Homebuyers put more down this spring than in the winter, but the typical down payment still fell to $27,100, the lowest second quarter level since 2021, according to the Realtor.com® second-quarter Down Payment Report. Down payments fell 9.2% year over year in dollar terms and 0.6 percentage points as a share of purchase price. Increased inventory gave buyers more room to negotiate, while higher mortgage rates kept rate-sensitive households on the sidelines.
“Down payments rose sharply from the winter into spring, as they typically do seasonally, yet the rebound still left them below year-ago levels. Buyers have gained some negotiating room, while higher mortgage rates remain the biggest factor shaping monthly affordability,” said Hannah Jones, Senior Economist at Realtor.com®. “In expensive markets, buyers with more equity are using larger down payments to reduce monthly costs; in softer markets, smaller down payments are adding to the cost of higher rates. For many households, the monthly payment, rather than just the cash needed upfront, will determine how much home they can afford.”
Down Payments Rise Seasonally, Remain Below Previous Years
The typical down payment rose to $27,100, or 13.7%, in the second quarter, from $25,000, or 12.9%, in the first quarter of 2026. Although the second quarter is typically the seasonal peak, this year’s increase was particularly strong. Still, the median down payment remained below the $29,900 and 14.3% recorded a year earlier.
Primary Residence Down Payments
QuarterAvg. Down Payment as % of
Purchase PriceMedian Down Payment…