Harrison (IN) Investor Pulse Report (2025-Q4)

In Harrison County, investors own 912 Single-Family Residential (SFR) properties, which constitutes 8.8% of the total 10,357 SFRs in the market.

Individual investors are the backbone of the local rental market, owning 771 properties, or 84.5% of the entire investor portfolio. In contrast, company-owned properties number 141, making up the remaining 15.5%.

The market is defined by cash acquisitions, with 99.3% of the investor-owned portfolio (906 properties) held free of financing. This indicates that most investors in the area are not leveraged and have significant equity in their holdings.

The landlord landscape is composed of 942 distinct entities, with 831 being individuals and 111 registered as companies. This 7.5-to-1 ratio of individual to company landlords underscores the local, small-scale nature of real estate investment in the county.

The primary use for these properties is clear, with 884 of the 912 properties classified as rented. This high rental penetration confirms the portfolio's focus on generating rental income rather than short-term speculation.

Landlords in Harrison County demonstrate a consistent ability to acquire properties at a significant discount. In the most recent active quarter, Q2 2025, landlords paid an average of just $60,000, which is 77.3% less than the $264,777 paid by traditional homeowners—a raw discount of $204,777 per property.

This deep discount pattern was also evident in Q1 2025, when landlords paid $144,169 on average, a 43.1% or $109,090 discount compared to homeowners. This suggests a strategy of targeting distressed or off-market properties that are not available to typical retail buyers.

Looking at longer-term trends, landlord acquisition prices show significant volatility. The year-to-date average for 2025 stands at $116,113, a notable increase from the 2024 average of $85,069 and slightly below the pandemic-era (2020-2023) average of $123,378.

Notably, there were zero properties purchased by landlords in Q4 2024, Q1 2025, and Q2 2025, indicating that while pricing data from a few transactions shows deep discounts, the overall purchasing volume is extremely low.

The fourth quarter of 2025 was marked by a complete freeze in investor acquisition activity in Harrison County. Landlords purchased zero of the zero total SFRs sold, resulting in a 0.0% market share.

This inactivity was universal across all investor sizes. Mom-and-pop landlords (1-10 properties), who typically dominate purchasing, acquired zero properties this quarter.

Similarly, institutional investors (1,000+ properties) also recorded zero purchases, reflecting a market-wide pause rather than a shift in activity between different investor tiers.

The halt in purchasing also meant no new landlords entered the market. The single-property (Tier 01) category, a key indicator of new investor formation, saw zero new entities and zero properties acquired in Q4 2025.

The investor landscape in Harrison County is unequivocally dominated by small-scale, mom-and-pop landlords. Those owning 1-10 properties (Tiers 01-04) collectively hold 96.1% of all investor-owned SFRs, cementing their role as the primary providers of single-family rental housing.

Ownership is heavily skewed towards the entry level, with single-property landlords (Tier 01) alone accounting for 694 properties, or 73.8% of the entire investor portfolio. This highlights a market with a broad base of small, local investors.

Mid-size landlords owning 11-100 properties represent a very small fraction of the market, collectively holding just 3.2% of investor-owned homes.

Contrary to narratives of corporate consolidation, institutional investors (Tier 09, 1,000+ properties) have a negligible presence, owning just 2 properties, which translates to a mere 0.2% of the investor market share.

The combined share of all landlords owning more than 10 properties is less than 4%, underscoring the hyper-local and fragmented nature of ownership in the county.

Ownership structure in Harrison County is clearly delineated by portfolio size. Individual investors overwhelmingly control the smaller end of the market, holding 626 properties (90.2%) in the single-property tier.

This individual dominance continues through the small landlord tiers, with individuals owning 73.7% of two-property portfolios and 81.9% of 3-5 property portfolios.

The balance begins to shift in mid-size tiers. While individuals still hold a majority in the 11-20 property tier (58.3%), company ownership becomes more significant at 41.7%.

The clear crossover point occurs at the 'Large' landlord tier (101-1000 properties). Here, companies become the majority owners, holding 3 of the 5 properties for a 60.0% share. This is the only tier where companies, not individuals, are the primary owners.

This pattern indicates a natural progression where smaller-scale investment is an individual pursuit, while larger, more professionalized operations tend to adopt a corporate structure.

Geographic analysis reveals a significant concentration of investor-owned properties within the 47112 zip code, which contains 385 properties, representing 42.2% of the entire investor portfolio in Harrison County.

Following 47112 in raw count are 47117 with 104 properties, 47164 with 73, and 47161 with 65. These top four zip codes alone account for over 68% of all investor-owned SFRs in the county.

However, the highest concentration rates are found elsewhere. The 47142 zip code leads the county with a 22.8% investor ownership rate, indicating that nearly one in four SFRs there is investor-owned.

Other areas with high investor penetration include 47110 (17.4%), 47135 (16.1%), and 47160 (15.9%). These high-rate areas are distinct from the high-volume leader, 47112, which has a more moderate ownership rate of 8.5%.

This distinction between high-volume and high-penetration zip codes points to different market dynamics, suggesting investors may be targeting smaller, specific neighborhoods for higher market control.

Recent transaction data reveals a potential shift in landlord strategy in Harrison County. In Q2 2025, landlords became net sellers, divesting of 3 properties while acquiring only 1, for a net position of -2 properties.

This Q2 trend marks a reversal from previous periods. For the full year of 2024, landlords were net buyers, acquiring 12 properties and selling 9 for a net gain of 3. They remained slight net buyers for the year-to-date in 2025, with 4 purchases against 3 sales.

The pivot to net selling in the most recent quarter could signal a response to changing market conditions, such as price peaks or a strategic decision to realize gains.

Institutional investors (1000+ tier) were completely absent from the transaction market, with zero buy or sell transactions recorded in any recent timeframe. This reinforces that all recorded activity is driven by smaller, local landlords.

Due to the extremely low transaction volume, analysis of inter-landlord trading and profit margins is not statistically significant.

The fourth quarter of 2025 was defined by a complete cessation of investor transactions in Harrison County. Landlords were involved in zero of the zero total SFR transactions that occurred, resulting in a 0.0% market share.

This market-wide freeze affected every investor segment. Mom-and-pop landlords (Tiers 01-04), who constitute the bulk of the market, recorded zero transactions during the quarter.

Similarly, institutional investors (Tier 09) also had zero transactions, indicating the transactional pause was not isolated to any single group of investors.

As a result of the inactivity, there was no trading between landlords. The percentage of properties bought from other landlords was 0%, as no acquisitions of any kind took place.

The lack of transactions means there is no Q4 pricing data available for any investor tier. The average purchase price across all tiers was $0 for the quarter.