{"id":78396,"date":"2024-08-15T06:00:21","date_gmt":"2024-08-15T13:00:21","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=78396"},"modified":"2024-08-14T12:25:40","modified_gmt":"2024-08-14T19:25:40","slug":"investor-home-purchases-q2-2024","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/investor-home-purchases-q2-2024\/","title":{"rendered":"Investor Home Purchases Post Biggest Increase in Two Years"},"content":{"rendered":"<ul>\n<li><strong><i>Investor home purchases rose 3% year over year in the second quarter amid strong demand from renters, many of whom can\u2019t afford to buy homes.<\/i><\/strong><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong><i>Investors bought 1 of every 6 U.S. homes that sold\u2014purchasing $43 billion worth of properties\u2014and 1 of every 4 low-priced homes that sold.<\/i><\/strong><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong><i>Single-family homes were the most popular property type among investors, making up 69% of their purchases.<\/i><\/strong><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong><i>Investor home purchases rose most in San Jose and Las Vegas, and fell most in Fort Lauderdale and Providence.<\/i><\/strong><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Investor purchases of U.S. homes rose 3.4% year over year in the second quarter\u2014the largest increase since the second quarter of 2022.<\/span><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-large wp-image-78397\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/08\/Investor-Market-Share-by-Metro-1024x559.png\" alt=\"\" width=\"1024\" height=\"559\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/08\/Investor-Market-Share-by-Metro-1024x559.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/08\/Investor-Market-Share-by-Metro-300x164.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/08\/Investor-Market-Share-by-Metro-768x419.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/08\/Investor-Market-Share-by-Metro.png 1100w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Investors purchased $43 billion worth of homes in the second quarter, up 13.7% from a year earlier\u2014also the biggest gain in two years.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This is based on a Redfin analysis of county home purchase records across 39 of the most populous U.S. metropolitan areas going back through 2000. We define an investor as any institution or business that purchases residential real estate, meaning this report covers both institutional and mom-and-pop investors.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Investor activity in the housing market is stabilizing following several years of dramatic ups and downs. Investor home purchases more than <\/span><a href=\"https:\/\/www.redfin.com\/news\/investor-home-purchases-q2-2021\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">doubled<\/span><\/a><span style=\"font-weight: 400;\"> during the pandemic homebuying boom in 2021, and then <\/span><a href=\"https:\/\/www.redfin.com\/news\/investor-home-purchases-q1-2023\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">plunged<\/span><\/a><span style=\"font-weight: 400;\"> nearly 50% last year <\/span><span style=\"font-weight: 400;\">as declining rents and home values ate into potential profits.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cOne reason real estate investors are coming out of hibernation is to take advantage of robust demand from renters,\u201d said Redfin Senior Economist <\/span><a href=\"https:\/\/www.redfin.com\/news\/author\/sheharyarbokhari\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Sheharyar Bokhari<\/span><\/a><span style=\"font-weight: 400;\">. \u201cElevated home prices and mortgage rates have pushed homeownership out of reach for a lot of Americans, which is fueling demand for rentals. Investors, many of whom can afford to pay in cash to avoid the sting of high mortgage rates, are cashing in on that demand.