Sullivan (PA) Investor Pulse Report (2025-Q4)

In Sullivan County, PA, a significant 54.5% of the total 3,877 SFR properties are investor-owned, totaling 2,114 properties, showcasing a highly landlord-penetrated market.

Individual investors overwhelmingly dominate the market, controlling 1,857 properties or 87.8% of the landlord-owned SFR portfolio, compared to companies which hold 316 properties or 14.9%.

The vast majority of investor-owned properties, 2,109 out of 2,114 (99.8%), are rented, underscoring a strong focus on rental income within the county's investor strategy.

A substantial 81.9% (1,732 properties) of landlord-owned SFR are held outright with cash, indicating a preference for debt-free investment strategies among investors in Sullivan County, PA, with only 382 properties being financed.

Company-owned properties in Sullivan County, PA, are entirely cash-funded (316 properties) and 100% rented, a distinct contrast to individual investors who have 382 financed properties (20.6% of their portfolio) and 1,416 cash-owned properties (76.2% of their portfolio).

The market structure is heavily skewed towards individual landlords, with 2,712 individual entities compared to 316 company entities, confirming the "mom-and-pop" nature of the investor landscape.

The near-complete alignment between rented properties (2,109) and total investor-owned properties (2,114) confirms that virtually all investor activity in Sullivan County, PA, is directed towards non-owner-occupied rentals.

In a striking reversal of typical market trends, landlords in Sullivan County, PA, paid a substantial 53.8% premium for SFR properties in Q4 2025, averaging $313,438 compared to $203,769 for traditional homeowners.

This premium trend began in Q3 2025, where landlords paid an even higher 100.9% premium ($338,203 vs $168,333), contrasting sharply with Q1 and Q2 2025 when landlords secured discounts of 15.0% and 18.9% respectively.

The average acquisition price for landlords has surged significantly, climbing 47.1% from $213,130 during the 2020-2023 period to $313,438 in Q4 2025, signaling substantial property value appreciation in the county.

The dramatic shift from landlords receiving discounts in early 2025 to paying significant premiums by Q3 and Q4 indicates a highly competitive market where investors are willing to pay above homeowner prices to secure properties.

While landlord acquisitions were zero for specific average price calculations in some prior quarters, the reported prices for 2025 show considerable quarter-over-quarter volatility, from $185,040 in Q1 to $338,203 in Q3, before settling at $313,438 in Q4.

Comparing year-over-year, the average acquisition price for landlords has increased from $241,383 in 2024 to $297,896 in 2025, reflecting a 23.4% annual appreciation in investor acquisition costs.

The extreme premiums paid by landlords in Q3 and Q4 2025 ($169,870 and $109,669 above homeowner prices, respectively) suggest either unique property acquisitions or intense demand driving up investor-specific valuations in the latter half of the year.

Landlords significantly dominated the Q4 2025 market in Sullivan County, PA, accounting for 21 out of 32 total SFR purchases, representing a substantial 65.6% market share.

The entire landlord acquisition activity in Q4 2025 was driven by mom-and-pop landlords (Tier 01-04), who purchased all 21 properties, with no recorded purchases from institutional investors (Tier 09).

The single-property tier (Tier 01) was the sole source of landlord purchases in Q4, with 21 properties acquired by 32 distinct entities, indicating a surge in first-time or small-scale investor entry.

This concentrated activity by single-property landlords highlights that new entities are predominantly driving the recent growth in the landlord sector in Sullivan County, PA, making the barrier to entry relatively low.

The absence of institutional investor purchases in Q4 underscores the local, fragmented nature of the landlord market in Sullivan County, PA, contradicting narratives of large corporate takeovers.

The market's reliance on small-scale investors for Q4 acquisitions ensures that local dynamics and individual investment goals heavily influence the current housing landscape.

The high percentage of landlord purchases (65.6%) suggests a robust demand for rental properties or investment opportunities, potentially outpacing traditional homeowner demand in Sullivan County, PA.

The investor-owned SFR market in Sullivan County, PA, is almost entirely comprised of mom-and-pop landlords (Tiers 01-04), collectively owning 99.0% of all 2,114 investor-held properties.

Single-property landlords (Tier 01) form the bedrock of the market, controlling a vast 88.8% of investor-owned SFR, equating to 1,934 properties, demonstrating extreme market fragmentation.

Institutional investors (Tier 09, 1000+ properties) have no recorded presence in Sullivan County, PA, with their ownership share standing at 0.0%, defying common narratives about corporate investment dominance in this region.

The distribution shows a steep drop-off after single-property owners, with two-property landlords (Tier 02) holding 6.2% (135 properties) and small landlords (3-5 properties) holding 3.8% (82 properties), reinforcing the prevalence of very small portfolios.

The extreme concentration in the lowest tiers highlights a market primarily driven by individual, local investors rather than large-scale portfolio managers or corporations.

While acquisition prices by tier for various timeframes are not explicitly provided in the data, the overall market structure firmly establishes Sullivan County, PA, as a haven for small, localized real estate investment.

