U.S. homebuyers are shelling out more cash than ever, with 2024 setting high-water marks for both median downpayment size and percentage of purchase price, according to Realtor.com.

But a report released Wednesday by the real estate listings company shows a distinct regional trend in downpayments, with the Northeast and Midwest outpacing the South and West in upfront cash outlays for home purchases.

Hannah Jones, Realtor.com’s senior economic research analyst, noted that while buyer demand in the Northeast and Midwest has created highly competitive market conditions that inflate downpayments, areas such as Florida and Texas have seen stagnant or declining home prices and cooling demand since the pandemic ended.

“The Midwest and Northeast continue to see intense buyer demand. Both suffer from relatively severe housing supply gaps due to low construction relative to buyer demand, which has driven prices higher and led to more competitive market conditions,” Jones stated in a press release. “Climbing prices and competitive housing conditions are likely to continue in these regions until housing supply and affordability improve.”

Delaware had the largest year-over-year percentage increase in median downpayment amount in 2024 at 38.6%, followed by Rhode Island at 32.8% and Maine at 32%. Meanwhile, Texas and Florida saw respective declines of 16.5% and 14.1%.

Overall, Jones predicts that downpayments in the U.S. will stay high as long as mortgage rates remain elevated.

“Today’s high-rate environment is reshaping the homebuying landscape,” Jones said. “Higher borrowing costs and affordability pressures have led to a market where financially prepared buyers are putting more money down, especially in competitive regions with limited inventory.”