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Mortgage rates did <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-update-mortgage-rates-fall-tours-increase\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">drop<\/span><\/a><span style=\"font-weight: 400;\"> to the lowest level in over a year last week <\/span><span style=\"font-weight: 400;\">after a weaker-than-expected<\/span> <a href=\"https:\/\/www.redfin.com\/news\/mortgage-rates-to-fall-significantly-following-weak-jobs-report\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">jobs report<\/span><\/a><span style=\"font-weight: 400;\"> stoked recession fears, which helped homebuyers <\/span><a href=\"https:\/\/www.redfin.com\/news\/home-affordability-improves-mortgage-rates-drop\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">gain<\/span><\/a><span style=\"font-weight: 400;\"> tens of thousands of dollars of purchasing power. Still, homeownership remains out of reach for many Americans.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While renter demand is strong, rents have been <a href=\"https:\/\/www.redfin.com\/news\/rental-tracker-july-2024\/\" target=\"_blank\" rel=\"noopener\">sluggish<\/a> because a lot of new apartments have been hitting the market following a construction boom during the pandemic. That means property owners have been competing for tenants and have had less room to boost prices. But apartment construction is starting to <\/span><a href=\"https:\/\/www.redfin.com\/news\/america-building-fewer-apartments-2024\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">slow<\/span><\/a><span style=\"font-weight: 400;\">, which could cause rents to rebound in the coming years\u2014another factor that may be bringing investors off of the sidelines. Just last week, apartment owner Equity Residential agreed to <\/span><a href=\"https:\/\/www.wsj.com\/real-estate\/equity-residential-buys-apartment-portfolio-for-nearly-1-billion-21c71c70\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">buy<\/span><\/a><span style=\"font-weight: 400;\"> 11 apartment complexes for $964 million\u2014the biggest U.S. multifamily acquisition by a public real estate investment trust (REIT) in seven years. That follows several <\/span><a href=\"https:\/\/www.wsj.com\/real-estate\/kkr-makes-its-biggest-foray-into-apartments-betting-on-rising-rents-94213297?mod=article_inline\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">other<\/span><\/a><span style=\"font-weight: 400;\"> high-profile <\/span><a href=\"https:\/\/greenstreetnews.com\/article\/brookfield-buying-big-us-multifamily-portfolio\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">deals<\/span><\/a><span style=\"font-weight: 400;\"> this year.<\/span><\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-78400\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-14-at-12.00.25\u202fPM-1024x557.png\" alt=\"\" width=\"800\" height=\"435\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-14-at-12.00.25\u202fPM-1024x557.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-14-at-12.00.25\u202fPM-300x163.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-14-at-12.00.25\u202fPM-768x417.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-14-at-12.00.25\u202fPM-1536x835.png 1536w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-14-at-12.00.25\u202fPM.png 1954w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Investor purchases were near a low point in the second quarter of 2023\u2014another reason they\u2019re now rising on a year-over-year basis. They appear to be inching back toward pre-pandemic levels.<\/span><\/p>\n<h3><b>Investors Bought 1 in 6 U.S. Homes that Sold in the Second Quarter<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Investors purchased 16.8% of U.S. homes that sold in the second quarter\u2014the highest second-quarter share on record aside from 2022. That\u2019s down from an all-time high of 20.8% hit during the pandemic but up from 16% a year earlier.<\/span><\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-78401\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-14-at-12.00.53\u202fPM-1024x558.png\" alt=\"\" width=\"800\" height=\"436\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-14-at-12.00.53\u202fPM-1024x558.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-14-at-12.00.53\u202fPM-300x163.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-14-at-12.00.53\u202fPM-768x419.