Investors have set their sights on Birmingham, Ala. The metro has the highest share of institutional investors in the country, and has seen a whopping 582 percent year-over-year increase in activity.
Among 110 metro areas with at least 1,000 single family and condo sales in the first quarter, the following had the highest share of institutional investor purchases, according to RealtyTrac’s First Quarter 2016 U.S. Cash & Institutional Investor Housing Market Report:
Birmingham-Hoover, Ala: 9.9%
Augusta-Richmond County, Ga.-S.C.: 7.4%
Memphis, Tenn.-Miss.-Ark.: 7%
York-Hanover, Pa.: 6.9%
Atlanta-Sandy Springs-Roswell, Ga.: 6.7%
Mobile, Ala.: 5.9%
Flint, Mich.: 5.9%
Cleveland-Elyria, Ohio: 5.9%
Akron, Ohio: 5.6%
Indianapolis-Carmel-Anderson, Ind.: 5.5%
Albuquerque, N.M.: 5.5%
Little Rock-North Little Rock-Conway, Ark.: 5.5%
Source: RealtyTrac