Special Report

10 Cities Where Homebuyers Pay Cash

10. Las Vegas-Paradise, Nev.
> Pct. cash sales: 50.7%
> Median list price: $204,000 (43rd highest)
> Pct. institutional sales: 14.4% (2nd highest)

More than 50% of all property sales were all-cash in the Las Vegas-Paradise metro area, one of only a handful of large metro areas where cash sales represented a majority of homes sold. Unlike the rest of the nation, the percentage of area home purchases conducted in cash declined between the second quarters of 2013 and 2014. Still, the Las Vegas area was among those hit hardest by the housing crisis, and the local housing market is still distressed. While just 4.5% of nationwide real estate transactions were short sales in July, such sales accounted for more than 13% of deals in the Las Vegas metro area. Good deals on housing can also attract institutional investors, who made up more than 14% of sales last quarter, versus 4.7% across the U.S.

ALSO READ: The 10 Most Affordable Housing Markets in America

9. Palm Bay-Melbourne-Titusville, Fla.
> Pct. cash sales: 50.7%
> Median list price: $149,900 (23rd lowest)
> Pct. institutional sales: 2.1% (50th lowest)

Like other regions where the majority of home sales were conducted in cash, the Palm Bay housing market has been relatively distressed. In the second quarter, 11% of home sales were short sales, more than double the national rate. Unlike many other popular all-cash markets and other Florida metro areas, institutional investors accounted for only a small share of sales in Palm Bay. Institutions bought just over 2% of homes sold in the area in the second quarter, considerably less than the national rate of 4.7%.

8. Jacksonville, Fla.
> Pct. cash sales: 51.5%
> Median list price: $169,900 (40th lowest)
> Pct. institutional sales: 12.5% (3rd highest)

Institutional investors bought 12.5% of all homes sold in Jacksonville during the second quarter of 2014, the third highest among metro areas reviewed. Additionally, home prices were low relative to national prices as well as the area’s historical levels. The median home price was just under $170,000 as of July 2014, unchanged from the year before and lower than in the majority of large metro areas, according to RealtyTrac. These factors may have attracted all-cash purchasers to the area. All-cash transactions rose from 47.4% of all sales in the second quarter of 2013 to 51.5% in the second quarter of this year.