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-14-at-12.00.53\u202fPM-1536x837.png 1536w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-14-at-12.00.53\u202fPM.png 1956w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Investors have seen their market share inch up because they\u2019ve come off the sidelines faster than individual buyers. While investor home purchases rose 3.4% in the second quarter, overall U.S. home purchases <\/span><i><span style=\"font-weight: 400;\">fell <\/span><\/i><span style=\"font-weight: 400;\">1.9% as elevated mortgage rates and prices deterred buyers. <\/span><span style=\"font-weight: 400;\">Investors are less sensitive to mortgage rate fluctuations than regular buyers because most of them (69%) pay in cash, though they\u2019re still somewhat sensitive because they often take out different loans to cover home flipping and other expenses.<\/span><\/p>\n<p><b>Other data highlights: June 2024<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The typical home sold by an investor in June went for 58% more ($190,404) than the investor bought it for. That\u2019s down from 62.1% a year earlier, but is still higher than pre-pandemic levels.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">5% of homes sold by investors sold for a loss, down from 5.8% a year earlier and below pre-pandemic levels.<\/span><\/li>\n<\/ul>\n<h3><b>Investor Home Purchases Are Up Almost 30% in San Jose and Las Vegas, Down Over 15% in Fort Lauderdale<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">In both San Jose, CA and Las Vegas, investor home purchases rose 27% year over year in the second quarter\u2014the biggest jump among the metros Redfin analyzed. Next came three more California metros: Sacramento (18.9%), Los Angeles (17.9%) and San Francisco (17.8%).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">San Jose also saw the largest gain in <\/span><i><span style=\"font-weight: 400;\">overall<\/span><\/i><span style=\"font-weight: 400;\"> home purchases, which rose 15.2% year over year in the second quarter. San Francisco came in second place. The Bay Area\u2019s housing market has been <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-san-francisco-migration-q4-2023\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">bouncing back<\/span><\/a><span style=\"font-weight: 400;\"> after slowing substantially during the pandemic, and investors have reaped hefty gains over the last year.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The typical San Francisco home sold by an investor in June went for $685,500 more than the investor bought it for, up 50.7% from a year earlier. That\u2019s the biggest increase among the metros Redfin analyzed. Next came San Jose, where the median capital gain rose 48.3% to $808,500.<\/span><\/p>\n<p><a href=\"https:\/\/www.redfin.com\/real-estate-agents\/craig-pellegrini\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Craig Pellegrini<\/span><\/a><span style=\"font-weight: 400;\">, a <\/span><a href=\"https:\/\/www.redfin.com\/premier\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Redfin Premier<\/span><\/a><span style=\"font-weight: 400;\"> real estate agent in San Jose, said about one-quarter of buyers he speaks to are investors. Roughly half are institutional investors and the other half are mom-and-pop investors, he said.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cSan Jose has a lot of overseas investors buying sight-unseen, and a lot of home flippers who are purchasing dilapidated homes, putting some lipstick on them, and selling them for a profit,\u201d Pellegrini said. \u201cI\u2019m also seeing parents buy second homes that they plan to rent out for a while and then pass on to their kids, some of whom just graduated college and can\u2019t afford to buy themselves.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Pellegrini continued: \u201cThere are a lot of folks with tech money who bought homes here in the early 2000s, built a ton of equity, and are now taking on a side hustle as a real estate investor. But there are also folks who are renting in neighborhoods like Mountain View and Los Altos, and then buying investment properties in San Jose\u2014which has lower home prices\u2014to build equity.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Investor home purchases fell fastest in Fort Lauderdale, FL (-15.9%), Providence, RI (-12.4%), New Brunswick, NJ (-11.9%), Miami (-11.3%) and Chicago (-11.1%).