Griggs (ND) Investor Pulse Report (2025-Q4)

Investor ownership in Griggs County is substantial, with 287 of the 642 total Single-Family Residential properties (44.7%) held by landlords. This high penetration rate indicates a significant rental market within the county.

The investor landscape is overwhelmingly composed of private individuals rather than corporations. Individual landlords own 274 properties, accounting for 95.5% of the investor portfolio, while companies own the remaining 27 properties (9.4%).

By entity count, the dominance of small-scale investors is even more pronounced, with 368 individual landlords compared to just 27 company landlords. This highlights a market driven by local, small-portfolio owners.

A defining characteristic of this market is the preference for cash ownership. A staggering 266 investor-owned properties (92.7%) are held free and clear, with only 21 properties (7.3%) carrying financing. This suggests a financially stable, low-leverage investor base.

The portfolio is clearly focused on rental income, as 285 of the 287 properties are non-owner-occupied, confirming the primary business model of these landlords.

Investor purchasing activity in Griggs County came to a complete standstill in Q4 2025, with zero properties acquired by landlords. This lack of activity prevents any direct price comparison with traditional homeowners for the quarter.

Looking at the most recent active quarter, Q3 2025, landlords paid an average of $137,292. This was 3.3% less than the average traditional homeowner price of $142,031, representing a modest discount of $4,739 per property.

The market exhibits significant price volatility, likely driven by a low number of transactions. For instance, in Q1 2025, landlords recorded an average acquisition price of just $48,000 against the homeowner average of $235,000, an unusually large discount of 79.6% ($187,000).

This quarter-to-quarter fluctuation suggests that average prices can be heavily skewed by the specific type and condition of the few properties that sell, rather than indicating a stable, consistent market trend.

Comparing annual data, the average landlord acquisition price in 2024 was $64,800, rising to $114,969 in 2025 based on limited early-year activity. This indicates a potential increase in the value of properties being acquired by investors, though data is sparse.

The fourth quarter of 2025 was marked by a complete absence of investor purchasing activity in Griggs County. Landlords acquired zero properties, accounting for 0.0% of the total 0 SFR purchases in the market.

This inactivity was universal across all investor sizes. Mom-and-pop landlords (1-10 properties), who constitute the entirety of the local market, made no acquisitions during the quarter.

Similarly, there was no purchasing activity from mid-size or institutional investors, underscoring a market-wide pause in portfolio growth.

The lack of new entrants is also notable. Zero new single-property landlords (Tier 01) entered the Griggs County market in Q4 2025, indicating a potential barrier to entry or a lack of desirable inventory.

This complete cessation of purchases contrasts with previous periods and signals a significant cooling or stagnation in the local real estate investment market at the close of 2025.

The investor landscape in Griggs County is exclusively controlled by 'mom-and-pop' landlords, who own 100% of the 287 investor-held SFR properties. This demonstrates a market free from mid-size or large-scale corporate influence.

First-time or single-holding investors form the backbone of this market. Landlords with just one property (Tier 01) own 248 homes, a commanding 83.2% share of all investor-owned housing.

The next tier, two-property landlords, holds 36 properties (12.1%), followed by small landlords with 3-5 properties holding 14 homes (4.7%).

There is no presence from institutional investors (Tier 09) in Griggs County. The 0.0% share held by this tier highlights a market that is fundamentally local and small-scale in nature.

This tier distribution reveals a highly fragmented ownership structure, with market power diffused across a large number of very small-portfolio owners rather than being concentrated in a few large entities.

Individual investors overwhelmingly dominate ownership across every investor tier in Griggs County, leaving a minimal footprint for companies. There is no 'crossover point' where corporate ownership becomes prevalent.

In the largest segment, single-property landlords, individuals own 234 properties (90.3%) compared to just 25 (9.7%) for companies. This pattern of individual dominance is even stronger in the next tier.

For two-property portfolios, ownership is 100% individual, with all 36 properties held by private persons and zero by companies.

Even in the small landlord tier (3-5 properties), individuals maintain a strong majority, owning 12 of the 14 properties (85.7%).

This data confirms that the Griggs County rental market is operated by private citizens at every level, with corporate investment being a minor and non-scaling factor.

Investor ownership in Griggs County is geographically concentrated, with two zip codes accounting for the vast majority of activity. The zip code 58425 leads by volume, containing 164 investor-owned properties.

In terms of market saturation, zip code 58416 stands out with the highest investor ownership rate. In this area, landlords own 88 properties, representing a remarkable 61.1% of the local SFR housing stock.

Other areas with notable investor presence include 58448, where investors own 29 properties (a 43.9% rate), and 58452, with 4 properties representing a 50.0% ownership rate.

The distinction between the top region by count (58425) and the top region by percentage (58416) highlights different market dynamics, one with a larger total housing stock and another where investors have a more dominant share of a smaller market.

The zip code 58212 shows no recorded investor properties, indicating areas within the county that remain almost entirely owner-occupied.

The historical transaction data for Griggs County reveals an extremely illiquid market with no recorded buy or sell transactions for landlords. This lack of activity prevents any analysis of net buyer or seller status.

Consequently, it's impossible to calculate a buy/sell ratio, which would typically indicate whether investors are in a phase of portfolio accumulation or divestment.

The absence of transaction data also means there is no information on inter-landlord trading. It is unclear what percentage of properties, if any, are traded between existing investors.

Similarly, a comparison between average buy prices and sell prices cannot be performed, which would otherwise provide insight into potential profit margins or market appreciation over holding periods.

This data gap is a significant finding in itself, portraying a stable, buy-and-hold market where properties rarely change hands among investors.

The fourth quarter of 2025 saw a total freeze in landlord transaction activity in Griggs County. Investors were involved in 0 of the 0 total SFR transactions, for a market share of 0.0%.

This inactivity was consistent across all investor sizes. Mom-and-pop landlords (Tiers 01-04), who make up the entire market, recorded zero transactions.

Consequently, there is no data to compare average purchase prices between different tiers, as no properties were bought or sold.

Inter-landlord trading was also non-existent. The percentage of properties bought from other landlords was 0%, reflecting the overall lack of market liquidity.

This complete halt in Q4 transactions suggests investors were either satisfied with current holdings, faced a lack of available inventory, or were waiting for different market conditions before making a move.