Investor Selling Reaches a Record High as Market Dynamics Shift, According to Realtor.com® Report
Small Investors Gain More Ground as Investor Activity Edges Higher Nationally
AUSTIN, Texas, June 10, 2025 /PRNewswire/ -- While the share of homes purchased by investors edged slightly higher, investor selling hit a record high with 10.8% of sellers representing investors in 2024, the highest investor seller share in the data's history, according to a report out today from Realtor.com®. This significant shift in investor market participation comes as the overall housing market continues to adjust from the pandemic-era frenzy, with inventory levels improving, home price growth leveling off and rents easing.
"Investor trends signal a transition," said Danielle Hale, chief economist, Realtor.com®. "Nationwide, investors picked up more homes on net in 2024, as smaller investors were a growing majority of investor buyers. But with investor selling at a new high, the market saw the smallest net investor buying activity in five years, lessening one of the notable headwinds for entry-level buyers who often compete with investors."
Nationally, 13.0% of homes purchased in 2024 were bought by investors, a slight increase from 2023 but still below the 2022 peak of 13.3%. This increase occurred in part due to a decrease in total home sales, indicating a growing presence of investors in a smaller market. On the sell side, investors accounted for 10.8% of sellers in 2024, the highest share on record, up from 10.1% in 2023. This shift resulted in the smallest margin between investor buying and selling since 2019, suggesting a reduced net impact of investor demand on overall supply.
Small Investors Share Growing
A significant trend observed in the 2024 data was the growing dominance of small investors. Small investors, defined as those entities that have purchased fewer than 10 homes, made up 59.2% of investor purchases, the highest share in the data's history. In contrast, large investor activity, which includes entities who have purchased 50 or more homes, fell to 21.7% of purchases, the lowest since 2007. Small investors purchased 361,900 homes in 2024, a 3.7% year-over-year increase, while large investor purchases decreased by 8.7% to 132,500 homes, the lowest level since 2018.
Fewer Investors Purchase in All-Cash
While all-cash sales became more prevalent in the overall housing market in 2024, investors were more likely to utilize debt. All-cash investor sales fell to their lowest level since 2008, although they remained nearly double the cash share of total home sales. Small investors saw the cash purchase share fall from its peak of 65.6% in 2023 to 62.0% in 2024, the lowest small investor cash purchase share since 2008. The large investor cash purchase share fell from 73.2% in 2023 to 68.9% in 2024, the lowest level since 2015.
Investors Pick Affordable, Bustling States for Investment
Regionally, investor activity varied considerably. Missouri (21.2%), Oklahoma (18.7%), and Kansas (18.4%) had the highest investor buyer share, while Oklahoma (16.7%), Missouri (16.7%), and Georgia (15.9%) saw the highest share of investor sellers. In terms of net impact on supply, Hawaii, Montana and Washington D.C., experienced the largest net-negative impact (more buyers than sellers), while California, Minnesota and Oregon saw the largest net-positive impact (more sellers than buyers). The states with the largest growth in investor buying share compared to 2023 were Delaware, Ohio and Washington D.C., while investor selling grew the most in Mississippi, Nevada and South Dakota.
"Investor strategies vary across the U.S.," said Hannah Jones, senior economic research analyst, Realtor.com®. "In some states like Hawaii, Montana and Washington, D.C., investors are still net buyers, competing with first-time buyers for entry-level housing inventory. This contrasts with markets like California, Minnesota and Oregon, where investors are net sellers, creating opportunities for aspiring homeowners."
Among the 150 largest U.S. metros, Springfield, Mo., Memphis, Tenn, and Wichita, Kan., recorded the highest investor buyer share. Memphis, Tenn.; Oklahoma City and Springfield, Mo., led in investor seller share. On a net basis, investors most significantly boosted demand in Miami, Pittsburgh and New York, while they added most to supply in Sacramento, Minneapolis and Portland.