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cEven though rents are high here, the <\/span><a href=\"https:\/\/www.redfin.com\/news\/home-insurance-survey-report-2024\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">insurance<\/span><\/a><span style=\"font-weight: 400;\"> rates and property taxes are also high, making it difficult for the numbers to make sense for investors,\u201d said <\/span><a href=\"https:\/\/www.redfin.com\/real-estate-agents\/bob-benson\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Bob Benson<\/span><\/a><span style=\"font-weight: 400;\">, a Redfin Premier real estate agent in Fort Lauderdale.<\/span><\/p>\n<h3><strong>Single-Family Home Purchases Are Driving the Increase in Investor Activity<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">Investor purchases of single-family homes rose 6.7% year over year in the second quarter, the biggest increase in two years. Meanwhile, investor purchases of multifamily properties (2-4 units), condos\/co-ops and townhouses <\/span><i><span style=\"font-weight: 400;\">fell <\/span><\/i><span style=\"font-weight: 400;\">a respective 5%, 3.3% and 1.9%.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Investors are likely keen on single-family properties because that segment of the market has posted relatively strong rent growth\u2014AKA has stronger ROI potential\u2014and also has <\/span><a href=\"https:\/\/www.cbre.com\/insights\/articles\/sfr-rent-growth-slows-but-outpacing-multifamily\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">lower<\/span><\/a><span style=\"font-weight: 400;\"> tenant turnover.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Single-family homes represented 69.4% of investor purchases in the second quarter\u2014the highest percentage since mid-2022. Meanwhile, condos\/co-ops represented 19.4%, townhouses made up 6.5% and multifamily properties made up 4.7%\u2014all <\/span><i><span style=\"font-weight: 400;\">lower <\/span><\/i><span style=\"font-weight: 400;\">than a year earlier.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-78402\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-14-at-12.15.22\u202fPM-1024x555.png\" alt=\"\" width=\"800\" height=\"434\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-14-at-12.15.22\u202fPM-1024x555.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-14-at-12.15.22\u202fPM-300x163.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-14-at-12.15.22\u202fPM-768x416.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-14-at-12.15.22\u202fPM-1536x833.png 1536w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-14-at-12.15.22\u202fPM.png 1970w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Investors have also gained <\/span><i><span style=\"font-weight: 400;\">market share<\/span><\/i><span style=\"font-weight: 400;\"> in the single-family segment; 16.4% of U.S. single-family homes that sold in the first quarter were purchased by investors, up from 15.2% a year earlier. The share of condos\/co-ops bought by investors also ticked up slightly, to 17.2%. The share of multifamily properties fell slightly to 30.7% and the share of townhouses was unchanged at 15.1%. Investors have a relatively large market share in the multifamily segment because those buildings are typically too expensive\/not feasible for regular homebuyers, and apartments offer the potential for large returns from rental income.<\/span><\/p>\n<h3><strong>Investors Bought One-Quarter of America\u2019s Most Affordable Homes<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">One-quarter (24.1%) of low-priced U.S. homes that sold in the second quarter were bought by investors, up from 22.7% a year earlier. Meanwhile, 14.7% of high-priced homes and 12.1% of mid-priced homes that sold were purchased by investors.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-78403\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-14-at-12.15.39\u202fPM-1024x562.png\" alt=\"\" width=\"800\" height=\"439\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-14-at-12.15.39\u202fPM-1024x562.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-14-at-12.15.39\u202fPM-300x165.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-14-at-12.15.39\u202fPM-768x421.