Investor activity in the U.S. single-family home market remained elevated throughout 2025, according to data from real estate analytics firm Cotality. While investor purchases dipped slightly in the second quarter, they continue to exceed pre-pandemic levels.
In June, investors accounted for 29% of all single-family home purchases, down from a 32% peak in January but well above the 25% recorded in June 2024. The trend highlights how high borrowing costs and elevated home prices are keeping many first-time buyers out of the market, leaving investors to meet rental demand.
“Investors have significantly expanded their presence in 2025, demonstrating resilience in a high-price, high-rate environment,” said Thom Malone, Cotality’s principal economist. “Cash purchases allow investors to sidestep mortgage constraints, and strong rental returns help offset current high prices.”
Investors purchased roughly 85,000 homes per month this year, similar to the 84,000-unit monthly average in the first half of 2024. Despite the growing share, Cotality does not anticipate a return to the 2022 frenzy—when investors bought an average of 120,000 homes monthly—without a comparable surge in home-price appreciation.
The rise in investor share is driven largely by fewer owner-occupants entering the market rather than a spike in investor buying. First-time buyers continue to struggle with near-record prices and multi-decade high mortgage rates.
Medium-sized investors, owning between 10 and 99 properties, have been the fastest-growing segment, rising to 10% of purchases in June from 6% a year earlier. Small investors with fewer than 10 homes remain dominant at 14%, while large investors (101–1,000 properties) accounted for 3%, and mega investors (over 1,000 homes) made up 2%. Medium-sized buyers are particularly active because they combine cash-purchase flexibility with a focused exposure to the rental market.
Sun Belt metros continue to attract the most investor activity. Dallas, Houston, Atlanta, Phoenix, and Los Angeles led in total investor purchases during the first half of the year.
When considering investor share rather than raw volume, only Los Angeles and Atlanta appear on both lists. For example, Dallas ranks first for total investor purchases but drops to tenth in investor share due to strong owner-occupied activity. Across most major metros, small investors consistently represent around 15% of the market, while variations are driven by medium, large, and mega buyers.
Seasonal patterns persist, with investor participation typically rising in winter and easing in summer as traditional buyers return. Barring major shifts in interest rates or macroeconomic conditions, Cotality expects investors to maintain a 25–30% share of the market through the end of 2025.
