Investor home buys stay steady in Michigan
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The share of Michigan houses purchased by institutional investors held steady over the last year, despite a cooling housing market.
Why it matters: Investors, who often compete with first-time buyers, have pulled back from the U.S. housing market in recent years.
Zoom in: In Metro Detroit, the share of homes sold to institutional investors rose slightly from 7.3% in Q1 2024 to 7.4% in the same period this year, per data from real estate firm ATTOM shared with Axios.
- Statewide, the share remained flat at 6.5%.
The fine print: ATTOM defines an institutional investor as a non-lending entity that purchased at least 10 properties in a calendar year.
The big picture: Investors want to see strong population and job growth, solid rental yields, landlord-friendly regulations, affordability and long-term appreciation potential, ATTOM CEO Rob Barber previously told Axios.