Housing

Cities Where Investors Are Buying the Most Homes

There have been plenty of stories over the past year or so that speak to the hot U.S. housing market. Potential buyers have been bidding up prices as they compete with each other for a new home.

That’s not the whole story though. Individuals and companies that invest in real estate have been a big part of the mix, according to a new report from Realtor.com. The group analyzed U.S. deed records for the period between January 2000 and April 2021 to determine the number of investor sales versus purchases in the 50 largest U.S. markets.

Realtor.com Chief Economist Danielle Hale commented on the findings:

Right now, data shows investors are buying more homes than they are selling, and while they get a lot of attention in today’s market, it’s worth remembering that they can also contribute to inventory levels. Whether a market is appealing to investors depends on a variety of factors, including how local home prices compare to rents. When home prices are rising and rents are more stagnant, investors are more likely to sell off properties and contribute inventory. On the other hand, the higher rents are compared to home prices the more attractive the market is to investors looking to buy homes and convert them into rental properties.


The following table shows the top 10 U.S. metropolitan areas where investors made net positive contributions to inventory in April of this year.

Metro Investor Net Contribution to Inventory Median Listing Price Median Listing Price Growth Y/Y Median Rental Rate Y/Y Price to Rent Ratio Inventory per 1000 HH Inventory Y/Y
Atlanta-Sandy Springs-Roswell, Ga. 399 $392,000 20.7% 9.8% 22 6.1 −63.40%
Dallas-Fort Worth-Arlington, Texas 239 $380,000 12.0% 3.6% 24.5 2.0 −69.7%
Baltimore-Columbia-Towson, Md. 188 $336,000 2.4% 5.1% 17.8 2.9 −53.2%
Los Angeles-Long Beach-Anaheim, Calif. 112 $1,114,000 23.6% −4.0% 37.1 2.9 −22.1%
San Francisco-Oakland-Hayward, Calif. 93 $1,062,000 13.6% −10.9% 33.3 2.0 −6.2%
Washington-Arlington-Alexandria, DC-Va.-Md.-W. Va. 84 $506,000 1.2% −3.9% 22.4 2.9 −33.0%
Houston-The Woodlands-Sugar Land, Texas 73 $355,000 14.1% 0.9% 24.4 4.8 −54.9%
San Antonio-New Braunfels, Texas 67 $324,000 9.0% 4.4% 25.1 3.0 −70.7%
San Jose-Sunnyvale-Santa Clara, Calif. 66 $1,238,000 3.3% −12.5% 38.3 1.8 −10.8%
Indianapolis-Carmel-Anderson, Ind. 60 $287,000 0.9% 8.6% 22.4 2.0 −59.5%

The next table shows the 10 U.S. markets with the largest net negative April 2021 contributions to housing inventory.

Metro Investor Net Contribution to Inventory Median Listing Price Median Listing Price Growth Y/Y Median Rental Rate Y/Y Price to Rent Ratio Inventory per 1000 HH Inventory Y/Y
Phoenix-Mesa-Scottsdale, Ariz. −429 $457,000 21.9% 11.3% 25.9 2.2 −68.0%
Charlotte-Concord-Gastonia, N.C.-S.C. −287 $403,000 18.7% 7.8% 24.8 2.1 −66.9%
Miami-Fort Lauderdale-West Palm Beach, Fla. −256 $418,000 4.8% 3.2% 18.0 10.6 −46.0%
Tampa-St. Petersburg-Clearwater, Fla. −224 $327,000 17.3% 12.4% 18.7 2.6 −72.5%
Chicago-Naperville-Elgin, Ill.-Ind.-Wis. −221 $356,000 9.7% −3.5% 18.5 4.6 −43.4%
Orlando-Kissimmee-Sanford, Fla. −151 $332,000 6.2% 4.1% 20.0 3.5 −61.7%
Jacksonville, Fla. −144 $349,000 11.9% 6.2% 23.9 3.7 −72.6%
St. Louis, Mo.-Ill. −126 $266,000 13.5% 7.8% 20.1 3.3 −43.9%
Detroit-Warren-Dearborn, Mich −121 $285,000 16.3% 4.4% 21.1 2.7 −53.5%
Seattle-Tacoma-Bellevue, Wash. −106 $679,000 13.2% −7.3% 31.8 1.7 −44.6%

Here’s the list of all 50 U.S. markets included in Realtor.com’s survey.

