- US investment sales totaled $182.4B in H1 2025, up over 25% YoY, with transaction volume also climbing more than 15% to nearly 12,500 deals.
- Dallas-Fort Worth led the nation with $13.5B in sales, an 89% increase over H1 2024, and saw a nearly 681% jump in development site sales by dollar volume.
- Multifamily and office sectors showed strong activity across key metros, with private buyers dominating nationally and institutional capital reemerging in select markets.
A National Rebound in Progress
According to Bisnow, the US investment sales market rebounded sharply in early 2025. Total sales hit $182.4B for the first half, up more than 25% compared to last year. Deal count rose to nearly 12,500—an increase of over 15%.
While the pace is slightly below 2024 when annualized, industry leaders remain optimistic. James Nelson of Avison Young expects stronger activity in the back half of the year, which is typical for the market.
Dallas-Fort Worth: Leading the Pack
Dallas-Fort Worth was the top-performing metro for investment sales in H1 2025. The region closed $13.5B in sales, up 89% from the same period last year. It also outpaced second-place San Francisco by nearly 57%.
Multifamily deals accounted for $6.3B across 153 transactions in DFW. Those figures represent a 140% jump in dollar volume and almost 90% growth in deal count.
Development sites also saw a dramatic shift. While the number of deals dropped 7.5%, dollar volume surged by nearly 681%. That suggests pricing power is returning to the market.
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Strength in the Multifamily and Office Sectors
Multifamily investment is stabilizing in many high-growth cities. New supply is peaking in 2025 but is projected to drop over 50% in 2026. Rising construction costs, tariffs, and oversupply worries are contributing to the slowdown.
Office sales also picked up, led by end users. In fact, the top three office deals nationwide were all in California and made by occupiers. According to Nelson, buyers today believe in the long-term need for office space.
He noted that one-quarter of all post-pandemic office sales in New York involved end users—a trend seen in several major markets.
Who’s Buying
Private buyers continue to lead transactions nationwide. But institutional capital is returning in select markets like DFW and Washington, D.C.
In Denver, institutions accounted for over 41% of total buyer activity in the first half. That marked a shift in momentum and a growing appetite for stabilized assets.
Outlook
Despite a slow start to the year, momentum is building. Second-quarter activity jumped sharply from Q1, and many delayed deals are now closing.
Multifamily and office assets remain attractive in key metros. With institutional buyers returning and new supply shrinking, the market appears poised for a strong finish to 2025.