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-14-at-12.15.39\u202fPM-1536x842.png 1536w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-14-at-12.15.39\u202fPM.png 1962w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Low-priced homes represented 45.2% of investor purchases, while high-priced homes made up 30.9% and mid-priced homes accounted for 23.9%.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Redfin divides home purchases into three buckets: low-priced, mid-priced and high-priced. Low-priced homes are those that fall into the bottom tercile of local sale prices, while mid-priced are those in the middle tercile and high-priced are those in the top tercile.<\/span><\/p>\n<h3><strong>Other Metro-Level Highlights<\/strong><\/h3>\n<p><b><i>Where investors bought the highest\/lowest share of homes that sold: Q2 2024<\/i><\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Highest share: <\/b><span style=\"font-weight: 400;\">In Miami, investors bought 28.5% of homes that sold. Next came San Diego (23.7%), Anaheim, CA (23.3%), Las Vegas (22.3%) and Los Angeles (22.2%).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Lowest share:<\/b><span style=\"font-weight: 400;\"> Providence, RI (8.5%), Washington, D.C. (8.7%), Warren, MI (9.2%), Montgomery County, PA (9.5%), Seattle (9.7%).<\/span><\/li>\n<\/ul>\n<p><b><i>Where the share of homes bought by investors increased\/decreased most from a year earlier: Q2 2024<\/i><\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Biggest increases: <\/b><span style=\"font-weight: 400;\">In Las Vegas, investors bought 22.3% of homes that sold, up 4.2 percentage points from a year earlier. Next came Los Angeles (+3.3 ppts), Sacramento (+3.2 ppts), Oakland, CA (+2.9 ppts) and Phoenix (+2.8 ppts).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Biggest decreases:<\/b><span style=\"font-weight: 400;\"> Miami (-2.3 ppts), Cincinnati (-1.6 ppts), Cleveland (-1 ppt), Seattle (-1 ppt), Philadelphia (-0.9 ppts).<\/span><\/li>\n<\/ul>\n<p><b><i>Where investors had the largest\/smallest median capital gains: June 2024<\/i><\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">In Philadelphia, the typical home sold by an investor sold for 133% more than the investor bought it for\u2014the biggest capital gain among the metros Redfin analyzed. Next came Warren (129.5%), Newark, NJ (115%), Cincinnati (108.5%) and Baltimore (103.9%).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">In Phoenix, the typical home sold by an investor sold for 37.2% more than the investor bought it for\u2014the smallest capital gain among the metros Redfin analyzed. It was followed by Riverside, CA (37.6%), Denver (39.4%), Las Vegas (40.6%) and Sacramento (40.9%).<\/span><\/li>\n<\/ul>\n<p><b><i>Where median capital gains for investors increased\/decreased most from a year earlier: June 2024<\/i><\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">In San Francisco, the typical home sold by an investor sold for $685,500 more than the investor bought it for, up 50.7% year over year\u2014the biggest increase among the metros Redfin analyzed. Next came San Jose (48.3%), Warren (31.7%), Newark (24.6%) and Anaheim (21.5%).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">In Montgomery County, the typical home sold by an investor sold for $136,500 more than the investor bought it for, down 35% year over year\u2014the biggest decrease among the metros Redfin analyzed. Next came Riverside (-31%), Oakland (-25.4%), Denver (-20.7%) and New York (-16.5%).<\/span><\/li>\n<\/ul>\n<h3><b>Metro Summary: Investor Home Purchases, Q2 2024<\/b><\/h3>\n\n<table id=\"tablepress-415\" class=\"tablepress tablepress-id-415\">\n<thead>\n<tr class=\"row-1\">\n\t<th class=\"column-1\"><strong>U.S. metro area<\/strong><\/th><th class=\"column-2\"><strong>Investor purchases, YoY change<\/strong><\/th><th class=\"column-3\"><strong>Total value of homes bought by investors<\/strong><\/th><th class=\"column-4\"><strong>Median purchase price of homes bought by investors<\/strong><\/th><th class=\"column-5\"><strong>Share of purchased homes bought by investors<\/strong><\/th><th class=\"column-6\"><strong>Share of purchased homes bought by investors, YoY change (ppts)<\/strong><\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-striping\">\n<tr