Harmon (OK) Investor Pulse Report (2025-Q4)

Landlords in Harmon County control 342 single-family residential properties, accounting for 37.4% of the total SFR market of 914 properties, indicating a significant investor presence within the local housing stock.

Individual investors overwhelmingly dominate the landlord landscape, owning 304 SFR properties (88.9%) compared to companies which hold 38 properties (11.1%), directly challenging narratives of corporate dominance in this market.

The investor-owned portfolio is highly focused on rentals, with 337 properties (98.5%) identified as rented, underscoring the market's primary function as a source of rental housing for residents.

Cash purchases are the prevailing strategy among Harmon County landlords, with 296 properties (86.5%) owned outright, while only 46 properties (13.5%) are financed, suggesting a preference for lower leverage and immediate equity.

Company-owned portfolios exhibit a stark difference in financing; all 38 company-owned properties are held entirely in cash (100.0% cash, 0.0% financed), while individual investors utilize financing for 46 of their 304 properties.

With 329 individual landlords compared to 23 company landlords, the ratio of 14.3 individual landlords for every company landlord highlights the strong presence of independent, smaller-scale investors in the county.

Every single company-owned property (38 properties) is rented, while 299 out of 304 individually-owned properties are rented, confirming that both owner types are predominantly focused on the rental market in Harmon County.

In 2025-Q4, the single landlord purchase in Harmon County was made at an average price of $15,000, representing a substantial $46,429 discount (75.6%) compared to the average homeowner acquisition price of $61,429, indicating landlords' ability to acquire properties significantly below market rates.

The landlord acquisition price for 2025-Q1 was $27,500, also a significant $33,125 discount (54.6%) compared to the average homeowner price of $60,625, highlighting a consistent pattern of landlords securing properties at lower prices.

Landlord acquisition prices show considerable quarterly volatility in 2025, with an average price of $27,500 in Q1 and $15,000 in Q4, but an anomalous $135,000 in Q3 (where homeowner data is missing), suggesting that these averages are driven by very low transaction volumes.

Comparing annual trends, the average landlord acquisition price for Year 2025 stood at $102,647, a notable increase from Year 2024's average of $60,954, though both periods saw minimal distinct landlord purchases.

The long-term trend reveals that the average landlord acquisition price in Years 2020-2023 was $75,015, indicating some price appreciation into 2025 ($102,647 for Year 2025), even with the low transaction numbers recorded as '0 properties'.

The consistent pattern of landlords paying less than homeowners, demonstrated by the Q4 75.6% discount and Q1 54.6% discount, suggests that investors are either targeting distressed properties or leveraging unique purchasing channels not available to traditional buyers.

Despite listed average prices, the 'Distinct SFR Properties Purchased' column showing 0 for all landlord timeframes in section6-1.csv suggests extremely limited buying activity, meaning the reported average prices often reflect single or very few uncounted transactions.

Landlords accounted for only 14.3% of total SFR purchases in Harmon County during Q4 2025, acquiring 1 property out of 7 total transactions, indicating a subdued presence in the quarter's buying activity.

All landlord purchases in Q4 were exclusively driven by mom-and-pop investors (Tier 01-04), with a single-property landlord (Tier 01) buying 1 property, representing 100.0% of landlord acquisitions for the quarter.

The absence of any institutional investor (Tier 09) purchases in Q4 underscores their complete lack of activity in the Harmon County market, leaving the field entirely to smaller-scale investors.

Only one new landlord, a single-property entity, entered the market in Q4, signifying extremely limited new investor formation and acquisition volume within the county.

The sole purchasing entity in Q4 was a Tier 01 landlord, which, by definition, implies an average of 1 property per entity for that tier's Q4 activity, showing first-time or small-scale investors are the only active buyers.

The very low volume of landlord purchases in Q4 (only 1 property) suggests a highly illiquid market or a strategic pause in acquisitions by larger investors, contrasting sharply with markets experiencing higher investor churn.

The market in Harmon County appears to be predominantly influenced by small, individual landlords, as evidenced by the 100.0% share of mom-and-pop purchases and the complete absence of institutional buying in Q4.

Mom-and-pop landlords (1-10 properties) overwhelmingly dominate the Harmon County investor market, controlling 346 properties or 99.4% of all investor-owned SFR, reinforcing their foundational role in the local rental housing supply.

The majority of this mom-and-pop ownership is concentrated in the smallest tier, with single-property landlords (Tier 01) owning 260 properties, which represents 74.7% of the total investor-owned SFR portfolio, making them the backbone of the market.

There is no presence of institutional investors (Tier 09, 1000+ properties) in Harmon County, as they own 0.0% of investor-held SFR, a striking contrast to larger metropolitan areas and a critical insight for this rural market.

The tier distribution shows a steep drop-off after the mom-and-pop segment; larger portfolios, such as small-medium (Tier 21-50) and large (Tier 101-1000) landlords, each own only 1 property (0.3%), indicating a very limited presence of larger, more sophisticated investors.

The market structure is highly fragmented, with 352 distinct landlord entities managing 342 properties (using metadata total), signifying an average portfolio size of just under one property per entity, further emphasizing the small-scale nature of ownership.