Metro Investor Data
Metro | 2024 Inv Share | YY | 2024 Inv Purchase Amt | YY | 2024 Median Sale Amt | YY | 2024 Share Inv Sellers | YY | 2024 |
Atlanta-Sandy Springs-Roswell, GA | 17.7 % | 1.5 % | $292,000 | 8.8 % | $394,500 | 6.6 % | 17.7 % | 2.4 % | 0.0 % |
Austin-Round Rock-San Marcos, TX | 14.0 % | -0.2 % | $437,636 | 6.0 % | $414,199 | -5.3 % | 10.4 % | -0.5 % | -3.6 % |
Baltimore-Columbia-Towson, MD | 15.7 % | -4.5 % | $173,100 | 22.8 % | $375,000 | 8.7 % | 13.2 % | -2.0 % | -2.5 % |
Birmingham, AL | 18.9 % | -0.3 % | $131,000 | -7.3 % | $224,450 | 2.0 % | 15.5 % | 0.2 % | -3.4 % |
Boston-Cambridge-Newton, MA-NH | 7.8 % | 0.8 % | $666,250 | 12.0 % | $662,500 | 5.6 % | 5.4 % | -0.5 % | -2.3 % |
Buffalo-Cheektowaga, NY | 8.9 % | 1.3 % | $161,500 | 15.4 % | $255,900 | 7.7 % | 6.4 % | 0.4 % | -2.5 % |
Charlotte-Concord-Gastonia, NC-SC | 15.3 % | 1.1 % | $302,250 | 8.9 % | $397,000 | 6.1 % | 13.0 % | 0.9 % | -2.3 % |
Chicago-Naperville-Elgin, IL-IN | 10.8 % | 0.0 % | $265,250 | 15.3 % | $334,000 | 11.3 % | 8.4 % | 0.1 % | -2.3 % |
Cincinnati, OH-KY-IN | 15.3 % | 2.0 % | $167,500 | 15.5 % | $275,000 | 10.0 % | 12.9 % | 1.7 % | -2.4 % |
Cleveland, OH | 15.4 % | 1.7 % | $112,750 | 14.0 % | $210,000 | 8.5 % | 12.1 % | 0.4 % | -3.3 % |
Columbus, OH | 15.9 % | 4.0 % | $226,325 | 18.2 % | $339,950 | 10.5 % | 13.3 % | 3.3 % | -2.7 % |
Dallas-Fort Worth-Arlington, TX | 15.8 % | -0.7 % | $293,359 | 1.6 % | $380,516 | -0.9 % | 13.4 % | -0.1 % | -2.5 % |
Denver-Aurora-Centennial, CO | 10.0 % | 1.0 % | $473,000 | 7.3 % | $577,000 | 3.0 % | 10.1 % | 0.8 % | 0.1 % |
Detroit-Warren-Dearborn, MI | 11.5 % | 0.3 % | $103,875 | 14.8 % | $240,000 | 10.3 % | 11.5 % | 1.1 % | 0.0 % |
Grand Rapids-Wyoming-Kentwood, MI | 6.3 % | -0.3 % | $198,250 | 19.2 % | $312,950 | 7.9 % | 7.0 % | 0.4 % | 0.7 % |
Hartford-West Hartford-East Hartford, CT | 9.3 % | -0.1 % | $238,139 | 2.9 % | $350,000 | 9.4 % | 5.3 % | -1.6 % | -3.9 % |
Houston-Pasadena-The Woodlands, TX | 14.0 % | 1.0 % | $251,899 | 4.8 % | $313,750 | 0.8 % | 11.1 % | -0.1 % | -3.0 % |
Indianapolis-Carmel-Greenwood, IN | 17.7 % | 0.6 % | $159,063 | 5.7 % | $283,000 | 0.7 % | 16.5 % | 0.3 % | -1.1 % |
Jacksonville, FL | 14.1 % | 0.2 % | $224,643 | 3.2 % | $362,495 | 4.8 % | 12.9 % | 3.3 % | -1.2 % |
Kansas City, MO-KS | 21.4 % | 1.0 % | $246,158 | 15.5 % | $319,125 | 5.2 % | 17.7 % | 0.9 % | -3.7 % |
Las Vegas-Henderson-North Las Vegas, NV | 14.7 % | 1.6 % | $496,000 | -1.5 % | $452,781 | 5.9 % | 15.1 % | 3.0 % | 0.4 % |