class=\"row-2\">\n\t<td class=\"column-1\">Anaheim, CA<\/td><td class=\"column-2\">15.7%<\/td><td class=\"column-3\">$2,728,989,000 <\/td><td class=\"column-4\">$1,340,750 <\/td><td class=\"column-5\">23.3%<\/td><td class=\"column-6\">2.1 ppts<\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td class=\"column-1\">Atlanta, GA<\/td><td class=\"column-2\">-1.5%<\/td><td class=\"column-3\">$1,486,334,453 <\/td><td class=\"column-4\">$272,200 <\/td><td class=\"column-5\">18.2%<\/td><td class=\"column-6\">0.4 ppts<\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-1\">Baltimore, MD<\/td><td class=\"column-2\">-5.6%<\/td><td class=\"column-3\">$363,048,251 <\/td><td class=\"column-4\">$180,000 <\/td><td class=\"column-5\">16.7%<\/td><td class=\"column-6\">-0.1 ppts<\/td>\n<\/tr>\n<tr class=\"row-5\">\n\t<td class=\"column-1\">Charlotte, NC<\/td><td class=\"column-2\">4.5%<\/td><td class=\"column-3\">$678,951,600 <\/td><td class=\"column-4\">$297,750 <\/td><td class=\"column-5\">17.4%<\/td><td class=\"column-6\">1.3 ppts<\/td>\n<\/tr>\n<tr class=\"row-6\">\n\t<td class=\"column-1\">Chicago, IL<\/td><td class=\"column-2\">-11.1%<\/td><td class=\"column-3\">$757,413,308 <\/td><td class=\"column-4\">$265,000 <\/td><td class=\"column-5\">11.5%<\/td><td class=\"column-6\">-0.1 ppts<\/td>\n<\/tr>\n<tr class=\"row-7\">\n\t<td class=\"column-1\">Cincinnati, OH<\/td><td class=\"column-2\">-3.3%<\/td><td class=\"column-3\">$234,874,088 <\/td><td class=\"column-4\">$173,450 <\/td><td class=\"column-5\">16.2%<\/td><td class=\"column-6\">-1.6 ppts<\/td>\n<\/tr>\n<tr class=\"row-8\">\n\t<td class=\"column-1\">Cleveland, OH<\/td><td class=\"column-2\">4.7%<\/td><td class=\"column-3\">$212,498,680 <\/td><td class=\"column-4\">$119,900 <\/td><td class=\"column-5\">19.6%<\/td><td class=\"column-6\">-1.0 ppts<\/td>\n<\/tr>\n<tr class=\"row-9\">\n\t<td class=\"column-1\">Columbus, OH<\/td><td class=\"column-2\">2.6%<\/td><td class=\"column-3\">$265,111,301 <\/td><td class=\"column-4\">$214,700 <\/td><td class=\"column-5\">14.5%<\/td><td class=\"column-6\">-0.1 ppts<\/td>\n<\/tr>\n<tr class=\"row-10\">\n\t<td class=\"column-1\">Denver, CO<\/td><td class=\"column-2\">11.5%<\/td><td class=\"column-3\">$1,086,632,558 <\/td><td class=\"column-4\">$560,000 <\/td><td class=\"column-5\">13.6%<\/td><td class=\"column-6\">1.0 ppts<\/td>\n<\/tr>\n<tr class=\"row-11\">\n\t<td class=\"column-1\">Detroit, MI<\/td><td class=\"column-2\">6.7%<\/td><td class=\"column-3\">$124,615,480 <\/td><td class=\"column-4\">$89,999 <\/td><td class=\"column-5\">20.7%<\/td><td class=\"column-6\">1.3 ppts<\/td>\n<\/tr>\n<tr class=\"row-12\">\n\t<td class=\"column-1\">Fort Lauderdale, FL<\/td><td class=\"column-2\">-15.9%<\/td><td class=\"column-3\">$883,137,120 <\/td><td class=\"column-4\">$390,000 <\/td><td class=\"column-5\">18.5%<\/td><td class=\"column-6\">-0.8 ppts<\/td>\n<\/tr>\n<tr class=\"row-13\">\n\t<td class=\"column-1\">Jacksonville, FL<\/td><td class=\"column-2\">6.1%<\/td><td class=\"column-3\">$435,467,007 <\/td><td class=\"column-4\">$240,000 <\/td><td class=\"column-5\">19.2%<\/td><td class=\"column-6\">-0.1 ppts<\/td>\n<\/tr>\n<tr class=\"row-14\">\n\t<td class=\"column-1\">Las Vegas, NV<\/td><td class=\"column-2\">27.0%<\/td><td class=\"column-3\">$1,149,480,412 <\/td><td class=\"column-4\">$430,000 <\/td><td class=\"column-5\">22.3%<\/td><td class=\"column-6\">4.2 ppts<\/td>\n<\/tr>\n<tr class=\"row-15\">\n\t<td class=\"column-1\">Los Angeles, CA<\/td><td class=\"column-2\">17.9%<\/td><td class=\"column-3\">$5,269,825,616 <\/td><td class=\"column-4\">$1,070,000 <\/td><td class=\"column-5\">22.2%<\/td><td class=\"column-6\">3.3 ppts<\/td>\n<\/tr>\n<tr class=\"row-16\">\n\t<td class=\"column-1\">Miami, FL<\/td><td class=\"column-2\">-11.3%<\/td><td class=\"column-3\">$2,263,282,267 <\/td><td class=\"column-4\">$499,950 <\/td><td class=\"column-5\">28.5%<\/td><td class=\"column-6\">-2.3 ppts<\/td>\n<\/tr>\n<tr class=\"row-17\">\n\t<td class=\"column-1\">Milwaukee, WI<\/td><td class=\"column-2\">12.0%<\/td><td class=\"column-3\">$201,745,955 <\/td><td class=\"column-4\">$180,000 <\/td><td class=\"column-5\">16.1%<\/td><td class=\"column-6\">1.8 ppts<\/td>\n<\/tr>\n<tr class=\"row-18\">\n\t<td class=\"column-1\">Minneapolis, MN<\/td><td class=\"column-2\">8.0%<\/td><td