Burke (NC) Investor Pulse Report (2025-Q4)

Investors hold a significant stake in the Burke County housing market, owning 7,014 Single-Family Residential (SFR) properties, which constitutes 26.5% of the total SFR stock of 26,459.

The investor landscape is overwhelmingly dominated by individual 'mom-and-pop' landlords, who own 6,293 properties (89.7% of the investor portfolio). In contrast, company-owned properties number just 844, accounting for only 12.0% of the total.

This individual dominance extends to the entity level, where 8,224 of the 8,762 total landlords (93.9%) are individuals, compared to just 538 companies.

Cash is the preferred method of funding for investors in this market. A total of 5,724 properties are owned outright, more than four times the 1,290 properties that are financed, indicating a well-capitalized investor base that is less sensitive to interest rate fluctuations.

The purpose of this portfolio is clear: generating rental income. An overwhelming 98.1% of investor-owned properties (6,880 of 7,014) are rented out, confirming a strong focus on buy-and-hold strategies rather than short-term flips.

In Q4 2025, investors demonstrated a distinct pricing advantage, acquiring properties for an average of $294,287, which is 10.1% less than the $327,194 paid by traditional homeowners. This equates to a significant cash discount of $32,907 per property.

However, a crucial trend emerges from quarterly data: the investor's pricing advantage is rapidly eroding. The 10.1% discount in Q4 is the smallest of the year, having progressively tightened from a substantial 32.8% ($114,750) discount in Q1.

This narrowing gap—from 32.8% in Q1 to 22.9% in Q2, 19.8% in Q3, and now 10.1% in Q4—suggests increasing competition in the market, forcing investors to pay closer to retail prices to secure properties.

Despite the shrinking discount, property values have shown strong appreciation for investors. The average Q4 acquisition price of $294,287 is 16.0% higher than the average price of $253,638 paid during the 2020-2023 period, highlighting solid returns for long-term holders.

The average price for all of 2025 ($277,794) remains lower than the average for 2024 ($315,799), reflecting the market's price adjustments in the first half of the year before stabilizing.

Investors were a formidable force in the Burke County market during Q4 2025, purchasing 92 of the 262 total SFRs sold. This activity gives landlords a significant market share of 35.1% for the quarter.

The acquisition market is almost entirely fueled by small-scale investors. Mom-and-pop landlords (owning 1-10 properties) purchased 88 of the 92 properties, making up 95.7% of all investor buying activity.

New market entrants were particularly active, with 107 new single-property landlord entities acquiring 68 properties. This represents 73.9% of all properties bought by investors, signaling a healthy influx of new capital at the smallest scale.

Mid-size landlords (11-100 properties) had a minimal presence, acquiring just 3 properties combined during the quarter.

Institutional investors (1,000+ properties) were virtually absent from the buying market, purchasing only one property. This highlights a market dynamic driven by local, small investors rather than large-scale corporate entities.

The ownership structure of investor properties in Burke County is overwhelmingly dominated by small-scale landlords. Mom-and-pop investors (Tiers 01-04, owning 1-10 properties) collectively own 96.8% of all investor-held SFRs.

Single-property landlords (Tier 01) are the single largest group, possessing 5,472 properties. This accounts for 75.0% of the entire investor-owned housing stock, underscoring their critical role in the local rental market.

As portfolio sizes increase, the number of properties held drops off dramatically. Landlords with 2 properties (Tier 02) and 3-5 properties (Tier 03) hold 9.0% and 10.1% of the market, respectively, but all other tiers each hold less than 3%.

The presence of large-scale investors is minimal. Mid-size landlords (11-100 properties) own a combined 2.3% of the inventory.

Institutional investors (Tier 09, 1000+ properties) have a nearly non-existent footprint in Burke County, owning just 8 properties, which translates to a mere 0.1% of the investor market. This data directly counters any narrative of a corporate takeover of the local housing market.

A clear pattern emerges when analyzing ownership by entity type: individuals dominate smaller portfolios while companies take control as portfolio sizes scale.

For landlords with a single property, individual ownership is the standard, accounting for 5,209 properties (93.8%) versus just 344 (6.2%) owned by companies.

This individual dominance continues through the 2-property tier (88.5% individual) and the 3-5 property tier (81.3% individual), establishing small, private landlords as the backbone of the market.

The 6-10 property tier represents the critical crossover point. Here, ownership is almost perfectly split, with individuals owning 99 properties (51.6%) and companies owning 93 (48.4%), signaling a shift in operational strategy.

Once a portfolio grows beyond 10 properties, corporate ownership becomes the norm. In the 11-20 property tier, companies own 74 properties, a 64.3% majority, indicating that scaling requires a more formal business structure.

Investor ownership in Burke County is not evenly distributed, showing significant geographic concentration. The 28655 zip code is the clear epicenter of activity, with 4,018 investor-owned properties, nearly four times more than the next highest area.

Following 28655, the zip codes of 28612 and 28690 contain the next largest portfolios, with 1,090 and 670 investor-owned properties, respectively. These top three regions demonstrate where the bulk of investment capital has been deployed.

A different story emerges when analyzing ownership as a percentage of total housing stock. Niche markets show extremely high investor saturation. The 28619 zip code is entirely investor-owned (100.0%), followed by 28657 (62.2%) and 28761 (47.4%).

The contrast between volume and rate leaders reveals different investor strategies. Some investors focus on acquiring a high volume of properties in larger, more liquid markets like 28655 (24.9% rate). Others aim to dominate smaller, possibly less competitive markets, leading to much higher ownership percentages.

This data indicates that investors should tailor their approach based on whether their goal is scale, as seen in 28655, or market control, as demonstrated in 28619 and 28657.

The transaction data for Burke County reveals a clear and aggressive accumulation strategy among landlords. In Q4 2025, investors purchased 137 properties while selling only 24, resulting in a buy-to-sell ratio of 5.7 and a net gain of 113 properties.

This net buyer status has been a consistent trend throughout the year. Across all of 2025, landlords acquired 445 properties and sold just 97, for a strong full-year buy-to-sell ratio of 4.6 and a net portfolio growth of 348 properties.

The acquisition momentum in 2025 (445 purchases) has even surpassed that of 2024, when 372 properties were bought, signaling accelerating investor confidence in the local market.

In stark contrast, institutional investors (1,000+ tier) are not a significant factor in market transactions. In 2025, they were net buyers by only a single property (3 buys vs. 2 sells).

This minimal institutional activity, combined with their net-neutral position in 2024 (2 buys vs. 2 sells), reinforces that market dynamics are dictated by the collective actions of smaller investors, not large corporations.

In the final quarter of 2025, landlords played a pivotal role in market liquidity, participating in 137 of the 430 total SFR transactions, which represents a significant 31.9% market share.

Transaction activity was heavily concentrated among the smallest investors. Single-property landlords (Tier 01) were responsible for 109 transactions, or 79.6% of all investor activity for the quarter.

A surprising pricing pattern reveals that experience and scale lead to better deals. New, single-property landlords paid the highest average price at $329,098. In contrast, the largest institutional buyer paid just $170,640, a massive 48.1% discount compared to the market newcomers.

This price gap widens with scale. Tier 02 buyers paid $173,346 on average, and Tiers 06-10 paid only $81,500, suggesting that larger and more experienced investors are targeting different, more distressed, or off-market assets.

Source of acquisition also differs by tier. The single institutional purchase was from another landlord (100%), hinting at a strategy of acquiring existing rental portfolios. In contrast, only 13.8% of new single-property investors bought from other landlords, indicating they are primarily competing with traditional homebuyers for inventory.