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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 
Buyer

Share

YY

2024 Inv

Purchase

Amt

YY

2024

Median

Sale Amt

YY

2024

Share

Inv

Sellers

YY

2024
Net
Investor
Impact

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
Investor

 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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Media Contact: Mallory Micetich, press@realtor.com

Cision View original content:https://www.prnewswire.com/news-releases/investor-selling-reaches-a-record-high-as-market-dynamics-shift-according-to-realtorcom-report-302476848.html

SOURCE Realtor.com