class=\"column-3\">$498,605,347 <\/td><td class=\"column-4\">$300,000 <\/td><td class=\"column-5\">10.6%<\/td><td class=\"column-6\">0.1 ppts<\/td>\n<\/tr>\n<tr class=\"row-19\">\n\t<td class=\"column-1\">Montgomery County, PA<\/td><td class=\"column-2\">5.8%<\/td><td class=\"column-3\">$222,227,709 <\/td><td class=\"column-4\">$301,750 <\/td><td class=\"column-5\">9.5%<\/td><td class=\"column-6\">0.2 ppts<\/td>\n<\/tr>\n<tr class=\"row-20\">\n\t<td class=\"column-1\">Nashville, TN<\/td><td class=\"column-2\">-3.7%<\/td><td class=\"column-3\">$665,538,163 <\/td><td class=\"column-4\">$395,000 <\/td><td class=\"column-5\">15.9%<\/td><td class=\"column-6\">-0.1 ppts<\/td>\n<\/tr>\n<tr class=\"row-21\">\n\t<td class=\"column-1\">New Brunswick, NJ<\/td><td class=\"column-2\">-11.9%<\/td><td class=\"column-3\">$520,858,048 <\/td><td class=\"column-4\">$449,000 <\/td><td class=\"column-5\">12.7%<\/td><td class=\"column-6\">1.1 ppts<\/td>\n<\/tr>\n<tr class=\"row-22\">\n\t<td class=\"column-1\">New York, NY<\/td><td class=\"column-2\">9.4%<\/td><td class=\"column-3\">$3,497,207,799 <\/td><td class=\"column-4\">$815,000 <\/td><td class=\"column-5\">19.6%<\/td><td class=\"column-6\">1.1 ppts<\/td>\n<\/tr>\n<tr class=\"row-23\">\n\t<td class=\"column-1\">Newark, NJ<\/td><td class=\"column-2\">-4.8%<\/td><td class=\"column-3\">$325,970,506 <\/td><td class=\"column-4\">$467,500 <\/td><td class=\"column-5\">12.9%<\/td><td class=\"column-6\">0.3 ppts<\/td>\n<\/tr>\n<tr class=\"row-24\">\n\t<td class=\"column-1\">Oakland, CA<\/td><td class=\"column-2\">4.5%<\/td><td class=\"column-3\">$1,271,658,000 <\/td><td class=\"column-4\">$1,167,000 <\/td><td class=\"column-5\">18.2%<\/td><td class=\"column-6\">2.9 ppts<\/td>\n<\/tr>\n<tr class=\"row-25\">\n\t<td class=\"column-1\">Orlando, FL<\/td><td class=\"column-2\">-0.4%<\/td><td class=\"column-3\">$835,748,356 <\/td><td class=\"column-4\">$315,000 <\/td><td class=\"column-5\">19.8%<\/td><td class=\"column-6\">0.6 ppts<\/td>\n<\/tr>\n<tr class=\"row-26\">\n\t<td class=\"column-1\">Philadelphia, PA<\/td><td class=\"column-2\">-3.3%<\/td><td class=\"column-3\">$211,200,363 <\/td><td class=\"column-4\">$140,000 <\/td><td class=\"column-5\">17.0%<\/td><td class=\"column-6\">-0.9 ppts<\/td>\n<\/tr>\n<tr class=\"row-27\">\n\t<td class=\"column-1\">Phoenix, AZ<\/td><td class=\"column-2\">8.4%<\/td><td class=\"column-3\">$2,389,677,764 <\/td><td class=\"column-4\">$430,000 <\/td><td class=\"column-5\">19.8%<\/td><td class=\"column-6\">2.8 ppts<\/td>\n<\/tr>\n<tr class=\"row-28\">\n\t<td class=\"column-1\">Portland, OR<\/td><td class=\"column-2\">14.8%<\/td><td class=\"column-3\">$511,419,529 <\/td><td class=\"column-4\">$548,000 <\/td><td class=\"column-5\">13.0%<\/td><td class=\"column-6\">0.8 ppts<\/td>\n<\/tr>\n<tr class=\"row-29\">\n\t<td class=\"column-1\">Providence, RI<\/td><td class=\"column-2\">-12.4%<\/td><td class=\"column-3\">$106,866,309 <\/td><td class=\"column-4\">$350,000 <\/td><td class=\"column-5\">8.5%<\/td><td class=\"column-6\">0.0 ppts<\/td>\n<\/tr>\n<tr class=\"row-30\">\n\t<td class=\"column-1\">Riverside, CA<\/td><td class=\"column-2\">6.6%<\/td><td class=\"column-3\">$1,536,009,317 <\/td><td class=\"column-4\">$588,000 <\/td><td class=\"column-5\">20.2%<\/td><td class=\"column-6\">1.9 ppts<\/td>\n<\/tr>\n<tr class=\"row-31\">\n\t<td class=\"column-1\">Sacramento, CA<\/td><td class=\"column-2\">18.9%<\/td><td class=\"column-3\">$918,151,023 <\/td><td class=\"column-4\">$608,000 <\/td><td class=\"column-5\">20.0%<\/td><td class=\"column-6\">3.2 ppts<\/td>\n<\/tr>\n<tr class=\"row-32\">\n\t<td class=\"column-1\">San Diego, CA<\/td><td class=\"column-2\">6.5%<\/td><td class=\"column-3\">$2,343,323,909 <\/td><td class=\"column-4\">$1,070,000 <\/td><td class=\"column-5\">23.7%<\/td><td class=\"column-6\">1.5 ppts<\/td>\n<\/tr>\n<tr class=\"row-33\">\n\t<td class=\"column-1\">San Francisco, CA<\/td><td class=\"column-2\">17.8%<\/td><td class=\"column-3\">$1,892,060,765 <\/td><td class=\"column-4\">$2,080,000 <\/td><td class=\"column-5\">21.7%<\/td><td class=\"column-6\">1.1 ppts<\/td>\n<\/tr>\n<tr class=\"row-34\">\n\t<td class=\"column-1\">San Jose, CA<\/td><td class=\"column-2\">27.0%<\/td><td class=\"column-3\">$1,615,237,682 <\/td><td class=\"column-4\">$1,815,000 <\/td><td class=\"column-5\">17.4%<\/td><td