Economic Insights

Southeast Florida Sees Rising Share of Cash Buyers Since 2019

Economic Insights
Economic Insights from the MIAMI REALTORS Chief Economist

By Gay Cororaton, MIAMI REALTORS® Chief Economist

Cash buyers have increasingly comprised a higher share of sales since 2019. The rising share of all-cash buyers indicates that Southeast Florida continues to attract a wealthy pool of buyers that is bolstering the housing market and the overall economy through housing-related and consumer spending.


In Martin County, all-cash sales during January-May 2024 accounted for 54% of sales (40% in January-May 2019), followed by Palm Beach at 47% (35% in 2019), St. Lucie at 30% (22% in 2019), Miami-Dade at 27% (22% in 2019), and Broward at 26% (20% in 2019).


In the condominium/townhome market, over half of sales in all counties were all-cash, with the share rising in 2022 compared to 2019 by one to two percentage points, except in Palm Beach County where the share rose five percentage points (from 59% to 64%).


Rising mortgage rates, sustained price appreciation due to tight inventory, and elevated migration from out-of-state buyers with incomes that are on average higher than non-movers help to explain the rising share of cash sales. The large home equity gains especially among movers[1] from high-priced states (e.g., New York, California, and Massachusetts) and the financial wealth of retiring Baby Boomers from a bull stock market could also account for the increase in the share of all-cash buyers. The COVID-pandemic also spurred the retirement of Baby Boomers (as indicated by a decline in the labor force participation rate) who find Southeast Florida’s coastal lifestyle attractive. The lifting of the COVID travel restrictions in 2023 also led to a resurgence in net international migration and travel, bolstering foreign buyer transactions, of which 66% are all-cash.


Notably, while the share of cash sales has increased since 2019, the shares are still lower than those immediately after the Great Recession when investors became more active, purchasing foreclosed homes or short sale homes.

Cash buyers dominate both the million-dollar market and low-price segment


Cash buyers dominate the million-dollar homes market and the lower-price segment (less than $300,000). In the million-dollar market, all-cash buyers are wealthy buyers who could be purchasing a property for use as a primary residence, a personal vacation home, or a luxury rental property.


During January-May 2024, all-cash sales comprised about 70% of $1 million or more single-family home sales in Martin (71%), St. Lucie (70%), and Palm Beach (69%) and about half of $1 million or more single-family home sales in Miami-Dade (48%) and Broward (46%).


In the condominium/townhomes market, about 70% to 90% of sales were all-cash, with the highest shares in Palm Beach County (90%) and Martin County (82%).


The share of all-cash sales in the million-dollar homes market has significantly increased since 2019 in Miami-Dade (from 42% in January-May 2019 to 48% in January-May 2024) and St. Lucie County (from 33% in January-May 2019 to 70% in January-May 2024).


The rising share of all-cash buyers in Miami-Dade’s million-dollar homes market indicates the growing presence of wealthier buyers who are bolstering not only the housing market but are lifting up the economy through housing-related and consumer spending. In 2021, MIAMI’s analysis of IRS migration data showed the households who moved into the five counties from other states had an adjusted gross income of $28.8 billion. Among out-of-state households who moved to Miami-Dade County, the average adjusted gross income of the household was $229,300[2].


In the lower price segment, all-cash buyers could include home flippers, value-add investors who will upgrade and rent out the property, and second home buyers who are cashing in on the home equity of their primary residence. MIAMI’s Rental Market reports[3] show a rising share of single-family rentals to total rental listings, with single-family homes for rent accounting for 36% of total multifamily and single-family rental listings as of May 2024 from 21% in January 2019.

Areas with the highest cash sales share of single-family homes in May 2024 and area median sales price

  1. Palm Beach, Palm Beach County: 100%; $36.9 million
  2. Miami Beach, Miami-Dade County: 70%; $3.3 million
  3. North Palm Beach, Palm Beach County: 70%; $776,000
  4. Hobe Sound, Martin County: 69%; $636,000
  5. Palm City, Martin County: 68%; $490,000
  6. Key Biscayne, Miami-Dade County: 68%; $4 million
  7. Jupiter, Palm Beach County: 65%; $947.500
  8. Wilton Manors, Broward County: 63%; $917,500
  9. Palm Beach Gardens, Palm Beach County: 61% ; $1 million
  10. Southwest Ranches, Broward County: 60%; $3.5 million

Areas with the highest cash sales share of condominium/townhome sales in May 2024 and area median sales price

  1. Hobe Sound, Martin County: 100%; $360,000
  2. Palm Beach, Palm Beach County: 95%; $1.2 million
  3. Highland Beach, Palm Beach County: 92%; $815,000
  4. Golden Glades, Miami-Dade County: 91%; $149,000
  5. Bal Harbour, Miami-Dade County: 89%; $649,000
  6. Lake Worth, Palm Beach County: 86%; $160,000
  7. South Palm Beach, Palm Beach County: 83%, $322,500
  8. North Miami Beach, Miami-Dade County: 75%; $307,500
  9. North Miami, Miami-Dade County: 74%; $223,000
  10. Sunny Isles, Miami-Dade County: 73%; 832,000


Download the May 2024 Southeast Florida Housing Metrics Report below.

[1] Driver License Exchanges in Southeast Florida Continue to Normalize in 2024 Q1 But are Still Higher than Pre-Pandemic Levels – MIAMI REALTORS®

[2] In-Migration Boosted South Florida Household Income by $16 Billion in 2021 – MIAMI REALTORS®

[3] Southeast-Florida-Residential-Rental-Market-Report-May-2024.pdf (

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