In Manhattan, cash is still king.
Even in an era of steep borrowing costs and market uncertainty, a new report from PropertyShark finds that 60% of homes sold in the borough during the first five months of the year were all-cash purchases — a higher share than anywhere else in New York City.
While citywide transactions were nearly evenly split between mortgage-backed and all-cash deals — mortgages made up 56% — Manhattan stood apart, buoyed by both deep-pocketed buyers and investor demand.
A new report from PropertyShark reveals that all-cash purchases are dominating Manhattan’s housing market, with 60% of sales in the first five months of the year closing without financing — the highest rate among New York City’s boroughs. marchello74 – stock.adobe.comNotably, cash ruled across price points: from multimillion-dollar apartments in Hudson Yards to modest listings under $250,000 in The Bronx. In the latter, 40% of homes sold without financing, likely reflecting investor interest in low-priced rental stock.
Cash buyers in Manhattan paid a premium for their liquidity.
The median price of an all-cash purchase in the borough was $1.25 million, roughly $215,000 more than homes bought with a mortgage.
Citywide, home sales were nearly evenly split between cash and mortgage-backed deals, but Manhattan skewed heavily toward cash, accounting for one-third of all NYC transactions. crizzystudio – stock.adobe.comThe trend was especially pronounced in luxury enclaves.
In Hudson Yards, the median cash sale hit $7.35 million — nearly $2 million above the neighborhood’s overall median. In the West Village, cash buyers spent about $462,000 more than the median.
Across all five boroughs, 68 neighborhoods saw cash purchases outpace median prices.
Cash buyers claimed pricey Manhattan homes with median sale prices of $1.25 million — $215,000 higher than mortgaged purchases. deberarr – stock.adobe.com“Cash buyers are using liquidity to stake claims in prized or fast-appreciating areas,” the report noted.
The report also highlighted who’s buying: Family-based purchases accounted for 46% of deals, down from 50% a decade ago.
Solo women edged out solo men, representing 20% of buyers to men’s 19%.
Anonymous LLCs were behind 13% of Manhattan deals, with their presence ballooning in high-end neighborhoods like Nolita and Noho, where they made up more than half of all sales.
Across the five boroughs, 68 neighborhoods saw cash buyers pay more than the median, with Hudson Yards showing a nearly $2 million premium. Christopher SadowskiDespite rising interest from out-of-state and foreign buyers, the majority of purchasers were local.
About 87% of transactions involved New York City residents, most of whom bought in their own boroughs.
Just 4% came from elsewhere in New York State, and 8% from out of state.
While only 44 deals were officially recorded as international purchases, the actual number is likely higher due to sales routed through domestic LLCs or legal proxies.
