Investor Selling Reaches a Record High as Market Dynamics Shift, According to Realtor.com® Report

Rhea-AI Summary

Realtor.com reports that investor selling reached a record high in 2024, with 10.8% of sellers being investors, up from 10.1% in 2023. While investor buying slightly increased to 13.0% of purchases, it remained below the 2022 peak of 13.3%. Small investors (those purchasing fewer than 10 homes) dominated the market, representing 59.2% of investor purchases, while large investor activity fell to 21.7%. All-cash purchases by investors dropped to their lowest level since 2008. Regionally, Missouri (21.2%), Oklahoma (18.7%), and Kansas (18.4%) had the highest investor buyer shares. The market saw significant variations, with Hawaii, Montana, and Washington D.C. experiencing the largest net-negative impact from investors, while California, Minnesota, and Oregon saw the largest net-positive impact.

Positive

• Record-high investor selling at 10.8% creates more opportunities for entry-level buyers
• Small investors dominate with 59.2% of purchases, indicating market democratization
• Reduced net investor buying activity lessens competition for entry-level buyers
• Regional market variations create diverse opportunities for both buyers and sellers

Negative

• Investor buying still increased slightly to 13.0% despite higher selling activity
• Decrease in all-cash purchases suggests higher leverage and potential market risk
• Some markets still face significant investor competition, particularly in Missouri, Oklahoma, and Kansas
• Market dynamics vary significantly by region, creating uncertainty for buyers and sellers

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.

About Realtor.com^®
Realtor.com^® pioneered online real estate and has been at the forefront for over 25 years, connecting buyers, sellers, and renters with trusted insights, professional guidance and powerful tools to help them find their perfect home. Recognized as the No. 1 site trusted by real estate professionals, Realtor.com^® is a valued partner, delivering consumer connections and a robust suite of marketing tools to support business growth. Realtor.com^® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc.

Media Contact: Mallory Micetich, press@realtor.com

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

FAQ

What was the investor selling percentage in the housing market for 2024?

Investor selling reached a record high of 10.8% in 2024, up from 10.1% in 2023.

Which states had the highest investor buyer share in 2024?

Missouri led with 21.2%, followed by Oklahoma at 18.7%, and Kansas at 18.4%.

What percentage of investor purchases were made by small investors in 2024?

Small investors (those purchasing fewer than 10 homes) made up 59.2% of investor purchases, the highest share in the data's history.

How did large investor activity change in the housing market during 2024?

Large investor activity fell to 21.7% of purchases, the lowest level since 2007.

Which cities had the highest investor buyer share in 2024?

Springfield, MO, Memphis, TN, and Wichita, KS recorded the highest investor buyer shares among the 150 largest U.S. metros.