Out-of-state investment in single-family homes holds steady in 2025

"SFR Analytics defines out-of-state investments by comparing property deed locations with the mailing addresses of owners. A purchase is classified as out of state if the deed and mailing address are in different states. Transactions are excluded from the report if the mailing address is within a 60-mile radius of the purchased property, even if that distance crosses a state line."

"Out-of-state investment has followed a clear arc over the past six years. Before the pandemic, nonresident buyers made up 5.8% of single-family purchases nationwide. That figure surged to 7.29% in 2021 driven by remote work, low mortgage rates and intensified investor interest in Sun Belt and lifestyle-oriented markets. As borrowing costs rose, activity cooled. The out-of-state share slipped to 5.74% in 2024 and edged down again to 5.56% in 2025."

"Resort and vacation destinations dominate the list of markets with the highest nonresident homeownership shares in 2025. Breckenridge, Colorado, leads the nation as 34.8% of single-family home purchases this year were made by out-of-state buyers. Brevard, North Carolina; Jackson, Wyoming; Seaford, Delaware; and Kapaa, Hawaii, also posted rates above 25% reflecting strong demand for second homes and vacation properties. Data courtesy of SFR Analytics Among larger metropolitan areas, Florida markets continue to stand out."

SFR Analytics defines out-of-state investments by matching deed locations to owner mailing addresses and excludes transactions when the mailing address lies within 60 miles of the purchased property, even across state lines. Nonresident buyer share rose from 5.8% pre-pandemic to a 2021 peak of 7.29%, driven by remote work, low mortgage rates and investor demand in Sun Belt and lifestyle markets, then cooled as borrowing costs rose to 5.74% in 2024 and 5.56% in 2025. Resort and vacation destinations show the highest out-of-state shares, with Breckenridge at 34.8% and several Florida metros also recording elevated nonlocal investment.

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