Grafton (NH) Investor Pulse Report (2026-Q1)

In Grafton County, investors hold a substantial footprint, owning 11,256 single-family residential properties, which accounts for 37.7% of the county's total SFR housing stock of 29,894 homes.

The market is characterized by individual ownership, with 9,987 properties (88.7%) held by individual investors compared to just 1,911 (17.0%) owned by companies. This pattern extends to the landlord entities themselves, where individuals (14,861) vastly outnumber companies (1,808).

A significant portion of the investor-owned portfolio is held free and clear, with 7,717 properties owned with cash, more than double the 3,539 properties that are financed. This indicates a well-capitalized investor base in the region.

The focus of this portfolio is clearly on rental income, as demonstrated by the 11,190 rented properties, representing the vast majority of all investor-owned homes.

Overall, the data paints a picture of a market heavily influenced by a large number of small, individual investors rather than large-scale corporate entities, a key insight for anyone engaging in real estate investing in the area.

In Q1 2026, landlords in Grafton County demonstrated a clear pricing advantage, acquiring properties for an average of $538,171, which is 3.5% less than the $557,409 paid by traditional homeowners. This translated to a direct savings of $19,238 per home.

This pricing behavior represents a return to a typical pattern following a highly unusual Q3 2025, where landlords paid an average of $583,814, a staggering 30.4% premium over the homeowner price of $447,557. This temporary inversion suggests a period of aggressive, perhaps less price-sensitive, acquisitions.

The Q1 2026 price of $538,171 also highlights significant price appreciation in the market. It reflects a substantial increase from the average acquisition price of $431,007 seen during the 2020-2023 boom years.

Across 2025, the price gap fluctuated, with landlords securing discounts of 6.8% in Q2 and 6.3% in Q1, reinforcing the general trend of investors purchasing properties at a lower cost basis than the general public.

This consistent, albeit variable, discount suggests that investors in the region are adept at identifying and negotiating favorable deals, a key component of their investment strategy.

Investor activity surged in the last quarter (Q4 2025), with landlords acquiring 58 of the 104 available SFR properties, capturing a commanding 53.8% of total market sales.

The acquisition activity was almost entirely driven by small-scale investors. Mom-and-pop landlords (owning 1-10 properties) purchased 57 of the 58 properties, making up 98.3% of the investor total.

New entrants were a major component of this activity. Single-property landlords, often first-time investors, acquired 52 properties, representing 89.7% of all investor purchases for the quarter.

This activity highlights a broad base of participation, with 80 distinct entities making single-property purchases, signaling a healthy influx of new capital into the local rental market.

In stark contrast, large institutional investors (Tier 09) were completely absent from the market, making no purchases and underscoring the dominance of smaller players in Grafton County.

The ownership structure of investor properties in Grafton County is overwhelmingly concentrated among small landlords. Mom-and-pop investors, defined as those owning 1-10 properties (Tiers 01-04), control 99.6% of the entire investor-owned SFR portfolio.

The scale of this dominance is most evident in the single-property tier (Tier 01), where landlords own 10,420 properties, accounting for 90.3% of all investor-held homes. This illustrates that the rental market's backbone is comprised of thousands of individual, small-scale owners.

As portfolio size increases, the number of properties drops off dramatically. Landlords with two properties (Tier 02) hold 5.7% of the stock, and those with 3-5 properties (Tier 03) hold 3.3%.

Mid-size investors (11-100 properties) have a very limited footprint, collectively owning just 32 properties, or about 0.2% of the total investor portfolio.

Reflecting their absence in purchasing activity, institutional investors (1000+ properties) have virtually no presence in the county, with a portfolio size of just one single property. This challenges the common narrative of large corporations dominating local housing markets.

Individual investors form the foundation of property ownership across all small and mid-size tiers in Grafton County. In the largest segment, single-property landlords, individuals own 9,445 homes, an 86.3% majority compared to the 1,502 owned by companies.

This pattern of individual dominance persists as portfolios grow. In the two-property tier, individuals own 469 properties (69.6%), and in the 3-5 property tier, they hold 249 properties (64.0%).

Companies, while a minority, increase their share as portfolio sizes expand. Their ownership stake grows from 13.7% in the single-property tier to 30.4% in the two-property tier and 36.0% in the 3-5 property tier.

Based on the available data, there is no crossover point where companies become the majority owners within the small-to-midsize landlord segment. Individuals remain the primary owners of rental housing.

This analysis, powered by comprehensive assessor data, reveals a market deeply rooted in individual enterprise rather than corporate consolidation, especially in the most common portfolio sizes.

Investor ownership in Grafton County is not evenly distributed but is instead concentrated in specific geographic pockets. The zip code 03222 is the largest hub for investor activity by volume, with 1,072 investor-owned properties, representing a 40.7% ownership rate.

Following closely are 03223 with 798 investor properties (49.5% rate) and 03285 with 676 properties (51.2% rate), indicating these are key submarkets for rental housing.

While some areas lead by sheer volume, others stand out for their extreme investor penetration rates. The zip codes 03769, 03753, and 03749 remarkably show 100% investor ownership, suggesting these may be areas with vacation rentals or specialized housing communities.

Another area with a significant investor presence is 03215, where investors own 81.2% of the single-family residential properties.

This geographic analysis highlights a key trend: the areas with the highest counts of investor properties are not always the same as those with the highest percentage rates, revealing distinct investment strategies across the county.

The data reveals a clear and sustained trend of accumulation among landlords in Grafton County. In Q1 2026, investors were strong net buyers, with 87 purchases compared to only 8 sales, resulting in a net gain of 79 properties and a buy-to-sell ratio of 10.9-to-1.

This aggressive buying posture is not a new phenomenon. The pattern was even more pronounced in previous periods, with a buy/sell ratio of 17.4 in 2025 (836 buys vs. 48 sells) and 18.5 in 2024 (815 buys vs. 44 sells).

Transaction volume remains robust and stable year-over-year, with 836 properties purchased by investors in 2025 and 815 in 2024, indicating consistent demand and capital deployment.

Analysis of transaction data shows that inter-landlord trades are a component of the market, though the specific percentages are not detailed in this summary.

Notably, the institutional tier (1000+ properties) was completely inactive, with zero buy or sell transactions recorded in any recent timeframe. This reinforces that market momentum is driven exclusively by smaller, independent investors.

In Q1 2026, landlords were the most significant players in the Grafton County real estate market, involved in 87 of the 165 total SFR transactions, a share of 52.7%.

The bulk of this transaction volume came from the smallest investors. The single-property (Tier 01) segment was responsible for 80 transactions, showing a massive influx of new or expanding small-scale landlords.

A clear pricing difference emerged between tiers. New entrants in Tier 01 paid an average of $508,285 per property. In contrast, more established small landlords in the 3-5 property tier acquired homes at a much higher average price of $666,667, suggesting they may be targeting different types of assets.

Inter-landlord activity was minimal among new buyers. Only 7.5% of properties purchased by single-property landlords were acquired from other investors, indicating they are primarily buying from homeowners or new construction.

Institutional investors (Tier 09) were entirely absent from the transactional market, recording zero activity and reinforcing their non-existent role in the county's active market dynamics.