Key facts
- Investor home purchases rose 0.7% in 2025 to 534,000 homes.
- Investor share of all home purchases increased to 11.3% in 2025.
- Non-investor home purchases declined 2.1% year over year.
- Investor sales decreased 1.5% to 442,000 homes, the lowest since 2020.
- Small investors now comprise about 63% of investor purchases, up from previous years.
- Mega investors' share of investor purchases fell to 7.5%, the lowest since 2011.
Investor activity in the U.S. housing market remained resilient in 2025, even as overall home sales reached one of their lowest levels in decades. Investors purchased approximately 534,000 homes, a 0.7% increase from 2024, and their share of all home purchases rose to 11.3% from 11% the prior year. In contrast, home purchases by non-investors declined by 2.1% year over year.
For the first time in two years, investors sold fewer properties, with sales falling 1.5% to 442,000 homes, the lowest since 2020. This suggests a shift away from shedding pandemic-era acquisitions. The net accumulation of properties by investors widened to about 92,000 homes in 2025, up from roughly 80,000 in 2024.
The composition of investor activity continued to shift away from large institutional buyers. Mega investors, defined as those making 350 or more annual purchases, accounted for only 7.5% of investor purchases in 2025, their lowest share since 2011. Their purchase volumes have dropped nearly 70% from their pandemic-era peak.
Conversely, small investors, making fewer than 10 purchases annually, increased their share of investor purchases to about 63%, the highest in over 15 years. These small investors remained net buyers, acquiring approximately 53,000 more properties than they sold last year. They are concentrated in lower-priced market segments, often competing with first-time homebuyers. Nationally, small investors purchased homes at a median price of $330,000, compared to the overall market median of $440,000.
Investor activity was concentrated in Midwest and Sun Belt markets, with Memphis, Tennessee, leading at 23.7% investor buyer share, followed by Kansas City and St. Louis. Las Vegas and Birmingham saw significant increases in investor buying activity, while San Antonio and Dallas-Fort Worth remained active. High-cost West Coast and Northeast markets showed limited investor participation.
Atlanta marked a significant reversal, with investor purchases falling to 10% of home sales in 2025, below pre-pandemic levels, and investors were net sellers by nearly 1,800 homes. Realtor.com noted that investor purchase shares have remained above 11% for three consecutive years, indicating a stabilized, elevated level of activity.