® has released a list of the metros with the highest percentage of all-cash buyers. And guess which city is in the number one spot?

Yes, Reno, NV tops list of metros with the highest percentage of all-cash buyers. See: Money Talks in These 10 Metros Where All-Cash Buyers Are Scooping Up Homes – May 17, 2021

According to Realtor.com^® 51 percent of homes purchased in January and February of this year were “all-cash” purchases. This number is up 29 percentage points from a year earlier.

From the Realtor.com^® piece:

Once more of a haven for snowbirds and retirees, Reno has attracted tech workers who are less tethered to their offices who have been making the move en masse in the past year or so.

To get a sense of the cash sales trend, I’ve charted the percentage of all-cash sales, by month, in the Reno-Sparks market over the prior 13 months.

Though the data from our MLS¹ does not indicate 51 percent of sales being cash sales, the graph above clearly shows the proportion of cash sales trending upwards — with the current percentage of cash sales more than double that of a year ago.

This is not surprising given the hyper competitive state of the house market. See: How does the nation’s competitive housing market compare to Reno, NV’s? – May 18, 2021

From the Realtor.com^® piece:

…buyers are doing anything they can to stand out. And more and more, all-cash offers do just that, and can mean the difference between getting that dream home—or winding up empty-handed.

¹The residential housing market data reported on above covers the cities of Reno, Nevada and Sparks, Nevada [NNRMLS Area #100]. Market data includes SFR (Single Family Residence) properties only. Data excludes Condo/Townhouse, Manufactured/Modular properties. Data courtesy of the Northern Nevada Regional MLS – May 19, 2021. Note: This information is deemed reliable, but not guaranteed.