This is one of my “real estate is local” messages. I recently got a press release that stated that nationally that 30% of offers on houses are cash offers. I haven’t found that to be true in the metro area so I started looking at actual data from real home sales.
In July in St. Paul, a little more than 10% of the closed home sales were cash offers. I looked at data for Hennepin, Ramsey, Dakota, and Anoka counties and got a range of 5% (Washington county) to 11% in Dakota county. 9% of homes that closed in July in Anoka county were all-cash offers and in Ramsey county close to 12%.
The type of housing matters too and the percentage of cash offers is higher in the burbs than in the city.
Yes, people do pay cash for houses but most home buyers use some type of financing. Borrowing money is still a thing. Find out what the norm is for your area and type of housing.