The significant concentration in Tiers 01-04 indicates that entry into the landlord market typically starts small, and growth into larger portfolios remains uncommon within Harmon County.

Despite the perception of growing corporate influence in housing, Harmon County's investor landscape remains almost exclusively in the hands of local, independent landlords.

Individual investors maintain a significant majority across all reported portfolio tiers in Harmon County, owning 95.0% of single-property (Tier 01) holdings and 84.8% of two-property (Tier 02) portfolios.

The data reveals no crossover point where companies become the majority owners; even in the Tier 03-05 segment, individuals still own 60.0% of properties compared to companies' 40.0% share.

Company ownership fluctuates dramatically by tier, comprising 5.0% of Tier 01 and 15.2% of Tier 02, peaking at 40.0% in Tier 03-05, before completely disappearing in the Tier 06-10 segment where individuals own 100.0%.

Institutional investors (Tier 09, 1000+ properties), whether individual or company-owned, have no presence in Harmon County, reinforcing the market's complete reliance on smaller-scale landlords.

Given the data provided, it is not possible to compare acquisition prices between individual and company landlords within each tier, as this specific pricing breakdown is not available.

The absence of companies in the Tier 06-10 segment (0 properties) indicates that any growth beyond the mid-size portfolio range in Harmon County is solely individual-driven or non-existent for companies.

The strong individual presence across all existing tiers, particularly in the foundational single-property segment (247 individual properties), signals a market built on personal investment rather than corporate aggregation.

The zip code 73550 in Harmon County, corresponding to Hollis, leads the sub-geographies with 319 investor-owned properties, making it the primary hub for investor activity within the county.

While 73550 holds the highest count, the zip code 73554 demonstrates the highest investor ownership rate at 100.0%, although this represents only 1 investor-owned property, highlighting a highly concentrated but micro-scale market segment.

Investor ownership rates vary significantly across Harmon County's zip codes, from 100.0% in 73554 down to 35.2% in 73544 (Gould), indicating pockets of intense investor interest versus more traditional homeowner markets.

The zip code 73571 (Vinson) also shows a high investor ownership rate of 60.0% for its 3 investor-owned properties, signifying that smaller communities can also have substantial landlord penetration despite low absolute counts.

There is a clear distinction between regions with high investor property counts and those with high investor ownership percentages; 73550 dominates by count (319 properties), while 73554 leads by percentage (100.0%), illustrating different facets of market penetration.

The limited number of sub-geographies with observable investor properties (only four zip codes displaying data) suggests a geographically concentrated and potentially fragmented investor market within Harmon County.

The overall market in Harmon County appears to be driven by local dynamics within specific zip codes, with 73550 being the most significant in terms of sheer volume, while other smaller areas show high rates of investor penetration.

Harmon County landlords exhibited a balanced transaction profile in 2025-Q4, with 1 buy and 1 sell, resulting in a net neutral position for the quarter, indicating stability in current portfolio size.

Despite the Q4 balance, landlords have been robust net buyers over the past two years, with 22 buys versus 2 sells in Year 2025 (an 11.0x buy/sell ratio) and 17 buys versus 2 sells in Year 2024 (an 8.5x ratio), signaling a clear pattern of accumulation.

Institutional investors (1000+ properties) showed no buy or sell transactions across any reported timeframe, confirming their complete absence from the Harmon County transaction market.

The overall volume of landlord transactions is very low, with only 24 total transactions (22 buys + 2 sells) for all of Year 2025, which suggests a relatively illiquid investor market.

The consistent pattern of very few sell transactions (only 2 in both 2024 and 2025) suggests that once landlords acquire properties in Harmon County, they tend to hold them, contributing to market stability rather than high turnover.

The absence of data for 'Bought From Landlords' percentages in section 11-1.csv means that inter-landlord transaction activity cannot be directly analyzed at a historical level for this geography.

Landlords have historically been in an expansion phase, consistently adding to their portfolios over the last two years, contrasting with the current quarter's pause in net growth.

Landlords comprised a minor portion of Harmon County's total Q4 transactions, participating in only 1 out of 10 total SFR transactions, accounting for a 10.0% market share.

All landlord transaction activity in Q4 came from the smallest segment, with a single-property (Tier 01) landlord completing 1 transaction at an average purchase price of $15,000, underscoring the dominance of small-scale investors.

Institutional investors (Tier 09) registered 0 transactions in Q4, confirming their continued non-involvement in the Harmon County market and leaving all activity to mom-and-pop landlords.

The single landlord transaction in Q4 was not sourced from another landlord (0.0% bought from landlords), suggesting that the activity involved direct purchases from traditional homeowners or other non-landlord sellers.

The average purchase price for the Tier 01 transaction was $15,000, which aligns with the overall landlord Q4 average price, given it was the only recorded landlord acquisition.

The extremely low volume of landlord transactions (1 transaction) indicates a very quiet market for investor activity during Q4 in Harmon County, reflecting minimal churn in the investor-owned housing stock.

The complete absence of Tier 09 transactions contrasts sharply with the activity of Tier 01, reinforcing that the Harmon County market is almost entirely characterized by the entry or exit of small, local investors.