I
n Manhattan, cash transactions reign supreme. According to a recent report from PropertyShark, 60% of homes sold in the borough during the first five months of the year were all-cash purchases, outpacing other New York City neighborhoods. This trend is driven by both deep-pocketed buyers and investor demand.

    Cash buyers are willing to pay top dollar for Manhattan properties, with a median price of $1.25 million – a whopping $215,000 more than homes bought with a mortgage. The luxury enclaves of Hudson Yards and the West Village saw particularly high cash sales, with medians of $7.35 million and $462,000 above the neighborhood's overall median, respectively.

    The report notes that family-based purchases accounted for 46% of deals, down from 50% a decade ago. Solo women edged out solo men as buyers, representing 20% of transactions to men's 19%. Anonymous LLCs were behind 13% of Manhattan deals, with a significant presence in high-end neighborhoods like Nolita and Noho.

    Despite rising interest from out-of-state and foreign buyers, the majority of purchasers remain local. A staggering 87% of transactions involved New York City residents, with most buying within their own boroughs. Only 4% came from elsewhere in New York State, and 8% from outside the state. International purchases are likely underreported due to sales routed through domestic LLCs or legal proxies.