A recent report by Real Capital Analytics (RCA) lists Manhattan as the top market for apartment deal volume in 2015, with nearly $14 billion in sales last year.

Dallas moved up a spot, from No. 3 to No. 2, while Los Angeles, Atlanta, and the other New York City boroughs completed the top five. Strong activity in the garden sector drove volume in Dallas and Atlanta. The Washington, D.C., metro area, meanwhile, jumped from the 25th spot in 2014 all the way to the sixth in 2015. Seattle, Denver, Houston, and Chicago rounded out the top 10.

Houston, notably, experienced a drop-off in 2015, falling from No. 5 to No. 9. “Growing concerns about the economic fundamentals have led investors to hold product back from sale for fear of not obtaining optimal prices at the moment,” said the RCA report.

San Francisco also declined in 2015, falling from the 11th spot to the 20th due to investor concerns about price resistance. “Strong demand is pushing up prices to a degree that's making potential buyers really sharpen their pencils before getting into investments here,” said the report.