Los Angeles-Long Beach-Anaheim, CA | 12.1 % | 0.7 % | $1,268,000 | 6.4 % | $954,500 | 5.6 % | 11.7 % | 0.0 % | -0.4 % |
Louisville/Jefferson County, KY-IN | 14.1 % | -0.7 % | $165,250 | 3.0 % | $250,500 | 4.4 % | 11.6 % | 0.0 % | -2.5 % |
Memphis, TN-MS-AR | 23.6 % | 1.8 % | $126,000 | -6.5 % | $230,756 | -2.4 % | 20.6 % | 0.1 % | -3.0 % |
Miami-Fort Lauderdale-West Palm Beach, FL | 17.5 % | 0.4 % | $481,825 | 12.4 % | $489,500 | 8.8 % | 11.9 % | 0.2 % | -5.7 % |
Milwaukee-Waukesha, WI | 13.8 % | 0.7 % | $162,825 | 1.4 % | $305,000 | 5.2 % | 13.6 % | 0.4 % | -0.1 % |
Minneapolis-St. Paul-Bloomington, MN-WI | 9.4 % | 1.3 % | $300,000 | 7.5 % | $369,500 | 4.8 % | 12.0 % | 3.2 % | 2.7 % |
Nashville-Davidson--Murfreesboro--Franklin, TN | 12.1 % | 0.1 % | $442,500 | -9.5 % | $438,368 | 4.4 % | 10.1 % | 0.7 % | -2.1 % |
New York-Newark-Jersey City, NY-NJ | 12.7 % | 0.5 % | $612,500 | 6.1 % | $648,550 | 10.4 % | 8.3 % | 0.7 % | -4.4 % |
Oklahoma City, OK | 21.9 % | -0.9 % | $143,000 | 0.0 % | $238,000 | 4.6 % | 20.4 % | 1.7 % | -1.4 % |
Orlando-Kissimmee-Sanford, FL | 14.8 % | -0.4 % | $344,594 | -3.6 % | $409,998 | 2.9 % | 12.1 % | 1.4 % | -2.8 % |
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 14.6 % | 1.0 % | $200,000 | 11.9 % | $356,250 | 8.0 % | 11.5 % | 0.8 % | -3.0 % |
Phoenix-Mesa-Chandler, AZ | 12.1 % | -0.2 % | $454,390 | 2.2 % | $467,695 | 2.8 % | 12.9 % | 2.2 % | 0.8 % |
Pittsburgh, PA | 12.2 % | 1.0 % | $101,875 | -2.0 % | $213,125 | 3.5 % | 7.1 % | 0.7 % | -5.1 % |
Portland-Vancouver-Hillsboro, OR-WA | 6.1 % | 0.4 % | $445,000 | 0.7 % | $532,500 | 1.4 % | 7.8 % | 1.6 % | 1.8 % |
Providence-Warwick, RI-MA | 9.3 % | 0.6 % | $382,500 | 13.6 % | $460,000 | 8.2 % | 6.5 % | -0.1 % | -2.8 % |
Raleigh-Cary, NC | 12.2 % | 0.7 % | $450,000 | 17.4 % | $450,000 | 4.3 % | 13.0 % | 0.0 % | 0.8 % |
Richmond, VA | 11.3 % | 0.0 % | $209,000 | 10.0 % | $377,750 | 6.4 % | 11.2 % | 1.1 % | -0.2 % |
Riverside-San Bernardino-Ontario, CA | 8.2 % | 0.2 % | $490,000 | 9.1 % | $566,500 | 5.8 % | 9.1 % | 0.5 % | 0.9 % |
Sacramento-Roseville-Folsom, CA | 6.1 % | -0.2 % | $602,500 | 1.2 % | $606,000 | 3.9 % | 9.2 % | 0.2 % | 3.1 % |
San Antonio-New Braunfels, TX | 16.0 % | 1.3 % | $226,250 | 0.6 % | $296,733 | -1.3 % | 13.0 % | 2.2 % | -3.1 % |
San Diego-Chula Vista-Carlsbad, CA | 12.5 % | 1.8 % | $1,003,750 | 5.7 % | $885,250 | 6.8 % | 12.8 % | 0.8 % | 0.2 % |