Metro Investor Net Contribution to Inventory Median Listing Price Median Listing Price Growth Y/Y Median Rental Rate Y/Y Price to Rent Ratio Inventory per 1000 HH Inventory Y/Y
Atlanta-Sandy Springs-Roswell, Ga. 399 $392,000 20.7% 9.8% 22 6.1 −63.4%
Austin-Round Rock, Texas 3 $515,000 40.6% 1.7% 31.3 2.0 −72.7%
Baltimore-Columbia-Towson, Md. 188 $336,000 2.4% 5.1% 17.8 2.9 −53.2%
Birmingham-Hoover, Ala. -93 $277,000 6.4% 7.8% 22.7 3.8 −51.4%
Boston-Cambridge-Newton, Mass.-N.H. −49 $699,000 13.3% −6.3% 24.9 2.6 −25.1%
Buffalo-Cheektowaga-Niagara Falls, N.Y. −5 $254,000 15.7% −0.9% 19.3 1.5 −41.3%
Charlotte-Concord-Gastonia, N.C.-S.C. −287 $403,000 18.7% 7.8% 24.8 2.1 −66.9%
Chicago-Naperville-Elgin, Ill.-Ind.-Wis. −221 $356,000 9.7% −3.5% 18.5 4.6 −43.4%
Cincinnati, Ohio-Ky.-Ind. −46 $352,000 15.8% 7.3% 26.7 1.9 −54.4%
Cleveland-Elyria, Ohio −27 $234,000 17.0% 7.0% 18.2 2.2 −54.5%
Columbus, Ohio −37 $315,000 1.7% 6.2% 24.1 1.6 −48.9%
Dallas-Fort Worth-Arlington, Texas 239 $380,000 12.0% 3.6% 24.5 2.0 −69.7%
Denver-Aurora-Lakewood, Colo. −42 $575,000 5.1% 2.2% 28.4 1.8 −56.8%
Detroit-Warren-Dearborn, Mich −121 $285,000 16.3% 4.4% 21.1 2.7 −53.5%
Hartford-West Hartford-East Hartford, Conn. 2 $310,000 8.8% 7.1% 17.2 5.9 −35.5%
Houston-The Woodlands-Sugar Land, Texas 73 $355,000 14.10% 0.9% 24.4 4.8 −54.9%
Indianapolis-Carmel-Anderson, Ind. 60 $287,000 0.9% 8.6% 22.4 2.0 −59.5%
Jacksonville, Fla. −144 $349,000 11.9% 6.2% 23.9 3.7 −72.6%
Kansas City, Mo.-Kan. 39 $368,000 8.1% 2.2% 28.5 2.3 −55.5%
Las Vegas-Henderson-Paradise, Nev. −23 $379,000 15.3% 10.3% 24.5 5.0 −51.2%
Los Angeles-Long Beach-Anaheim, Calif. 112 $1,114,000 23.6% −4.0% 37.1 2.9 −22.1%
Louisville/Jefferson County, Ky.-Ind. −16 $272,000 −1.0% 7.1% 22.8 2.6 −54.0%
Memphis, Tenn.-Miss.-Ark. −13 $240,000 −4.0% 13.5% 19 2 −58.0%
Miami-Fort Lauderdale-West Palm Beach, Fla. −256 $418,000 4.8% 3.2% 18.0 10.6 −46.0%
Milwaukee-Waukesha-West Allis, Wis. −17 $332,000 −2.4% −1.8% 20.8 1.5 −54.9%
Minneapolis-St. Paul-Bloomington, Minn.-Wis. −26 $366,000 0.3% −1.0% 21.2 3.2 −44.5%
Nashville-Davidson–Murfreesboro–Franklin, Tenn. 2 $417,000 11.2% 3.3% 25.9 2.5 −70.6%
New Orleans-Metairie, La. −81 $345,000 19.2% 11.8% 21.5 4.1 −50.7%
New York-Newark-Jersey City, N.Y.-N.J.-Pa. −85 $629,000 9.3% 0.0% 22.3 7.9 −18.1%
Oklahoma City, Okla. −52 $313,000 19.7% 1.3% 32.6 2.5 −67.2%
Orlando-Kissimmee-Sanford, Fla. −151 $332,000 6.2% 4.1% 20.0 3.5 −61.7%
Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md. −91 $340,000 13.3% 3.9% 17.7 3.2 −36.8%
Phoenix-Mesa-Scottsdale, Ariz. −429 $457,000 21.9% 11.3% 25.9 2.2 −68.0%
Pittsburgh, Pa. −32 $272,000 25.2% 2.0% 17.5 2.7 −49.9%
Portland-Vancouver-Hillsboro, Ore.-Wash. 16 $540,000 12.9% 2.3% 29.3 2.6 −54.6%
Providence-Warwick, R.I.-Mass. 4 $420,000 5.3% 7.9% 20.6 2.1 −57.9%
Raleigh, N.C. −27 $412,000 12.6% 5.4% 27.1 2.2 −72.6%
Richmond, Va. −43 $375,000 11.0% 10.6% 26.2 3 −55.5%
Riverside-San Bernardino-Ontario, Calif. 35 $512,000 22.0% 15.0% 21.9 3 −63.7%
Rochester, N.Y. −31 $264,000 5.8% 8.6% 18.4 1.9 −41.6%
Sacramento–Roseville–Arden-Arcade, Calif. 23 $592,000 18.6% 13.6% 29 2.1 −54.4%
San Antonio-New Braunfels, Texas 67 $324,000 9.0% 4.4% 25.1 3 −70.7%
San Diego-Carlsbad, Calif. 49 $852,000 17.3% 4.8% 31.2 2.7 −31.5%
San Francisco-Oakland-Hayward, Calif. 93 $1,062,000 13.6% −10.9% 33.3 2.0 −6.2%
San Jose-Sunnyvale-Santa Clara, Calif. 66 $1,238,000 3.3% −12.5% 38.3 1.8 −10.8%
Seattle-Tacoma-Bellevue, Wash. −106 $679,000 13.2% −7.3% 31.8 1.7 −44.6%
St. Louis, Mo.-Ill. −126 $266,000 13.5% 7.8% 20.1 3.3 −43.9%
Tampa-St. Petersburg-Clearwater, Fla. −224 $327,000 17.3% 12.4% 18.7 2.6 −72.5%
Virginia Beach-Norfolk-Newport News, Va.-N.C. −8 $323,000 1.4% 8.0% 21.5 5.3 −53.5%
Washington-Arlington-Alexandria, DC-Va.-Md.-W. Va. 84 $506,000 1.2% −3.9% 22.4 2.9 −33.0%