Big Horn (MT) Investor Pulse Report (2026-Q1)

In Big Horn County, MT, investors hold a substantial 35.9% of the single-family residential market, totaling 384 properties out of 1,069. This high penetration rate indicates a significant portion of the local housing stock is utilized for real estate investing.

Individual investors are the primary owners, controlling 303 properties, which accounts for 78.9% of the investor-owned portfolio. Company entities own the remaining 100 properties (26.0%), a smaller but still notable share.

A defining characteristic of this market is its complete lack of leverage. All 384 investor-owned properties are held free and clear, with zero properties recorded as financed. This 100% cash ownership suggests a financially conservative investor base focused on long-term holds rather than leveraged growth.

The portfolio is heavily geared towards rental income, with 368 of the 384 properties (95.8%) classified as rented. This demonstrates that the vast majority of investor-owned homes are active components of the local rental supply.

The market consists of 420 distinct landlord entities, with individual landlords (346) outnumbering company landlords (74) by a ratio of nearly 5 to 1, reinforcing the small-scale nature of property investment in the county.

A critical finding for Big Horn County is the complete halt in market activity, with zero recorded sales transactions in the most recent quarter for either landlords or traditional homeowners. This lack of data makes a direct price comparison impossible.

Without recent sales, it is not possible to establish an average acquisition price for landlords or determine if they are paying a premium or a discount compared to other buyers.

The absence of transactions also prevents any analysis of price appreciation or depreciation trends from previous periods like 2024 or the 2020-2023 timeframe.

This market stillness is the most significant pricing insight itself, pointing to extreme illiquidity or a market in equilibrium where no owners are compelled to sell and no buyers are entering.

In Q4 2025, the Big Horn County real estate market experienced a complete standstill, with zero total SFR purchases recorded. Consequently, landlords accounted for 0.0% of market activity, acquiring no new properties.

This inactivity was universal across all investor tiers. Mom-and-pop landlords (1-10 properties), who represent the overwhelming majority of owners, did not add any properties to their portfolios.

Similarly, there was no purchasing activity from mid-size or institutional investors, reinforcing the market-wide freeze on acquisitions.

The data indicates that no new landlords entered the market in Q4, as the single-property (Tier 01) category saw zero new purchases. This lack of new entrants is consistent with the overall static nature of the market.

The ownership structure in Big Horn County is overwhelmingly dominated by small-scale investors. Mom-and-pop landlords, defined as those owning 1-10 properties, control a combined 93.9% of all investor-owned SFRs.

Single-property landlords are the bedrock of the market, owning 267 properties, which represents 68.1% of the entire investor portfolio. This highlights a market built on a large number of very small investors.

In stark contrast, there is no institutional investor presence. The 1,000+ property tier holds 0.0% of the market, indicating that large corporate landlords have not entered Big Horn County.

Mid-size investors are also scarce. The 11-20 property tier holds a modest 23 properties (5.9%), and there is only one property held by an owner in the 51-100 tier.

Due to the lack of recent transactions across all tiers, no meaningful price analysis by portfolio size is possible. The market's structure appears stable and has not been altered by recent acquisition trends.

Individual investors are the dominant force across nearly every portfolio size in Big Horn County. They own 81.0% of single-property rentals (226 properties) and over 70% of properties in the 3-5 unit tier.

A notable pattern is that individuals exclusively control the largest active investor tier, owning all 23 properties (100%) in the 11-20 property segment. This defies the typical trend where corporate ownership increases with portfolio size.

Companies have their most significant foothold in the two-property tier, holding 14 properties (40.0%). This suggests that when investors begin to scale beyond a single property, some choose a corporate structure, but individuals remain the majority owner type overall.

The data does not show a clear crossover point where companies become the majority owner, as individuals maintain a strong presence even as portfolios grow.

Pricing analysis by owner type within tiers is unavailable due to the complete lack of sales transactions in the recent quarter.

Geographic analysis reveals extreme concentrations of investor ownership in specific zip codes within Big Horn County. The zip code 59050 stands out with an 81.5% investor ownership rate, meaning investors own more than four out of every five SFRs.

Another area of high penetration is 59089, with a 76.9% investor ownership rate. These hyper-concentrated sub-markets suggest niche rental demand or historical ownership patterns that have shaped the local housing stock.

In terms of raw numbers, the largest concentration of investor properties is in zip code 59034, which hosts 268 investor-owned homes. However, its ownership rate of 29.5% is more moderate compared to other zips.

This highlights a key distinction between where investors own the most properties (59034) and where they dominate the market (59050 and 59089).

Data for several zip codes, including 59016, 59025, and 59031, was unavailable, indicating potential data gaps or very low property counts in those areas.

A comprehensive analysis of historical transaction patterns for Big Horn County is not possible due to the absence of available data. There are no records of past buy or sell transactions for landlords.

Consequently, it is impossible to calculate a buy/sell ratio to determine whether landlords have historically been net buyers or net sellers in this market.

The lack of data also prevents an assessment of market liquidity and churn, including the percentage of transactions that are landlord-to-landlord sales. This metric is often a key indicator of a mature investment market.

Similarly, no analysis of institutional transaction behavior can be performed, which aligns with the finding that there is no institutional ownership in the county.

Without historical prices for acquisitions and sales, calculating implied profit margins or tracking price trends over time is not feasible.

The transaction summary for Q4 2025 reflects a completely dormant market in Big Horn County, with zero total SFR transactions recorded. As a result, the landlord share of transactions was 0.0%.

This inactivity was consistent across all investor portfolio sizes. The typically active mom-and-pop tiers (1-10 properties) recorded zero purchases or sales.

No inter-landlord trading occurred during the quarter, as there were no transactions of any kind. This indicates a lack of portfolio repositioning or sales between investors.

The average purchase price for all tiers was effectively $0, given the absence of sales. This lack of recent price data further underscores the market's illiquidity.

The complete freeze in transactions is the most critical finding, suggesting that property owners are holding their assets with no immediate plans to sell, and no new investors are entering the market.