Investment sales across the United States are continuing to rise annually, as 2025 marked the third straight year of growth and set the stage for continued momentum into 2026, according to data and analysis from Avison Young's U.S. Investment Sales group.
Through the end of 2025, the national market logged 30,425 transactions totaling $472.6 billion—a 17.7% year-over-year increase in deal count and a 19.9% rise in total dollar volume. Avison Young noted that while multifamily properties led sales volume, major "significant increases" in the retail and development/land sectors helped push overall performance beyond expectations. The firm expects this growth trend to extend into 2026.
The country's largest investment hubs remained dominant, with the top 12 markets—led by Dallas-Fort Worth ($22.3 billion), San Francisco/Bay Area ($20.5 billion), Los Angeles ($18.9 billion) and New York ($18.8 billion). These areas accounted for 41.5% of total activity. Together, these metros continue to drive national investment performance.
In Dallas-Fort Worth, deals climbed 3.9% and dollar volume rose 6.6% year-over-year. Avison Young said nearly every property type outside of industrial saw positive results, positioning the region for "an accelerated 2026" as bid-ask spreads tighten and investor conviction builds.
The San Francisco Bay Area saw robust activity between the third and fourth quarters, closing 2025 with 16.2% more transactions and a 24.6% increase in dollar volume compared with 2024. Los Angeles also advanced with a "measured" recovery, logging an 11.1% increase in deal count and 21.8% dollar volume growth for the year, despite a slower fourth quarter.
New York's market edged up modestly, with transactions rising 5.1% and dollar volume increasing just 1.1% year-over-year—lagging many other major metros.
Phoenix saw a 2.8% rise in transactions but an 18% decline in dollar volume, which Avison Young described as "subtle growth" that could signal a turnaround in 2026.
Washington, D.C., posted mixed results, with transaction counts up 8.7% year-over-year but dollar volume down 11.6%. The firm attributed this to shifting investor focus toward TOPA-exempt, newer-vintage multifamily assets amid an office market that remains operator-led and marked by a "bid-ask disconnect."
In Atlanta, overall sales slowed—deal count slid 22.9% and volume fell 15.2%—yet Avison Young projects "positive investment momentum" heading into 2026.
Chicago was more upbeat, recording 18.2% more transactions and a 7.5% gain in dollar volume as investors capitalized on lower office asset prices and tightening multifamily supply.
Miami's momentum continued, with transactions jumping 15.5% and total volume surging 34.7%, underscoring strong confidence across all property types.
Denver also impressed, with a 20.8% increase in deals and a 30.1% climb in dollar volume, as investors remained "increasingly optimistic" about the city's long-term fundamentals, according to Avison Young.
Activity in Austin slipped 3.4% in transaction count but leapt 40.7% in total volume, suggesting continued faith in the market's underlying strength even amid caution.
Charlotte, by contrast, saw weaker numbers, with transactions down 13.9% and volume contracting 21.8%—but Avison Young said signs of renewed activity point to a potentially "strong 2026."
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