Who’s buying homes with cash in Tucson right now?
About 27% of buyers paid cash in September, according to the National Association of Realtors, but nearly 3 in 4 buyers still used a mortgage. Cash buyers include homeowners using money from a prior sale, second-home buyers, and investors, and the average homeowner with a mortgage has about $310,000 in equity nationally. Cash is most common at the very low and high ends of the market, while about 80% of Pima County single-family sales this year were priced between $200,000 and $599,999. For sellers, a cash offer’s biggest advantage is speed and certainty, so compare your net proceeds and timeline, not just the price.
| By Michelle Ripley | October 28, 2026 |
When you hear that more than 1 in 4 buyers are paying cash, it’s easy to picture wealthy investors buying up every house in town. If you’re financing your purchase, that can make you feel like you’re competing against an impossible standard.
Here’s what the data really shows. The housing market isn’t one market. Cash buyers are one part of it, and they may be more like you than you’d expect.
Who’s paying cash, and where is the money coming from?
NAR’s September Realtors Confidence Index found that 27% of buyers paid cash, unchanged from August and down from 30% a year earlier. Realtor.com, which counts sales with no mortgage lien recorded at closing, puts the cash share at 31.4% for the first four months of 2026, down from 32.3% a year earlier. The two measure it differently, which is why the numbers don’t match.
The trend is more interesting than the number. Realtor.com found that cash sales fell 11.2% from a year earlier, faster than the 8.5% drop in total sales. As Realtor.com’s senior economist Hannah Jones put it, cash buyers aren’t disappearing; they’re just becoming less dominant as financed buyers have more room to compete.
NAR says cash buyers generally fall into three groups:
- Homeowners who sold a house and are using that money to buy their next one
- People buying a second home
- Investors
That first group is a lot like many Tucson homeowners. According to Cotality’s Q2 report, the average homeowner with a mortgage has about $310,000 in equity. That’s a national average, so your own number depends on what you paid, what you owe, and what your home is worth today. For context, $310,000 is about 80% of Pima County’s $385,000 median single-family sale price.
Here’s a Tucson example. The county’s median sale price was $265,000 in 2020, according to MLSSAZ, and it’s $385,000 in 2026 so far. A homeowner who bought a median-priced home in 2020 would see a $120,000 difference in value, before counting any loan balance they’ve paid down. Your equity isn’t spendable until you sell or borrow against it, but it can change what’s possible.
For many homeowners, that matters because of today’s rates. The Mortgage Bankers Association’s October 9 survey showed the 30-year fixed rate averaging 7.50%. A buyer who can pay cash has no monthly mortgage payment, no need to borrow at that rate, and no loan approval process, which can mean a faster close.
Even if your equity doesn’t cover the whole purchase, putting more of it toward the next home means borrowing less. At 7.50%, every $10,000 you borrow less lowers your principal and interest by about $70 a month.
Who’s really buying in your market
Cash shares vary a lot by place. Realtor.com’s data shows the highest state shares were Mississippi at 47.2%, Montana at 45.9%, and New Mexico at 43.8%. Cash is also most common at both ends of the price range: more than two-thirds of homes under $100,000 were bought with cash in early 2026, and more than 40% of homes above $1 million.
Most buyers shop somewhere in between. In Pima County, 7,026 of the 8,809 single-family homes that closed between January 1 and October 4 (about 80%) were priced between $200,000 and $599,999, according to MLSSAZ. In that range, financed buyers are the norm, and you’re in good company if you’re one of them. I’d also confirm any local cash figure with current MLS data, since this one is a national picture.
And financed buyers have room to work with right now. Pima County had 4.4 months of supply in early October, 48% of active single-family listings had cut their price, and homes closed about 1.6% below asking in September. For more on what’s behind that, see what 7% mortgage rates mean for Tucson inventory. Builders are another piece of the picture, and I cover them in can you negotiate with a Tucson home builder.
If you’re an investor, remember that short-term rental regulation remains a live issue in this market, so confirm current rules before you count on that income.
