Onslow (NC) Investor Pulse Report (2026-Q1)

In Onslow County, investors hold a significant 25.0% share of the single-family residential market, totaling 15,286 properties out of 61,078 available SFRs. This demonstrates a substantial presence of real estate investing activity in the local housing ecosystem.

The ownership structure is heavily skewed towards individuals over corporations. Individual investors own 13,339 properties, accounting for 87.3% of the investor-owned portfolio, while companies own the remaining 2,091 properties (13.7%).

This individual dominance is even more pronounced when looking at the number of distinct landlord entities. There are 18,190 individual landlords compared to just 1,199 company landlords, a ratio of more than 15 to 1, indicating that the market is characterized by a large number of small-scale participants rather than a few large firms.

In terms of financing, cash is the preferred method for holding assets. Investors own 8,626 properties with cash, surpassing the 6,660 properties that are financed. This suggests a well-capitalized investor base with significant equity in the market.

The portfolio's primary purpose is clear, with 14,917 properties identified as rented. This high concentration of rental properties underscores the vital role investors play in supplying housing inventory for the local rental market.

A notable shift in purchasing power occurred in the first quarter of 2026. Landlords acquired properties for an average price of $282,906, which is 11.2% less than the $318,763 paid by traditional homeowners. This represents a significant discount of $35,857 per property.

This discount is a dramatic reversal of the trend observed throughout 2025. During that period, landlords consistently paid a premium over homeowners. For instance, in Q3 2025, landlords paid an average of $462,788, a staggering 41.1% premium ($134,876) compared to the homeowner price of $327,912.

The price gap has been highly volatile, swinging from substantial premiums in 2025 to a significant discount in Q1 2026. In Q2 2025, the premium was 15.0% ($49,447), and in Q1 2025, it was 24.2% ($78,056), highlighting an inconsistent and rapidly evolving market dynamic.

The overall price trend also shows significant appreciation when comparing recent activity to the pandemic era. The average acquisition price during 2020-2023 was $277,276, indicating that the market has experienced substantial price growth, although Q1 2026's price of $282,906 suggests a moderation from the highs of 2025.

This pricing behavior suggests that in the current market, investors are demonstrating more effective negotiation or are targeting different types of properties, allowing them to acquire assets below the prices paid by typical homebuyers, a stark contrast to the previous year.

In the fourth quarter of 2025, investors were a significant force in the Onslow County market, purchasing 143 of the 803 total SFRs sold. This activity gave landlords a 17.8% share of all home purchases for the quarter.

The overwhelming majority of this activity was driven by small-scale investors. Mom-and-pop landlords, defined as those owning 1-10 properties, acquired 128 properties, which constitutes 85.9% of all landlord purchases in Q4.

New entrants were the single largest group of buyers. The single-property tier saw 141 new landlord entities enter the market, collectively purchasing 99 homes. This group alone was responsible for 66.4% of all investor-acquired properties, signaling a healthy influx of new capital from first-time investors.

In stark contrast, institutional investors (1,000+ properties) had a minimal impact on quarterly purchases. This tier acquired just 4 properties, representing only 2.7% of the landlord purchase volume, reinforcing the narrative that market activity is dominated by smaller players.

Mid-size landlords (11-1000 properties) also played a role, though smaller than the mom-and-pop segment. They collectively purchased 17 properties, or 11.8% of the investor total, with activity distributed across small-medium, medium-large, and large tiers.

The investor landscape in Onslow County is overwhelmingly dominated by small-scale operators. Mom-and-pop landlords (owning 1-10 properties) control 94.9% of all investor-owned SFRs, a figure that challenges the common narrative of corporate dominance in residential real estate.

The single-property tier (Tier 01) is the largest segment by a wide margin, accounting for 11,950 properties. This represents 74.9% of the entire investor-owned portfolio, highlighting the critical role of first-time and single-asset investors in providing rental housing.

Combined, the smallest investors in Tiers 01-04 (1-10 properties) own a total of 15,152 properties, underscoring the granular, decentralized nature of property ownership in the county.

At the other end of the spectrum, institutional investors (Tier 09, 1,000+ properties) have a very limited footprint. They own just 290 properties, which equates to only 1.8% of the investor-owned market share. This minimal presence suggests that large-scale corporate ownership is not a defining characteristic of this market.

Mid-size investors (11-1,000 properties) fill the gap but still represent a small fraction of the market. Tiers 05-08 collectively own 517 properties, or 3.3% of the total, showing a steep drop-off in ownership as portfolio sizes increase.