San Francisco-Oakland-Fremont, CA | 7.8 % | 0.8 % | $1,344,500 | 6.8 % | $1,136,375 | 5.2 % | 8.9 % | 0.1 % | 1.1 % |
San Jose-Sunnyvale-Santa Clara, CA | 7.5 % | 1.2 % | $1,560,625 | 0.7 % | $1,500,000 | 6.4 % | 8.8 % | 0.5 % | 1.3 % |
Seattle-Tacoma-Bellevue, WA | 7.2 % | 1.0 % | $738,250 | 12.3 % | $750,000 | 7.2 % | 6.1 % | 0.6 % | -1.1 % |
St. Louis, MO-IL | 21.7 % | 0.4 % | $119,000 | 3.5 % | $235,000 | 4.4 % | 17.5 % | -0.3 % | -4.3 % |
Tampa-St. Petersburg-Clearwater, FL | 13.7 % | 1.2 % | $288,250 | 3.9 % | $374,950 | 3.1 % | 10.3 % | -0.6 % | -3.5 % |
Tucson, AZ | 11.0 % | -0.8 % | $322,500 | 11.5 % | $365,000 | 1.4 % | 9.0 % | -0.7 % | -2.1 % |
Virginia Beach-Chesapeake-Norfolk, VA-NC | 10.1 % | 0.2 % | $195,500 | 3.4 % | $335,000 | 5.5 % | 9.6 % | -0.4 % | -0.4 % |
Washington-Arlington-Alexandria, DC-VA-MD-WV | 9.1 % | -0.5 % | $545,500 | -8.3 % | $567,500 | 4.1 % | 8.8 % | -0.7 % | -0.3 % |
State Level Investor Data
State Name | 2024 Share Investor Buyers | YY | 2024 Share Inv. Sellers | YY | 2024 Net Impact | 2024 Median Investor Purchase Amt | YY | 2024 Median Sale Amt | YY |
Alabama | 15.9 % | 0.8 % | 12.0 % | 0.7 % | -4.0 % | $151,180 | -9.9 % | $220,000 | 0.9 % |
Alaska | 7.8 % | 0.1 % | 4.7 % | 0.1 % | -3.1 % | $352,353 | -19.0 % | $383,775 | 4.3 % |
Arizona | 11.9 % | -0.1 % | 12.0 % | 1.5 % | 0.2 % | $442,224 | 5.3 % | $440,762 | 3.0 % |
Arkansas | 12.6 % | -0.5 % | 11.9 % | 1.7 % | -0.7 % | $160,000 | 6.1 % | $231,000 | 8.7 % |
California | 9.1 % | 0.6 % | 10.1 % | 0.5 % | 1.0 % | $925,000 | 6.6 % | $720,000 | 6.7 % |
Colorado | 11.1 % | 1.0 % | 9.8 % | 1.1 % | -1.3 % | $574,738 | 20.4 % | $547,138 | 4.2 % |
Connecticut | 9.3 % | 0.0 % | 5.6 % | -0.5 % | -3.7 % | $275,000 | 2.5 % | $380,000 | 8.6 % |
Delaware | 14.3 % | 3.8 % | 12.5 % | 1.8 % | -1.8 % | $318,750 | 46.4 % | $395,000 | 7.6 % |
District of Columbia | 14.4 % | 1.8 % | 9.7 % | -1.1 % | -4.7 % | $588,500 | 5.6 % | $656,500 | 3.1 % |
Florida | 13.3 % | -0.1 % | 10.0 % | 0.6 % | -3.3 % | $352,500 | 4.0 % | $385,000 | 1.3 % |
Georgia | 17.3 % | 1.2 % | 15.9 % | 1.6 % | -1.5 % | $263,500 | 7.6 % | $345,000 | 6.3 % |
Hawaii | 15.7 % | 1.4 % | 9.6 % | 2.1 % | -6.2 % | $751,325 | -2.9 % | $675,000 | -1.6 % |
Idaho | 13.8 % | -0.3 % | 10.4 % | -0.1 % | -3.4 % | $396,094 | -0.4 % | $412,676 | 3.1 % |
Illinois | 10.0 % | 0.1 % | 7.7 % | 0.3 % | -2.3 % | $226,750 | 15.1 % | $277,500 | 7.1 % |
