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

Investors hold a significant 26.5% of the Single-Family Residential (SFR) market in Pender County, totaling 5,812 properties out of 21,943.

Individual investors are the overwhelming force in the market, owning 4,967 properties, which constitutes 85.5% of the entire investor-owned portfolio, compared to 935 properties (16.1%) held by companies.

The entity count further highlights the dominance of small investors, with 6,941 individual landlords compared to just 603 company landlords, an 11-to-1 ratio.

Cash is the preferred method of ownership, with 69.7% of the investor portfolio (4,049 properties) owned free and clear, while only 30.3% (1,763 properties) are financed, suggesting a well-capitalized investor base.

The portfolio is almost exclusively dedicated to rentals, with 5,753 of the 5,812 properties classified as non-owner-occupied, representing a 99.0% rental concentration.

In a striking deviation from national trends, landlords in Pender County paid a significant premium for properties in Q4 2025, with an average acquisition price of $624,198 compared to $505,538 for traditional homeowners.

This represents a 23.5% premium, or $118,660 more per home, suggesting investors are targeting higher-value properties or facing intense competition that is driving prices up.

The trend of investors paying more has accelerated throughout 2025. The premium widened from just 5.5% ($28,279) in Q1 to a substantial 24.8% ($125,395) in Q3, before settling at 23.5% in Q4.

This pattern indicates that the competitive pressure for investor-sought properties has intensified dramatically over the past year.

Overall property values have seen strong appreciation, with the average landlord acquisition price in Q4 2025 ($624,198) being 28.1% higher than the average price during the 2020-2023 period ($487,376).

Investors maintained a strong presence in the Pender County market during Q4 2025, purchasing 72 of the 291 total SFRs sold, which translates to a 24.7% market share.

The market's growth is driven by new and small-scale investors. Single-property landlords (Tier 01) were the most active group, acquiring 55 properties, which accounts for 74.3% of all landlord purchases for the quarter.

Mom-and-pop landlords (1-10 properties) collectively dominated Q4 activity, purchasing 69 properties and representing 93.2% of all investor acquisitions.

A significant influx of new capital entered the market, with 84 new landlord entities purchasing their first investment property in Q4.

Institutional investors with portfolios over 1,000 properties were entirely inactive, making zero purchases and underscoring that the local market dynamics are shaped by smaller players, not large corporations.

The investor landscape in Pender County is unequivocally dominated by small-scale operators. Mom-and-pop landlords (owning 1-10 properties) control a massive 94.7% of all investor-owned SFRs.

Single-property landlords (Tier 01) represent the largest segment by a wide margin, holding 4,850 properties, or 81.5% of the total investor portfolio.

In stark contrast, institutional investors (1,000+ properties) have a minimal presence, owning just 11 properties, which accounts for only 0.2% of the investor market.

Mid-size landlords (11-1,000 properties) also constitute a small fraction of the market, collectively holding 306 properties or 5.1% of the total.

This distribution reveals a highly fragmented market, challenging any narrative of corporate consolidation and affirming the central role of small, local investors in providing rental housing.

Ownership structure shifts dramatically as portfolio sizes increase. While individual investors form the backbone of the market, owning 91.0% of single-property portfolios, companies assert their dominance in larger tiers.

The clear crossover point occurs at the 6-10 property tier, where companies own 86.5% of the properties, compared to just 13.5% for individuals.

This pattern continues in the 11-20 property tier, with companies holding an 84.6% majority share, indicating a strategic shift to corporate structures for landlords managing larger portfolios.

In the small landlord tiers (1-5 properties), individuals maintain strong majority control, owning 87.7% of two-property portfolios and 76.8% of 3-5 property portfolios.

This data illustrates a distinct lifecycle for investors in Pender County: individuals initiate and dominate the entry-level of the market, while scaling operations is predominantly achieved through corporate entities.

Real estate investment in Pender County is not evenly distributed but is heavily concentrated in specific geographic pockets. The 28445 zip code stands out as the primary hub, containing 2,016 investor-owned properties, which is 34.7% of the county's entire investor portfolio.

This same area, 28445, also boasts the highest investor saturation, with a 56.5% ownership rate, meaning investors own more than half of the SFR stock in that community.

While 28445 leads in both volume and rate, other zip codes demonstrate significant investor penetration. The 28454 and 28421 areas have the second and third highest ownership rates at 38.8% and 38.2% respectively, indicating widespread investor interest in those markets.

The top five zip codes by property count (28445, 28443, 28425, 28457, 28411) collectively hold 5,045 properties, accounting for 86.8% of all investor-owned SFRs in the county.

This high degree of geographic concentration suggests that investors are targeting specific neighborhoods with desirable characteristics for rental properties, rather than adopting a scattered, county-wide approach.

The landlord community in Pender County is in a strong accumulation phase, consistently buying far more properties than they sell. In Q4 2025, investors purchased 111 properties while selling only 18, a buy-to-sell ratio of 6.17x.

This net buyer behavior was sustained throughout the year, with a total of 446 properties purchased versus 70 sold in 2025, resulting in a net gain of 376 properties for the investor community.

The acquisition momentum has remained robust compared to the previous year, with 2024 showing a similar pattern of 507 buys and 88 sells.

Institutional investors (1,000+ tier) are not contributing to this growth. Their activity has been flat, with only one purchase and one sale in 2025, and the same in 2024, indicating they are either divesting or rebalancing their small local portfolio, not expanding it.

The vast difference in behavior between the broader landlord market and the institutional tier highlights that growth is being driven entirely by small and mid-size investors.

Landlords accounted for 22.7% of all market transactions in Q4 2025, with 111 purchases out of a total of 489.

A clear pricing disparity exists between investor tiers, revealing different acquisition strategies. New single-property landlords (Tier 01) paid the highest average price at $636,768, suggesting they are competing for premium, move-in-ready homes.

In contrast, larger and more established landlords paid substantially less. For example, investors in the 101-1000 property tier paid an average of just $242,648, indicating a focus on value-add opportunities or off-market deals.

The market for inter-landlord trading is limited. Only 4.8% of purchases by single-property landlords came from other investors. While some smaller tiers had higher rates, like 100% for the single 6-10 tier transaction, the overall volume is low.

This indicates that the vast majority of investor acquisitions are sourced from the traditional market, competing directly with homeowners rather than trading assets among themselves.