The total absence of mid-size (Tier 05-08) and institutional (Tier 09) investors underscores the unique, small-scale nature of the landlord market, where local participation is almost absolute.

Individual investors overwhelmingly dominate ownership across all listed tiers in Sullivan County, PA, consistently holding a majority stake in every portfolio size, including 85.6% of single-property portfolios (Tier 01) with 1,691 properties.

There is no discernible crossover point where companies become the majority owners; even in the highest tier with company presence (6-10 properties), individual owners still control 66.7% of properties (4 properties).

Company ownership remains a minority across all tiers, ranging from a low of 3.7% in the 3-5 property tier (3 properties) to its highest at 33.3% in the 6-10 property tier (2 properties).

The structure reinforces the "mom-and-pop" nature of the market, where individual ownership, even for moderately larger portfolios, significantly outweighs corporate investment.

For the small-medium (11-20 properties) tier, individuals own 71.4% (15 properties) while companies hold 28.6% (6 properties), further highlighting the limited penetration of corporate entities in larger portfolios within the county.

The data suggests that the growth patterns are predominantly driven by individual investors, as they hold the vast majority of properties across all tiers, from entry-level to larger-scale portfolios.

This sustained individual ownership across the tiers means that investment decisions and market sentiment are likely shaped more by local, private individuals than by corporate strategies.

Within Sullivan County, PA, the zip code PA-Sullivan-18614 stands out with the highest number of investor-owned properties, totaling 464 properties, representing 44.0% of its SFR market.

PA-Sullivan-17758 follows closely with 421 investor-owned properties, comprising 51.7% of its local SFR market, showcasing a high concentration of investment activity in specific areas.

When examining investor ownership rates, PA-Sullivan-18626 leads with a remarkable 77.7% of its SFR properties being investor-owned, signaling an extremely high landlord penetration in this micro-market.

The zip code PA-Sullivan-17731 also demonstrates a significant investor presence, with 308 properties representing 76.6% of its SFR market, making it one of the most investor-saturated areas.

Three zip codes—PA-Sullivan-17731, PA-Sullivan-17768, and PA-Sullivan-18626—feature prominently in both the top 5 by count and top 5 by percentage, revealing concentrated pockets where high volumes of investor-owned properties also represent a substantial market share.

The variation in landlord ownership percentages across these top regions, ranging from 44.0% in PA-Sullivan-18614 to 77.7% in PA-Sullivan-18626, suggests diverse market conditions and investor strategies within the county.

PA-Sullivan-18632 also shows a strong landlord presence with 72.7% of its properties investor-owned, highlighting widespread investor interest across multiple zip codes within Sullivan County, PA.

Landlords in Sullivan County, PA, demonstrate a consistent and aggressive net buying trend, acquiring 32 properties while selling only 1 in Q4 2025, resulting in a robust 32x buy/sell ratio.

This strong net buying behavior extends throughout the entire year 2025, with landlords purchasing a total of 125 properties against just 3 sales, yielding an impressive 41.67x buy/sell ratio and accumulating 122 net properties.

The trend of significant property accumulation by landlords is not new, as 2024 also saw a high net buyer position with 106 buys and 3 sells, for a 35.33x buy/sell ratio, adding 103 net properties to their portfolios.

The absence of data for institutional (1000+ tier) transactions strongly suggests a lack of presence or activity from large-scale corporate investors in this particular market, reinforcing its mom-and-pop investor profile.

The low volume of sell transactions (only 1 per quarter in Q2-Q4 2025, and 3 per year in 2024 and 2025) indicates that landlords in Sullivan County, PA, are primarily long-term holders rather than active traders, contributing to market stability in terms of existing inventory.

The consistent net accumulation of properties by landlords indicates a sustained belief in the market's long-term value and rental potential, driving continued investment despite price volatility.

While average buy and sell prices for all landlords are not explicitly provided in this section, the transaction counts alone confirm a rapidly expanding investor-owned housing stock in Sullivan County, PA.

Landlords were central to the Q4 2025 real estate market in Sullivan County, PA, participating in 32 out of 53 total SFR transactions, which accounts for a significant 60.4% of all market activity.

All Q4 landlord transactions were executed by mom-and-pop investors, specifically from the single-property tier (Tier 01), who completed 32 transactions, underscoring their complete dominance in recent market activity.

The average purchase price for properties acquired by single-property landlords (Tier 01) in Q4 was $267,097, indicating the price point at which the most active investor segment is entering the market.

Notably, none of the 32 Q4 purchases by single-property landlords were acquired from other landlords (0.0%), suggesting that these investors are primarily buying directly from traditional homeowners or other non-landlord sellers.

The absence of institutional investor transactions (Tier 09) confirms that larger entities remained inactive in the Q4 2025 transaction landscape, leaving the market entirely to smaller, individual players.

This pattern reveals that the Q4 market in Sullivan County, PA, is characterized by a high influx of new or expanding small landlords acquiring properties from a non-investor pool, rather than internal market churn.

The concentration of transactions at the Tier 01 level and the complete lack of inter-landlord trading indicates a robust supply of non-investor-owned properties being converted into rental stock by small-scale investors.