Indiana | 16.1 % | 0.6 % | 12.8 % | 0.4 % | -3.3 % | $145,041 | 8.0 % | $237,500 | 8.0 % |
Iowa | 11.9 % | 0.5 % | 10.2 % | 1.3 % | -1.7 % | $150,000 | 1.2 % | $210,000 | 5.0 % |
Kansas | 18.4 % | 1.0 % | 14.3 % | 1.8 % | -4.0 % | $226,750 | 15.7 % | $284,673 | 5.1 % |
Kentucky | 13.4 % | -0.2 % | 10.7 % | 0.7 % | -2.7 % | $169,175 | 6.1 % | $235,875 | 9.7 % |
Louisiana | 13.7 % | -1.2 % | 10.0 % | 1.0 % | -3.7 % | $146,250 | -2.0 % | $225,000 | 5.5 % |
Maine | 11.3 % | -1.0 % | 7.0 % | 1.0 % | -4.3 % | $390,625 | 26.6 % | $367,048 | 14.7 % |
Maryland | 12.8 % | -3.7 % | 12.0 % | -1.3 % | -0.9 % | $220,000 | 10.0 % | $412,473 | 6.1 % |
Massachusetts | 8.1 % | 0.7 % | 5.6 % | -0.2 % | -2.5 % | $570,000 | 9.1 % | $589,000 | 7.1 % |
Michigan | 8.8 % | 0.3 % | 8.8 % | 1.2 % | 0.0 % | $116,000 | 9.2 % | $238,225 | 13.2 % |
Minnesota | 8.9 % | 0.8 % | 9.7 % | 2.3 % | 0.9 % | $260,875 | 4.3 % | $325,000 | 7.4 % |
Mississippi | 16.7 % | -1.1 % | 13.8 % | 3.6 % | -2.9 % | $232,432 | 25.8 % | $258,777 | 12.8 % |
Missouri | 21.2 % | 0.3 % | 16.7 % | 0.5 % | -4.6 % | $171,795 | 7.9 % | $250,510 | 6.5 % |
Montana | 17.2 % | -0.1 % | 11.8 % | 0.4 % | -5.4 % | $450,781 | 1.3 % | $402,935 | 4.2 % |
Nebraska | 13.6 % | 0.5 % | 12.0 % | 0.7 % | -1.6 % | $183,500 | 4.0 % | $265,000 | 9.3 % |
Nevada | 13.8 % | 1.3 % | 14.3 % | 2.8 % | 0.5 % | $494,338 | -1.3 % | $460,000 | 5.6 % |
New Hampshire | 9.1 % | 0.6 % | 7.4 % | 0.7 % | -1.7 % | $358,750 | 4.4 % | $450,000 | 5.9 % |
New Jersey | 13.9 % | 0.5 % | 10.3 % | 0.7 % | -3.7 % | $380,000 | 13.8 % | $502,500 | 11.0 % |
New Mexico | 11.9 % | 0.3 % | 8.0 % | -0.4 % | -4.0 % | $334,096 | -1.8 % | $325,094 | 6.8 % |
New York | 11.2 % | 0.7 % | 7.0 % | 0.9 % | -4.2 % | $493,000 | 6.6 % | $450,000 | 5.4 % |
North Carolina | 14.0 % | 0.5 % | 12.0 % | 0.4 % | -2.0 % | $267,750 | 8.2 % | $349,000 | 5.8 % |
North Dakota | 11.9 % | -0.4 % | 9.5 % | 0.7 % | -2.4 % | $270,936 | 11.2 % | $274,500 | 11.6 % |
Ohio | 14.7 % | 2.2 % | 11.8 % | 1.9 % | -2.9 % | $146,250 | 18.4 % | $228,500 | 12.0 % |
Oklahoma | 18.7 % | 0.2 % | 16.7 % | 1.7 % | -2.0 % | $147,250 | 5.9 % | $219,500 | 8.4 % |
Oregon | 6.6 % | 0.4 % | 7.3 % | 1.1 % | 0.7 % | $421,500 | 4.1 % | $477,500 | 3.8 % |
Pennsylvania | 12.9 % | 0.4 % | 9.2 % | 1.1 % | -3.7 % | $160,000 | 4.2 % | $266,000 | 6.4 % |
Rhode Island | 9.2 % | 0.1 % | 6.4 % | -0.2 % | -2.8 % | $390,750 | 11.9 % | $450,000 | 9.8 % |
South Carolina | 12.8 % | -0.3 % | 11.6 % | 0.3 % | -1.2 % | $247,137 | -0.6 % | $316,431 | 3.0 % |
