Harrison (TX) Investor Pulse Report (2025-Q4)

In Harrison County, landlords collectively own 4,884 SFR properties, representing 22.8% of the total 21,419 SFR properties in the market. This indicates a substantial presence of investors in the local housing landscape.

Individual investors overwhelmingly dominate the landlord-owned portfolio, holding 3,932 properties or 80.5% of the total, significantly surpassing the 1,058 properties (21.7%) held by companies. This pattern suggests that 'mom-and-pop' entities are the primary drivers of investor activity in the county.

A striking 96.9% (4,732 properties) of all landlord-owned SFR properties are rented, underscoring a strong focus on generating rental income within their portfolios. This high percentage reveals a dedicated investment strategy towards long-term rentals rather than flips or temporary holdings.

The financing structure of investor-owned properties highlights a strong preference for cash acquisitions, with 3,904 properties (79.9%) being cash purchases compared to only 980 properties (20.1%) that are financed. This reliance on cash suggests a conservative approach to investment, potentially reducing risk during market fluctuations.

The market is predominantly managed by individual landlords, with 4,473 individual entities far outnumbering the 643 company entities. This substantial 6.96:1 ratio of individual to company landlords further reinforces the prevalence of small-scale, local investors in Harrison County.

In Q4 2025, landlords in Harrison County acquired properties at an average price of $177,058, securing a substantial $153,996 discount (46.5%) compared to traditional homeowners who paid $331,054. This significant price differential indicates landlords' ability to find and close deals at a lower cost basis.

The pricing disparity between landlords and homeowners has shown extreme volatility throughout 2025. After experiencing a 3.0% premium in Q3 (landlords at $309,665 vs homeowners at $300,519), landlords returned to significant discounts, achieving a 44.2% markdown in Q2 and a remarkable 46.5% markdown in Q4.

This inconsistent pricing trend, ranging from a 3.0% premium to a 46.5% discount within a single year, suggests highly localized or opportunistic buying patterns by landlords in Harrison County. It defies a stable, consistent discount model, instead pointing to rapid adjustments to market conditions.

The average landlord acquisition price in Q1 was $244,186, which was a $66,437 (21.4%) discount compared to homeowners at $310,623. This early-year discount set the stage for the dramatic fluctuations observed later in the year, underscoring the dynamic nature of the county's real estate market for investors.

The pronounced shifts in pricing indicate that landlords are highly strategic, likely targeting properties with specific characteristics that allow for such significant discounts, or that they are operating in very specific market niches that are less competitive with traditional homeowner purchases.

In Q4 2025, landlords in Harrison County were significant players, acquiring 71 SFR properties, which represented 30.1% of the total 236 SFR purchases in the market. This indicates a robust and active investor segment even in the final quarter of the year.

Mom-and-pop landlords, encompassing Tiers 01-04, were the primary drivers of Q4 purchasing activity, accounting for 55 properties or 77.5% of all landlord acquisitions. This highlights the continued importance of small-scale investors in shaping the local market.

Single-property landlords (Tier 01) were particularly active, purchasing 33 properties which alone constituted 46.5% of all landlord Q4 purchases. This substantial contribution from new and small-scale investors indicates a healthy inflow of individuals into the rental market.

The market also saw 42 new landlord entities entering the market as single-property owners (Tier 01) during Q4. This influx of new, small-scale investors underscores a decentralized and accessible entry point for individuals seeking to invest in SFR properties.

In stark contrast to mom-and-pop activity, institutional investors (Tier 09) made only 3 purchases, representing a mere 4.2% of landlord Q4 acquisitions. This suggests a cautious or limited presence of large-scale corporate entities in Harrison County's current buying cycle.

The average properties per entity varied by tier, with Small-medium landlords (Tier 21-50) showing the highest acquisition intensity at 3.0 properties per entity (6 properties by 2 entities), while Tier 01 entities acquired 0.79 properties per entity, reflecting the entry point nature of this tier.

Mom-and-pop landlords (Tiers 01-04) collectively dominate the Harrison County investor market, controlling an overwhelming 91.9% of all investor-owned SFR properties. This figure underscores that small-scale investors, rather than large corporations, are the primary owners of rental housing in the region.

Single-property landlords (Tier 01) represent the largest segment, holding 3,317 properties, which accounts for a significant 65.3% of the entire investor-owned SFR portfolio. This highlights the foundational role of first-time or minimal-portfolio landlords in the local housing ecosystem.

In stark contrast to the mom-and-pop dominance, institutional investors (Tier 09) own a marginal 10 properties, translating to only 0.2% of the total investor-owned SFR properties. This low share challenges any narrative of institutional takeover in Harrison County's housing market.

Mid-size landlords (Tiers 05-08) account for a modest 7.7% of investor-owned properties, totaling 393 properties. This group bridges the gap between the numerous small landlords and the few institutional players, but their overall impact remains relatively minor compared to the mom-and-pop segment.

Comparing current ownership to Q4 purchases, Tier 01's 65.3% ownership share is mirrored by its 46.5% share of Q4 landlord purchases, indicating that this tier is actively acquiring new properties and maintaining its dominant market presence. This suggests consistent growth within the mom-and-pop segment.

