Nationwide, smaller markets drew the lion's share of investment activity this year through May, based on Yardi Matrix data. : The coronavirus outbreak has put a dent in real estate investment activity nationwide. The total sales volume for multifamily transactions declined by almost a third in the first five months of 2020 compared to the same interval last year, according to Yardi Matrix data. While transaction volume decreased in most major multifamily markets across the nation, some smaller areas have seen their dollar volume go up by double or triple digits, as investors sought value-add opportunities in less expensive areas.