Ryan Serhant, CEO of SERHANT, says there isn’t just 1 housing market right now. There are really 4: cash buyers, buyers who need a mortgage, homeowners with low mortgage rates, and builders.
All 4 are alive and well here in Boerne and Fair Oaks Ranch. Today, let’s zoom in on the 1st group – cash buyers – and what they look like in the Texas Hill Country.
According to the National Association of Realtors (NAR), 27% of homes sold nationwide in September were bought with all cash. That’s more than 1 in 4 buyers. And that’s a pretty big number, especially when so many people are struggling with affordability.
So where is all that cash coming from? When you hear a number like that, it's easy to picture wealthy investors buying up houses left and right. But that’s not necessarily the case. Some of those cash buyers are actually homeowners who've built up enough equity to buy their next home outright – and we see a lot of that in the Boerne area, where families move up into acreage, downsize after the kids leave Boerne ISD, or relocate from higher-priced markets.
Here's what you should know about who's paying cash, and what that really means for our local market.
Who’s Paying Cash?
Cash buyers tend to fall into a few groups, according to NAR:
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Homeowners who sold a house and are using that money to buy their next one
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People buying a 2nd home
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Investors
So, it’s not all those big investors social media talks about. That 1st group may include people a lot more like you – a Fair Oaks Ranch homeowner who has owned for 10+ years, or a buyer relocating from Austin, California, or the Northeast with equity from a pricier market. Here’s how. According to Cotality, the average homeowner with a mortgage has about $310,000 in equity.
That’s a big deal right now. Many homeowners feel stuck because they don’t want to give up the low mortgage rate they have today. But once they learn they may have enough equity to move and pay cash for their next home, today’s rates don’t matter nearly as much. Because buying in all cash means…
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No monthly mortgage payment
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No need to borrow at today’s mortgage rates
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No loan approval process, so you may be able to close faster
And even if the equity won’t cover the whole purchase, putting more of it toward the next home means borrowing less. That can mean a smaller monthly payment, too. Curious what your number is? Start with a free Boerne home value estimate.
But cash buyers like this are more common in some places than others. And how big of a segment of your local market this is, is going to depend on where you live.
For example, Realtor.com data shows cash buyers made up almost 47% of sales in Mississippi and 46% in Montana earlier this year (see map below).
Where does Texas fall?
According to Realtor.com, the states with the most cash buyers reflect “a mix of affordability, wealth and buyer demographics.” Think places with lower home prices, or lots of retirees and 2nd-home buyers.
So, depending on where you live, you may see a lot more (or a lot fewer) cash buyers than the national number suggests. That’s exactly why I track our 2 Boerne ZIP codes every month.
Boerne and Fair Oaks Ranch Cash Sales: The Local Numbers
National headlines are helpful, but you don’t live in the national market. You live in 78006 or 78015. So I pulled every closed single-family sale in both ZIP codes from the San Antonio Board of REALTORS® MLS over the last 30 days (as of October 29, 2026). Here’s what it showed:
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86 homes sold, and 16 were cash purchases. That’s about 18.6%, or roughly 1 in 5 – noticeably lower than the 27% national figure.
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Cash buyers shopped every price range. Cash sales ranged from $370,000 to just over $3.5 million. 6 were under $500,000, 4 were between $500,000 and $1 million, and 6 were $1 million or more.
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The median cash sale was $620,000, while the average was about $1.02 million – pulled up by several luxury and acreage properties.
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Cash buyers still negotiated. The median cash sale closed at about 96% of its final list price, and about 91% of its original list price. Only 1 of the 16 sellers paid any concessions ($1,700).
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Cash didn’t mean a quick sale. The median cash-purchased home spent 78 days on the market before going under contract.
What does that tell us? Here in the Hill Country, cash buyers are a real and steady presence, but they aren’t taking over the market. They show up at both ends – move-down buyers and investors in the $300Ks and $400Ks, and equity-rich move-up and relocation buyers in the luxury tier. And pricing still matters: even buyers with cash in hand are paying close attention to value. Want to see how these numbers compare over time? Check out my Boerne real estate market history page, or the latest Boerne market report and Fair Oaks Ranch market report.
Most Buyers Are Still Using a Mortgage
And if all of this has you thinking everyone’s paying cash, they’re not. If you’re planning to buy and need a mortgage, you’re actually in the majority – nationally and right here in Boerne, where about 4 out of 5 recent buyers financed their purchase.
Based on NAR’s numbers, nearly 3 out of 4 home purchases still involve financing. And for homes priced between $200,000 and $750,000, only about 1 in 5 sold for cash, according to Realtor.com (see graph below):
That means most people buying in that price range are financing their purchase, too. So, there’s no need to assume you’re at a disadvantage just because you’re using a loan. A well-prepared buyer with a strong pre-approval can absolutely compete for homes in Boerne and Fair Oaks Ranch.
Cash Buyers and Your Move
So, what does all this mean for you? Maybe more than you think.
If you already own a house, you may have enough equity to make your next move more affordable than you realize. And if you're buying with a mortgage, remember, you're in good company. Most buyers are financing their purchases, too.
The takeaway? Don't make assumptions about what's possible based on how other people are buying homes. What really matters is your equity, your budget, and what’s happening in your local market. If you’re thinking about selling, my Boerne home selling guide walks through your options. If you’re buying, start with my Boerne and Fair Oaks Ranch buyer guide or search the Boerne MLS.
Bottom Line
Cash buyers are a meaningful part of today’s market, but they aren’t the whole market – in Boerne and Fair Oaks Ranch, it’s about 1 in 5.
Whether you’re hoping to put your equity to work or you’re buying with a mortgage, let’s look at how much equity you have and who’s buying in your neighborhood, so you know what your next move could look like. Call or text me at 210-478-8555.
Your Hyperlocal Boerne Market Expert
Most agents quote the national headlines. I pull the actual closed sales in 78006 and 78015 every month and track them back to 2022, so my clients know what’s happening on their street, not just in the country. That’s how I can tell you that 16 of the last 86 Boerne-area sales were cash, what those buyers paid, and how hard they negotiated. When you’re pricing a home to sell or writing an offer against a cash buyer, that level of local detail is what protects your bottom line.
About Charley Wasson, REALTOR®
Charley Wasson is a full-time REALTOR® with Sunflower Real Estate specializing in Boerne, Fair Oaks Ranch, and the Texas Hill Country. With 300+ MLS transactions and more than $121 million in closed sales, Charley is a five-time Platinum Top 50 San Antonio REALTOR® honoree, a 27-time Golden Nail award winner, and holds a 98% customer satisfaction score. A former Regional Sales Manager for a major San Antonio homebuilder, he brings new-construction and resale expertise to every client, along with the AHWD and MRP designations. Charley tracks monthly MLS data for Boerne ZIP codes 78006 and 78015 to give buyers and sellers hyperlocal pricing guidance. Learn more about Charley and Alisa Wasson, read client testimonials, or call 210-478-8555.
Local data source: San Antonio Board of REALTORS® MLS, single-family closed sales in ZIP codes 78006 and 78015, sold in the last 30 days as of 10/29/2026. Information deemed reliable but not guaranteed.