Individual investors overwhelmingly dominate the smaller tiers of landlord ownership in Harrison County, holding 88.4% of single-property portfolios (Tier 01) with 2,990 properties and 73.2% of two-property portfolios (Tier 02) with 308 properties. This pattern establishes individuals as the foundational owners of smaller rental units.

The critical crossover point where companies become the majority owners occurs at the Small-medium (11-20) property tier. In this tier, companies own 106 properties (56.4%), surpassing individual investors who hold 82 properties (43.6%).

Company ownership concentration significantly increases in larger portfolios. For instance, in the 21-50 property tier, companies own 132 properties, representing 68.4% of that tier, while individuals hold only 61 properties (31.6%). This trend confirms that larger portfolio management leans heavily towards corporate structures.

Even in the Small landlord (6-10) tier, individuals maintain a majority, owning 174 properties (61.1%) compared to companies at 111 properties (38.9%). This indicates that individuals retain significant control well into the mid-range of landlord portfolios before the corporate shift occurs.

The distribution clearly illustrates a dichotomy where individual investors are the backbone of the small-scale rental market, while companies strategically concentrate their holdings in larger, more substantial portfolios, signifying different operational and investment strategies across owner types.

Within Harrison County, the zip code 75670 stands out as the epicenter of investor activity, housing 2,006 landlord-owned SFR properties. This substantial concentration makes it the leading sub-geography by far for investor holdings.

In addition to having the highest count, TX-Harrison-75670 also exhibits a high investor ownership rate of 35.8%. This dual leadership in both volume and penetration highlights its significance as a key market for rental properties within the county.

While 75670 leads in raw property count, zip code 75683 demonstrates the highest investor ownership rate at 57.1%. This suggests that in smaller, more niche markets within Harrison County, investors hold a disproportionately larger share of the available SFR housing.

Other notable sub-geographies by investor-owned property count include TX-Harrison-75672 with 1,077 properties (18.9% ownership rate) and TX-Harrison-75650 with 477 properties (16.3% ownership rate). These areas contribute significantly to the county's overall investor-owned portfolio.

The data reveals a correlation between high property counts and high ownership rates in some areas, such as 75670, while other regions like 75683 exhibit very high rates in potentially smaller markets. This indicates diverse investment strategies tailored to varying sub-market dynamics across Harrison County.

All landlords in Harrison County consistently maintained a strong net buyer position throughout 2024 and 2025. In Q4 2025, they completed 84 buy transactions against only 18 sell transactions, resulting in an impressive 4.67x buy/sell ratio, signaling aggressive accumulation.

This sustained buying trend is evident across all analyzed quarters in 2025: Q3 saw a 3.52x ratio (95 buys vs 27 sells), and Q2 recorded a 3.78x ratio (87 buys vs 23 sells). The annual figures confirm this, with a 3.35x ratio in 2025 (338 buys vs 101 sells) and a 3.45x ratio in 2024 (359 buys vs 104 sells).

Institutional investors (1000+ tier) demonstrated a notable shift in behavior. After being net sellers in 2024 with a 0.5x buy/sell ratio (3 buys vs 6 sells), they reversed course to become significant net buyers in 2025, recording a 4.5x ratio (9 buys vs 2 sells). This signals renewed interest or a strategic pivot for larger players.

The overall market for landlords shows persistent growth, with transaction volumes consistently favoring acquisitions. The Q4 2025 buy/sell ratio of 4.67x represents the highest quarterly ratio recorded in 2025, suggesting increasing confidence or opportunistic buying towards the end of the year.

The contrast between steady overall landlord accumulation and the institutional shift from selling to buying underscores a dynamic investor landscape, where different segments adapt their strategies based on market conditions, yet all lean towards expansion in Harrison County.

In Q4 2025, landlords in Harrison County were involved in 84 transactions, accounting for 24.0% of the total 350 SFR transactions in the market. This indicates a consistent and notable presence of investors in overall market liquidity.

Single-property landlords (Tier 01) exhibited the highest transaction volume, engaging in 42 transactions during Q4. This reinforces their role as the most active segment of the investor market, contributing significantly to both buying and selling activity.

Pricing strategies show variation across tiers: the lowest average purchase prices were recorded for Tier 21-50 at $23,000 and Tier 03-05 at $29,373, while Tier 11-20 recorded the highest at $221,843. This broad price range reflects diverse property types or investment strategies among different-sized landlords.

Inter-landlord trading was notable for smaller tiers, with 21.4% of Tier 01 transactions (9 properties) and 20.0% of Tier 06-10 transactions (1 property) being purchases from other landlords. This indicates a segment of the market where investors are trading properties among themselves.

Institutional investors (Tier 09) participated in only 3 transactions during Q4, with an average purchase price of $180,259. This price was 4.4% less than the average $188,635 paid by single-property landlords (Tier 01), suggesting larger investors may be securing slight discounts even in their limited activity.

The concentration of transactions aligns with ownership patterns, as Mom-and-Pop landlords (Tiers 01-04) collectively accounted for 67 Q4 transactions, significantly outweighing the 3 transactions from Institutional (Tier 09) investors. This confirms the dominance of smaller investors in both holdings and market activity.