class=\"column-6\">1.6 ppts<\/td>\n<\/tr>\n<tr class=\"row-35\">\n\t<td class=\"column-1\">Seattle, WA<\/td><td class=\"column-2\">-4.5%<\/td><td class=\"column-3\">$922,867,541 <\/td><td class=\"column-4\">$931,998 <\/td><td class=\"column-5\">9.7%<\/td><td class=\"column-6\">-1.0 ppts<\/td>\n<\/tr>\n<tr class=\"row-36\">\n\t<td class=\"column-1\">Tampa, FL<\/td><td class=\"column-2\">2.5%<\/td><td class=\"column-3\">$1,118,385,255 <\/td><td class=\"column-4\">$297,550 <\/td><td class=\"column-5\">18.0%<\/td><td class=\"column-6\">2.2 ppts<\/td>\n<\/tr>\n<tr class=\"row-37\">\n\t<td class=\"column-1\">Virginia Beach, VA<\/td><td class=\"column-2\">0.4%<\/td><td class=\"column-3\">$218,180,040 <\/td><td class=\"column-4\">$195,000 <\/td><td class=\"column-5\">11.1%<\/td><td class=\"column-6\">0.6 ppts<\/td>\n<\/tr>\n<tr class=\"row-38\">\n\t<td class=\"column-1\">Warren, MI<\/td><td class=\"column-2\">-1.2%<\/td><td class=\"column-3\">$198,547,536 <\/td><td class=\"column-4\">$195,000 <\/td><td class=\"column-5\">9.2%<\/td><td class=\"column-6\">-0.1 ppts<\/td>\n<\/tr>\n<tr class=\"row-39\">\n\t<td class=\"column-1\">Washington, D.C.<\/td><td class=\"column-2\">10.8%<\/td><td class=\"column-3\">$899,187,139 <\/td><td class=\"column-4\">$471,000 <\/td><td class=\"column-5\">8.7%<\/td><td class=\"column-6\">0.4 ppts<\/td>\n<\/tr>\n<tr class=\"row-40\">\n\t<td class=\"column-1\">West Palm Beach, FL<\/td><td class=\"column-2\">-2.6%<\/td><td class=\"column-3\">$2,193,264,544 <\/td><td class=\"column-4\">$555,750 <\/td><td class=\"column-5\">18.4%<\/td><td class=\"column-6\">0.8 ppts<\/td>\n<\/tr>\n<tr class=\"row-41\">\n\t<td class=\"column-1\"><strong>National\u2014U.S.A.<\/strong><\/td><td class=\"column-2\"><strong>3.4%<\/strong><\/td><td class=\"column-3\"><strong>$43,053,599,740 <\/strong><\/td><td class=\"column-4\"><strong>$516,256 <\/strong><\/td><td class=\"column-5\"><strong>16.8%<\/strong><\/td><td class=\"column-6\"><strong>0.9 ppts<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<!-- #tablepress-415 from cache -->\n<h3><strong>Methodology<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">For this analysis, we looked at county sale records for homes purchased from January 2000 through June 2024. We define an investor as any buyer whose name includes at least one of the following keywords: LLC, Inc, Trust, Corp, Homes. We also define an investor as any buyer whose ownership code on a purchasing deed includes at least one of the following keywords: association, corporate trustee, company, joint venture, corporate trust. This data may include purchases made through family trusts for personal use.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">We analyzed home sales in the 50 most populous metro areas, but only included 39 metros in this report due to non-disclosure of sale prices in some counties. The national figures in this report represent an aggregation of those 39 metros.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">When we refer to a \u201crecord,\u201d the record dates back to the first quarter of 2000. Data is subject to revision.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Investor home purchases rose 3% year over year in the second quarter amid strong demand from renters, many of whom can\u2019t afford to buy homes. Investors bought 1 of every 6 U.S. homes that sold\u2014purchasing $43 billion worth of properties\u2014and 1 of every 4 low-priced homes that sold. Single-family homes were the most popular property [&hellip;]<\/p>\n","protected":false},"author":13346,"featured_media":55269,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8,582],"tags":[627,623],"dashboard":[],"coauthors":[125],"class_list":["post-78396","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","category-investors","tag-investor-report","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.9) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Investor Home Purchases Post Biggest Increase in Two Years<\/title>\n<meta name=\"description\" content=\"Investor home purchases rose 3% year over year in the second quarter amid strong demand from renters, many of whom can\u2019t afford to buy homes.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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