South Dakota | 7.6 % | 0.6 % | 6.1 % | 2.4 % | -1.5 % | $195,000 | 8.5 % | $293,250 | 6.6 % |
Tennessee | 12.7 % | 0.9 % | 10.5 % | 0.6 % | -2.3 % | $250,000 | -4.8 % | $322,250 | 5.7 % |
Texas | 14.8 % | 0.1 % | 11.8 % | 0.0 % | -3.0 % | $253,135 | 3.9 % | $322,871 | 0.1 % |
Utah | 18.0 % | 0.3 % | 14.3 % | 0.7 % | -3.8 % | $596,422 | 13.5 % | $493,707 | 1.8 % |
Vermont* | 8.6 % | 0.6 % | 4.7 % | 3.3 % | -4.0 % | $300,000 | 6.7 % | $334,500 | 5.4 % |
Virginia | 9.9 % | 0.7 % | 8.8 % | 0.5 % | -1.1 % | $249,250 | 15.3 % | $395,823 | 7.8 % |
Washington | 7.1 % | 0.6 % | 5.9 % | 1.0 % | -1.2 % | $567,000 | 25.7 % | $600,000 | 9.1 % |
West Virginia | 9.9 % | 0.0 % | 10.3 % | 1.9 % | 0.3 % | $144,375 | 16.9 % | $207,950 | 17.7 % |
Wisconsin | 10.7 % | 0.4 % | 9.5 % | 0.5 % | -1.2 % | $190,000 | 7.6 % | $278,800 | 11.0 % |
Wyoming | 16.3 % | 0.9 % | 12.0 % | 1.8 % | -4.3 % | $331,313 | -9.2 % | $322,497 | 2.9 % |
Methodology:
In this analysis we examined deed records dating from January 2000 to February 2025 nationally, at the state-level and in the 50 largest US metros. We included only single family homes, condos, townhomes and row houses and we excluded multi-family buildings which is not a market the typical homebuyer is competitive in. We attempt to capture business-oriented, buy and hold investor purchases, excluding buyers with an established flipping oriented business model. Some flipping activity is likely included as it is not always clear up-front whether an investor purchase is intended for a flip or buy-and-hold. We define an investor as a buyer or seller that was/is an absentee-owner and that has a name which includes the following: LLP, LP, LLC, GP, or TRUST. In addition to this broad definition, we also exclude keywords and sale types relating to home builders, relocation service companies, government bodies and financial institutions. Data limitations mean that this analysis excludes small investors not registered under a company name. Census estimates show that in 2021 37.1% of rental units were owned by individual investors while 48.7% of units were owned by Trustees, LLP, LP, or LLC, General Partnership, Real Estate Investment Trust, or Real Estate Corporation. Ownership entity for more than half of the remaining units was not reported.
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SOURCE Realtor.com
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