Union (SD) Investor Pulse Report (2025-Q4)

Landlords in Union County, South Dakota, collectively own 428 SFR properties, representing 9.6% of the total 4,449 SFR properties in the market.

Individual landlords overwhelmingly dominate the market, owning 409 properties (95.6% of landlord-owned SFR), while company investors hold a significantly smaller share of 29 properties (6.8%).

The vast majority of investor-owned properties, 417 out of 428, are designated as rented, indicating that 97.4% of these holdings serve as non-owner-occupied rental units and highlight the primary income strategy for landlords in Union County.

Cash acquisitions are substantially more common than financed deals among Union County landlords, with 345 properties acquired by cash compared to just 83 properties that are financed.

The landlord landscape in Union County is highly individual-centric, with 589 individual landlords outweighing 31 company landlords, forming a ratio of approximately 19 individual landlords for every company landlord.

Landlord acquisition activity in Union County, South Dakota, has been extremely limited across recent timeframes, with 0 distinct SFR properties purchased in Q3 2025, Q1 2025, Q4 2024, and across the entire years of 2024 and 2025, as well as the 2020-2023 period.

Despite the negligible purchase volume, the provided average prices show a dramatic shift: in Q3 2025, landlords recorded an average price of $100,000, representing a substantial 74.0% discount ($285,321) compared to traditional homeowners' average of $385,321.

Conversely, in Q1 2025, landlords showed an average acquisition price of $361,500, marking a 14.5% premium (an extra $45,801) over traditional homeowners who paid an average of $315,699 in Union County.

The extreme volatility and reversal in price comparison between Q3 and Q1 2025, from a significant landlord discount to a premium, suggest highly opportunistic or infrequent transactions rather than consistent market trends, explicitly noting the stated zero property purchases in these periods.

The consistent report of 0 properties purchased for landlords across all provided timeframes (2020-2025) indicates a significant slowdown or complete halt in landlord-initiated SFR acquisitions in Union County over the past several years.

The Q4 2025 real estate market in Union County, South Dakota, saw 12 total SFR properties purchased, yet specific data for landlord purchases during this period is not available, hindering a direct comparison of market share.

Crucially, there was no reported purchasing activity from any landlord tier in Q4 2025; both mom-and-pop landlords (Tier 01-04) and institutional investors (Tier 09) registered 0 new acquisitions.

The absence of landlord purchases across all tiers, including 0.0% from mom-and-pop and 0.0% from institutional investors, suggests a complete pause or minimal engagement from the investor segment in the current quarter in Union County.

With no recorded purchases by Tier 01 landlords, there is no evidence of new single-property landlords entering the Union County market during Q4 2025.

The lack of purchasing data across all investor tiers in Q4 2025 means that insights into the most active tiers or average properties per entity for this period cannot be determined from the available information.

Mom-and-pop landlords, defined as owning 1-10 properties (Tiers 01-04), exert near-total control over the investor-owned SFR market in Union County, South Dakota, holding a commanding 99.3% of all such properties.

The foundation of this market is firmly rooted in single-property landlords (Tier 01), who alone account for 408 properties, representing 94.9% of the entire landlord-owned SFR portfolio.

Smaller portfolio sizes (Tiers 02, 03, 04) contribute an additional 19 properties, encompassing 1.9% (Tier 02), 2.1% (Tier 03), and 0.5% (Tier 04) respectively, reinforcing the highly fragmented ownership structure in Union County.

Larger investor tiers, specifically small-medium landlords (11-20 properties) and large landlords (101-1000 properties), collectively own a minimal share of just 3 properties, or 0.7% of the investor market in Union County.

Notably, institutional investors (Tier 09, 1000+ properties) have no presence in Union County, holding 0.0% of the investor-owned SFR properties, which counters common narratives about large corporate dominance.

Individual investors maintain a dominant presence across most landlord tiers in Union County, South Dakota, representing 94.0% of properties in the single-property tier (393 properties) and an exclusive 100.0% in the two-property tier (8 properties).

Companies begin to establish a notable presence in the small landlord tiers, holding 11.1% (1 property) in the 3-5 property tier and achieving a 50.0% split (1 property each) with individuals in the 6-10 property tier.

The 6-10 property tier represents the closest point to a "crossover" where company ownership reaches parity with individual ownership (1 property each), but companies do not achieve a majority in any of the disclosed tiers in Union County.

The highest concentration of company-owned properties within a tier is observed in the 6-10 property tier (50.0%), though this still only represents a single property.

Conversely, the 2-property tier exhibits the highest individual concentration, with 100.0% of its 8 properties owned by individuals, underscoring the strong individual-investor foundation in the county.

Within Union County, South Dakota, the sub-geography identified as SD-Union-57025 stands out with the highest concentration of investor-owned properties, totaling 183 properties and an investor ownership rate of 21.6%.

SD-Union-57001 closely follows as a key investor hotspot, boasting the highest investor ownership rate at 22.3% for its 92 landlord-owned SFR properties, showcasing a dense landlord presence in that specific area.

The top two sub-geographies, SD-Union-57025 and SD-Union-57001, consistently rank highest for both the sheer count of investor-owned properties and the percentage of properties owned by landlords, indicating significant investor interest and market penetration in these specific areas.

Other notable sub-geographies include SD-Union-57038 with 62 investor-owned properties (11.9% rate) and SD-Union-57049 with 54 properties (2.7% rate), demonstrating a varied distribution of investor activity across Union County.

The data reveals a strong correlation between high property counts and high investor ownership percentages for the top regions, suggesting that investors are concentrating their portfolios in areas that already have a significant landlord presence.

Landlords in Union County, South Dakota, have consistently been net buyers in recent years, acquiring more properties than they sold; in 2025, they bought 4 SFR properties against 1 sale, resulting in a net gain of 3 properties.

This net buying trend shows an intensified buy/sell ratio, increasing from 2.25x in 2024 (18 buys vs. 8 sells) to 4.0x in 2025 (4 buys vs. 1 sell), indicating a stronger inclination to acquire properties compared to divesting, despite lower overall transaction volume.

While landlord activity has been positive, the overall transaction volume is low, with a total of 5 transactions (4 buys, 1 sell) in 2025, and 26 transactions (18 buys, 8 sells) in 2024, reflecting a modest pace of market movement.

Detailed transaction data for institutional investors (1000+ tier) is not available, preventing a direct comparison of their historical buying and selling patterns against the overall landlord market in Union County.

The consistent net buyer status for landlords over the past two years, even with low volumes, signals a long-term accumulation strategy within Union County's investor market.

In Q4 2025, Union County recorded 19 total SFR transactions, but specific data for landlord-involved transactions is not available, making their overall market share for the quarter indeterminable.

Crucially, there was no reported transaction activity from any landlord tier in Q4 2025; both mom-and-pop landlords (Tier 01-04) and institutional investors (Tier 09) registered 0 transactions, indicating a complete halt in investor trading activity.

The average purchase prices for both single-property landlords (Tier 01) and institutional investors (Tier 09) were reported as $0, directly reflecting the absence of any recorded acquisitions by these segments in Union County during Q4 2025.

With 0 transactions across all landlord tiers, there was no inter-landlord trading activity observed or reported in Q4 2025 for Union County, South Dakota.

The complete lack of landlord transaction volume in Q4 2025 stands in stark contrast to the existing substantial landlord-owned portfolio, suggesting either a period of holding or a market unappealing for recent investor entry or exit.