A clear pattern emerges when analyzing ownership by entity type across portfolio sizes: individuals dominate smaller tiers, while companies take control as portfolios scale. The critical crossover point occurs in the small-medium tier of 11-20 properties, where companies own 54.9% of the properties (186 homes), surpassing individual ownership for the first time.

In the smallest tiers, individual ownership is nearly absolute. For single-property landlords, individuals own 11,277 homes (93.7%) compared to just 764 (6.3%) for companies. This trend continues in the two-property tier, with individuals holding an 82.0% majority.

As portfolio sizes increase, the share of company ownership systematically rises. In the 3-5 property tier, companies own 21.4%, which grows to 35.9% in the 6-10 property tier before crossing the 50% threshold.

This trend accelerates in larger portfolios. For investors owning 21-50 properties, companies control a 59.8% majority, indicating that a corporate structure becomes the preferred vehicle for managing more substantial real estate holdings.

This data illustrates a distinct life cycle in property investment. Early-stage or small-scale investing is overwhelmingly an individual pursuit, but as investors grow their portfolios beyond 10 properties, a strategic shift toward incorporation becomes the prevailing model.

Geographic analysis reveals that investor ownership in Onslow County is not evenly distributed, with specific zip codes serving as hotspots for activity. The 28546 zip code contains the highest absolute number of investor-owned properties, with 3,839 homes, where investors own 24.2% of the local SFR stock.

Following closely in terms of volume are 28540 with 3,281 properties (21.9% rate) and 28460 with 2,689 properties (36.7% rate). These three zip codes alone represent a significant portion of the total investor portfolio in the county.

However, when measuring by ownership rate, a different picture emerges. The 28572 zip code has the highest concentration, with an astonishing 80.0% of its SFR properties owned by investors. This indicates a market almost entirely composed of rental or investment properties.

Other areas with high investor penetration include 28547 (50.0%) and 28544 (38.9%), demonstrating that some smaller sub-markets have a much higher density of investor activity than the county-wide average of 25.0%.

Notably, some zip codes appear on both lists, indicating both high volume and high concentration. For example, 28460 is third by count and fourth by percentage, while 28445 is fourth by count and fifth by percentage, marking them as critical hubs for investment in the region.

Transaction data reveals a clear and sustained trend of portfolio growth among landlords in Onslow County. In the first quarter of 2026, investors were strong net buyers, purchasing 201 properties while selling only 53, resulting in a net gain of 148 properties and a buy-to-sell ratio of nearly 4-to-1.

This pattern of accumulation is not a recent phenomenon. Looking back at historical data, landlords have been consistent net buyers. In 2025, they acquired 948 properties and sold 348 for a net increase of 600 homes. The trend was even stronger in 2024, with 1,068 buys and 320 sells, for a net gain of 748 properties.

Even the largest players in the market are in acquisition mode. Institutional investors (1,000+ properties) were net buyers in Q1 2026, purchasing 5 properties and selling only 1. This marks a strategic shift from 2024, when their activity was perfectly balanced with 5 buys and 5 sells for the year.

This consistent net buying behavior across different timeframes and investor types indicates strong confidence in the Onslow County real estate market. Investors are not just churning assets; they are actively expanding their holdings and increasing their market footprint.

The high volume of acquisitions compared to sales suggests that investors see long-term value in the local market, choosing to hold and grow their portfolios rather than divest assets.

In the first quarter of 2026, landlord activity comprised 16.2% of all SFR transactions in Onslow County, with 201 of the 1,238 total transactions involving an investor buyer. This activity was spread across all tiers, but pricing strategies varied dramatically.

A significant price disparity exists between new and established investors. First-time, single-property landlords paid the highest average price at $310,141 per transaction. In stark contrast, institutional investors (1,000+ properties) paid an average of just $214,779, a discount of 30.7%, showcasing the purchasing power and efficiency of larger-scale operators.

The data suggests that larger investors are more sophisticated in their acquisition strategies. Institutional buyers sourced 40.0% of their Q1 purchases from other landlords, the highest rate of any tier. This indicates a focus on acquiring existing rental portfolios or off-market deals within the investor network.

Meanwhile, new mom-and-pop landlords appear to be competing more directly with traditional homebuyers in the open market, reflected in their higher purchase prices. They sourced only 6.4% of their properties from other landlords, the lowest rate among active tiers.

Overall transaction volume in Q1 was dominated by new entrants, who were involved in 141 transactions. Institutional investors were far less active, with only 5 transactions, reinforcing that while they may be more price-efficient, their volume impact on the market is minimal compared to the steady influx of small landlords.