Cash is King this Year. So, Who is Borrowing?

In 2005, about 28% of Jackson Hole real estate purchases were made with cash. Last year, it was 71%.

We’ve tracked cash transactions for more than 20 years, and the climb has been striking. Cash accounted for 50% of purchases in 2010, 54% in 2015, 58% in 2020, and 65% in 2022 (COVID). It reached 71% in 2025 and is tracking at roughly the same share so far in 2026.

With interest rates on Buyers’ minds, it’s tempting to assume that rising borrowing costs explain everything. They are part of the picture, but our sales data also shows something more interesting: Even in a market dominated by cash, Buyers continue to take out loans at every price level, including on properties selling for more than $10 million.

Cash was the most common way to purchase every major property type in 2025. Approximately 68% of homes, 72% of condos, and 74% of lots sold without financing.