Sioux (ND) Investor Pulse Report (2026-Q1)

In Sioux County, ND, investors own 18 single-family residential properties, which constitutes a substantial 32.1% of the 56 total SFR properties in the area. This high penetration rate underscores the importance of rental properties in the local housing ecosystem.

Ownership is overwhelmingly dominated by individuals rather than corporations. Individual landlords hold 15 of the 18 properties (83.3%), while companies own the remaining 3 properties (16.7%). This structure points to a market driven by local, small-scale real estate investing.

The entity count further reinforces this pattern, with 17 distinct individual landlords and only 3 company landlords active in the market. This near 6-to-1 ratio of individuals to companies highlights the grassroots nature of the rental market in the county.

A defining characteristic of this market is the preference for all-cash acquisitions. Of the 18 investor-owned homes, 17 are designated as cash properties, while only a single property is financed. This suggests that investors in this area are not heavily leveraged.

All 18 investor-held properties are categorized as rented, confirming that the portfolio is entirely focused on generating rental income. This 100% non-owner-occupied rate is a clear indicator of the business purpose behind these property holdings.

Recent market activity for landlords in Sioux County has been minimal to non-existent, with zero properties purchased in Q1, Q2, and Q4 2025. This lack of transactions prevents a direct price comparison between landlords and traditional homeowners for these periods.

A single landlord acquisition was recorded in Q3 2025 at an average price of $1,021,400. This price is a significant anomaly when compared to historical data, which shows an average acquisition price of just $36,000 for properties purchased between 2020 and 2023.

The absence of homeowner purchase data for Q3 2025 makes it impossible to calculate a price gap or determine if landlords paid a premium or a discount for that sole transaction.

The stark difference between the recent high-value purchase and the much lower historical average suggests the Q3 2025 transaction may involve a unique, high-value property or a portfolio sale, rather than a typical market trend.

Overall, the pricing data indicates an extremely low-velocity market where trend analysis is difficult. The primary takeaway is the lack of consistent purchasing activity from investors in the recent year.

In Q4 2025, the investor market in Sioux County was completely dormant, with landlords accounting for 0.0% of all SFR purchases. This is because there were zero total SFR sales recorded in the county for the quarter.

The lack of activity was universal across all investor sizes. Mom-and-pop landlords, who represent the entirety of the investor base in the county, made no new acquisitions.

Similarly, institutional investors (Tier 09) had no presence and made zero purchases, consistent with their overall absence from this market.

As a result of the static market, no new single-property landlords (Tier 01) entered the Sioux County market in Q4 2025. The number of active entities remained unchanged.

This complete halt in purchasing activity underscores the very low transaction volume of the Sioux County real estate market, where investment activity occurs sporadically rather than consistently.

The investor landscape in Sioux County is exclusively composed of small-scale operators. Mom-and-pop landlords, defined as those owning 1-10 properties, control 100% of the 18 investor-owned SFRs.

The market is highly concentrated at the smallest scale. Landlords owning a single property (Tier 01) hold 17 of the 18 properties, making up 94.4% of the entire investor portfolio.

The next tier, two-property landlords, accounts for the remaining 5.6% of the market with just a single property. Tiers for investors with three or more properties are completely empty.

There is absolutely no institutional investor presence in Sioux County. The 1,000+ property tier (Tier 09) holds 0.0% of the market, highlighting that this is a purely local, small-investor environment.

This ownership structure indicates that the rental market is not influenced by large corporations but is instead serviced by community-level individuals, with most being first-time or single-property landlords.

Individual investors are the definitive force in Sioux County's rental market, holding properties across all active tiers. They own 14 of the 17 properties (82.4%) in the single-property tier.

Furthermore, individuals exclusively control the two-property tier, owning 100% of the single property in that category. This demonstrates their dominance across the entire investor spectrum in the county.

Corporate ownership is minimal and confined to the entry level. The 3 properties owned by companies are all in the single-property tier, representing just 17.6% of that group and 16.7% of the total investor portfolio.

There is no crossover point where companies become the majority owners. Given the small scale of the market and the dominance of individuals, such a shift is not on the horizon.

This data confirms that the market is driven by personal investment from local individuals, with corporate entities playing a very minor, supplementary role.

Investor ownership in Sioux County is highly localized within a few specific zip codes. The area of 58568 contains the largest number of investor properties at 10, which represents a significant 40.0% investor ownership rate for that zip code.

Other key areas of concentration include 58538 with 3 investor-owned properties (27.3% rate) and 58570, also with 3 properties (17.6% rate). Together, these three zip codes account for the majority of rental properties in the county.

The highest investor penetration rate is found in 58528, where investors own 2 of the 2 total SFR properties, a 100.0% rate. This indicates a micro-market entirely composed of rental housing.

Conversely, some areas show little to no investor presence, highlighting the uneven geographic distribution of rental properties across the county.

This pattern of concentration suggests that rental demand and investment opportunities are confined to specific communities within Sioux County, rather than being widespread.

A detailed analysis of historical transaction dynamics for Sioux County cannot be performed as buy-and-sell data is unavailable. This prevents the calculation of key metrics like buy/sell ratios over time.

Consequently, it is not possible to determine whether landlords have historically been net buyers or net sellers in this market. The overall market direction based on transaction flow remains undetermined.

Analysis of inter-landlord activity, such as the percentage of transactions that are between two investors, is also not possible. The degree of market liquidity and portfolio trading among landlords is unknown.

Similarly, a comparison of average buy prices versus average sell prices to gauge potential profit margins cannot be conducted without the necessary transaction records.

The absence of this data is indicative of a market with very low transaction frequency, where sales are too sporadic to form a comprehensive historical dataset.

The fourth quarter of 2025 saw a complete standstill in Sioux County's real estate market, with a total of zero SFR transactions recorded. As a result, landlords had a 0.0% share of market transactions.

This inactivity was consistent across all investor tiers. The small-scale mom-and-pop landlords, who make up the entire investor base, did not purchase or sell any properties during the quarter.

Likewise, there was no activity from institutional investors, which aligns with their non-existent presence in the county's property ownership records.

With no purchases taking place, there was no inter-landlord trading activity. The percentage of properties bought from other landlords was zero.

This lack of transactional data for the quarter further emphasizes the character of Sioux County as a stable, hold-oriented rental market where properties rarely change hands.