Fillmore (NE) Investor Pulse Report (2026-Q1)

In Fillmore County, NE, investors hold a significant 21.7% of the Single-Family Residential (SFR) market, totaling 477 properties. This demonstrates a deep penetration of real estate investing within the local housing stock of 2,199 total SFRs.

The ownership structure is overwhelmingly dominated by individuals, who control 401 properties, or 84.1% of the investor-owned portfolio. Companies account for the remaining 76 properties (15.9%), highlighting a market driven by local residents rather than corporate entities.

A defining characteristic of this market is the lack of leverage. An astonishing 94.1% of investor-owned properties (449) are held in cash, compared to only 28 that are financed. This suggests a mature, stable investor base that is not heavily reliant on debt.

The entity count further reinforces the small-scale nature of the market. There are 496 individual landlords compared to just 44 company landlords, a ratio of more than 11 to 1. This composition points to a community of 'mom-and-pop' investors as the primary providers of rental housing.

The portfolio's purpose is clear, with 464 properties identified as rented. This high rental rate confirms that the vast majority of these investor-owned homes serve as long-term rental units for the community.

Pricing dynamics in Fillmore County's low-volume market showed extreme volatility in the most recent quarter. In Q1 2026, landlords paid an average of $365,000, a staggering 98.9% premium over the traditional homeowner price of $183,464. This $181,536 price gap per property is a complete reversal of national trends and local historicals.

This recent premium starkly contrasts with previous quarters, illustrating market unpredictability. In Q1 2025, landlords secured a 58.5% discount ($101,583), paying just $72,000. The dramatic swing to a significant premium suggests that one or two high-value transactions can heavily skew the quarterly average in a market with limited sales.

The long-term price appreciation trend for landlord acquisitions is steep. The average price jumped from $96,702 during the 2020-2023 period to $143,897 in 2024, and has now reached $365,000 in Q1 2026 based on limited activity.

While landlords paid more in the latest quarter, this appears to be an anomaly rather than a new strategic shift. The historical data, including a 58.5% discount just a year prior, suggests that pricing advantages are inconsistent and highly dependent on the specific properties available in any given quarter.

Investor purchasing activity in Fillmore County was minimal in Q4 2025, reflecting the small scale of the market. Landlords acquired just 2 of the 21 total SFRs sold, capturing 9.5% of the market share for the quarter.

All purchasing activity came exclusively from the smallest investors. Mom-and-pop landlords (1-10 properties) were responsible for 100% of the 2 investor purchases. This highlights the complete absence of mid-size or institutional buyers in the market's acquisition activity.

The acquisitions were concentrated at the very bottom of the investor ladder. The 'Single-property' tier and 'Two-property' tier each recorded one purchase, attributed to 2 entities in each tier. This suggests the entry of new landlords or very small-scale portfolio growth.

Institutional investors (1,000+ properties) had no presence in the county, making zero purchases in Q4. Their 0.0% share of activity underscores the market's isolation from large-scale corporate investment trends.

The low volume of 2 total purchases indicates that while investors have a large existing footprint (21.7% of all SFRs), their rate of new acquisitions is very low and opportunistic.

The investor landscape in Fillmore County is completely defined by small-scale operators. Mom-and-pop landlords, owning between 1 and 10 properties, control a staggering 97.7% of all investor-owned SFRs. This concentration reveals a market built and maintained by local, small-portfolio investors.

Single-property landlords (Tier 01) form the bedrock of the rental market, single-handedly owning 361 properties. This represents 74.9% of the entire investor-owned portfolio, demonstrating that first-time or single-investment landlords are the dominant force.

The ownership share drops off sharply in larger tiers. Landlords with 3-5 properties (Tier 03) are the second-largest group but hold just 11.4% of properties (55). This steep decline in ownership concentration as portfolio size increases is characteristic of a non-professionalized market.

In stark contrast to national headlines, institutional investors (Tier 09, 1,000+ properties) have absolutely no footprint in Fillmore County, with a 0.0% ownership share. The market is entirely insulated from large-scale corporate rental activity, a key finding in these property datasets.

Even mid-size landlords are scarce. Tiers representing 11-50 properties collectively own only 11 homes, or 2.3% of the investor-owned supply, further cementing the market's reliance on small operators.

