Small property investors accounted for 66.2% of U.S. investor home purchases tracked by Realtor.com Economic Research in the first half of 2026, their highest share in at least 15 years, as larger operators became net sellers.
Small investors bought about 148,000 homes, Realtor.com said in its Oct. 21 report. Their share was the highest in at least 15 years, rising from roughly half of tracked investor purchases during the pandemic-era peak.
Across all investor sizes, purchases totaled about 224,000 homes, the lowest first-half count since 2020. Investors accounted for 10.7% of all home purchases, down 0.3 percentage points from the first half of 2025.
Sales exceeded purchases among large and mega investors, while small and medium investors remained net buyers. Mega investors purchased about 12,700 homes, representing 0.6% of all home purchases.
Realtor.com classifies investors by their cumulative purchases in its records: one to 10 for small investors and at least 351 for mega investors. The analysis covers qualifying residential deed transactions recorded through June 2026. It identifies buyers using structures such as limited liability companies and trusts, leaving out landlords who purchase in their own names.
All-cash deals accounted for 55.5% of investor purchases, compared with 30.0% of purchases across the market. The investor cash share was 59.6% in the first half of 2025, according to the new report.
Investors paid a median $295,000, against $380,000 for non-investors. Realtor.com said the price gap does not establish whether small investors competed with entry-level buyers for the same homes or bought in less expensive markets.
Investors made 20.5% of home purchases in the Memphis metro area, 20.0% in the St. Louis metro area and 19.1% in the Kansas City metro area. Those shares exceeded the national figure for tracked investors.
Realtor.com cited higher borrowing costs and slower growth in rents and home prices as possible factors in larger investors’ retreat, without measuring each factor’s effect. The report pointed to investor activity in the second half of 2026 as the next indicator and gave no date for an update.