What this means for buyers and sellers
If you’re buying with a mortgage: You’re in the majority, and you don’t have to assume you’re at a disadvantage. Get pre-approved, keep your offer clean, and ask your agent how to present it. The standard AAR purchase contract gives you a 10-day default inspection period, and the BINSR (Buyer’s Inspection Notice and Seller’s Response) is how you request repairs or credits. Your financing and appraisal contingencies are part of the process, too. Review the seller’s SPDS carefully, and remember that Arizona has no meaningful transfer tax, only a flat $2 recording fee, with your closing running through escrow. Is buying a home in Tucson still worth it covers the bigger picture.
If you own a home: Your equity may make your next move more affordable than you think. Whether you sell first and buy with the proceeds, or buy and sell with a sale-of-home contingency, the timing needs a plan, and it’s worth talking with a tax professional about how a sale could affect you. I’m not a tax advisor, so please get advice that fits your situation. Start by knowing what your home could sell for.
If you’re selling: A cash offer’s biggest advantage is usually speed and certainty, not a higher price. With demand cooled and homes sitting longer, Realtor.com’s Hannah Jones notes that a fast, certain close is the main selling point of an all-cash offer. When you compare offers, look at your net proceeds, the closing timeline, and any contingencies, not just the price. A financed offer with a strong pre-approval can compete well. That certainty matters here, because about 1 in 5 Pima County single-family listings over the past year was cancelled before it sold. If you’re in unincorporated Pima County, plan to provide the Affidavit of Disclosure along with your SPDS. For more on pricing, see is now a good time to sell a house in Tucson.
The Bottom Line
Cash buyers are a meaningful part of today’s market, but they aren’t the whole market. What matters most is your equity, your budget, and what’s happening in your neighborhood.
If you’re thinking about buying, I’m happy to walk you through the numbers. Reach out anytime. And if you’re a homeowner who wants to know what your equity could do for your next move, get a free home valuation — it’s fast, no-obligation, and gives you real numbers to work with.
Frequently Asked Questions
What percentage of homes are bought with cash?
The National Association of Realtors’ September 2026 Realtors Confidence Index found that 27% of buyers paid cash, down from 30% a year earlier. Realtor.com, which uses deed records, found a 31.4% cash share for January through April 2026, down from 32.3%. The two measure it differently, so the numbers don’t match exactly.
Do most Tucson buyers pay cash?
No. Nationally, nearly 3 in 4 buyers still use a mortgage. Cash is most common at the lowest and highest price points, and about 80% of Pima County single-family sales this year were priced between $200,000 and $599,999, according to MLSSAZ. Ask your agent for the local cash share in your neighborhood and price range.
Can I use my home equity to buy my next home without a mortgage?
Possibly, if you sell your current home and the proceeds cover the next purchase. Equity isn’t cash until you sell or borrow against it. The average homeowner with a mortgage has about $310,000 in equity nationally, according to Cotality, but yours depends on your purchase price, loan balance, and current value. A tax professional can explain how a sale may affect you.
Is a cash offer always better for a seller?
Not always. A cash offer’s main advantage is speed and certainty, since there’s no loan approval. Compare your net proceeds, closing timeline, and contingencies, not just the price. A financed offer with a strong pre-approval can compete well.
How can a buyer who needs a mortgage compete with cash buyers in Tucson?
Get pre-approved, keep your offer clean, and work with an agent on how to present it. Conditions help, too: Pima County had 4.4 months of supply in early October, 48% of active single-family listings had cut their price, and homes closed about 1.6% below asking in September. Nationally, cash sales are also falling faster than overall sales.
About Michelle Ripley Michelle Ripley is the owner and lead advisor of Ripley’s Real Estate Group with Keller Williams Southern Arizona, ranked among the top 1% of agents nationally. She serves buyers and sellers throughout Tucson, Oro Valley, Marana, and Pima County — from first-time buyers to luxury clients — with an education-first approach backed by data-driven marketing and deep local expertise. A proud Oro Valley resident, Michelle is known for treating every client relationship with the same integrity and care that built her reputation as one of Southern Arizona’s most trusted agents.