Individual investors are the definitive owners in every segment of Fillmore County's market, regardless of portfolio size. Unlike in larger urban markets, there is no crossover tier where corporate ownership overtakes individual ownership.

In the largest active portfolio size, the 6-10 property tier, individuals still maintain a 60% majority, owning 12 of the 20 properties. This shows that even the most scaled-up landlords in the county are predominantly individuals, not companies.

The highest concentration of corporate ownership occurs in the 3-5 property tier, yet even there, companies are the minority, holding 23 properties for a 41.8% share. This is the closest companies come to parity with individual investors.

The dominance of individuals is most pronounced in the foundational single-property tier. Here, 337 of 361 properties (93.4%) are owned by individuals, underscoring that the entry point and core of the market is driven by personal investment.

This data clearly illustrates that the business of rental properties in Fillmore County is a personal endeavor, not a corporate one. The market structure does not support the growth of large, company-owned portfolios, instead favoring smaller-scale, individual landlords.

Geographic analysis of Fillmore County reveals specific pockets of high investor concentration. The largest volume of investor-owned properties is located in the 68361 zip code, with 164 SFRs, and 68351, with 75 SFRs. These two areas alone account for nearly half of all investor holdings in the county.

However, the highest market penetration occurs elsewhere. Zip code 68416 leads with a 43.8% investor ownership rate, followed by 68406 at 35.5% and 68335 at 33.3%. This distinction between high volume and high percentage indicates that some smaller communities within the county have a much larger share of their housing stock serving as rental properties.

The area with the most investor-owned homes, 68361, has a comparatively moderate ownership rate of 16.6%. This highlights the difference between raw count and market saturation, a critical distinction when analyzing assessor data at a granular level.

The data suggests investors are targeting specific communities within the county. The variance in ownership rates from 16.6% in one core area to over 43% in another points to distinct local market dynamics driving rental demand and investment opportunities.

Several zip codes had insufficient data for analysis, but the available information paints a picture of a market with a few core investment hubs by volume and several smaller, highly saturated rental markets by percentage.

Historically, landlords in Fillmore County have been aggressive net buyers, consistently adding to their portfolios. In 2024, the buy-to-sell ratio was over 7-to-1, with 44 acquisitions against only 6 dispositions, resulting in a net gain of 38 properties for the investor community.

The trend of accumulation continued through 2025, where landlords purchased 8 properties and sold only 3. This sustained net-positive activity demonstrates a long-term strategy of portfolio growth among the county's investors.

However, the most recent data from Q3 2025 signals a potential shift in momentum. During that quarter, transaction activity was perfectly balanced, with 2 properties purchased and 2 properties sold. This flat activity could indicate a market pause or a move toward equilibrium after years of expansion.

There is no transaction data available for institutional investors, which is consistent with their 0.0% ownership share in the county. All recorded market activity originates from the mom-and-pop and mid-size landlord segments.

The shift from being strong net buyers in 2024 to a neutral position in late 2025 is a key trend to monitor. It may reflect changing market conditions, such as higher prices or fewer attractive acquisition opportunities for local investors.

In Q1 2026, investor activity accounted for 12.1% of all SFR transactions in Fillmore County. This involved 4 landlord-related transactions out of a total of 33 market-wide, showing continued, albeit modest, participation from investors.

All transaction activity was driven by mom-and-pop investors. The 'Single-property' and 'Two-property' tiers each recorded 2 transactions. This reinforces the theme that market dynamics are dictated entirely by small-scale operators, with zero activity from larger investors.

A significant pricing anomaly occurred within the 'Single-property' tier, which recorded an average purchase price of $365,000. This is substantially higher than typical homeowner prices in the area and suggests a high-value property acquisition by a new landlord entering the market.

Investors sourced all of their new properties from outside the existing landlord community. Zero percent of purchases were from other landlords, indicating that investors are acquiring homes from traditional homeowners or new construction rather than trading assets among themselves.

The lack of inter-landlord trading suggests a buy-and-hold strategy is prevalent. Investors are focused on expanding the total rental pool rather than speculating on short-term price changes by trading with other investors.