Amid President Trump’s call to ban large investment firms from buying single-family homes, purchases by investors are the highest they’ve been in five years, according to a new report from BatchData.

The research company used data from The Investor Pulse Report, prepared with business intelligence firm CJ Patrick Company, to track growth trends in investor-owned properties. The data included purchases by small-scale and large investors.

Investor-led purchases made up 34% of all single-family residential sales in the third quarter of 2025, up 25.5% year over year and 1% from the second quarter.

Investors currently own 18% of 86 million single-family homes nationwide. One-third of these investor-owned properties are concentrated in just five states — Texas, California, Florida, North Carolina and Georgia.

North Carolina (25%), Georgia (19%), and Texas (18.2%) surpass the national average for investor ownership.

But, BatchData researchers point out, there may be more to this trend upon deeper inspection.

“Two seemingly incongruous trends continue to show themselves,” said BatchData Co-Founder and President Ivo Draginov in a press release “While the percentage of homes purchased by investors rose to a five-year high, the actual number of homes purchased was 23,000 fewer than a year ago. This suggests [that] the higher percentage is due to traditional homeowners retreating from the market rather than overly aggressive investor activity.”

Notably, small-scale firms own the largest share of investor-held single-family homes. Investors owning one to five properties make up 92% of all investor-owned single-family homes and those with six to 10 properties hold 4%. Investors with over 1,000 properties account for a 2% share.