Sullivan (PA) Investor Pulse Report (2026-Q1)

Investors hold a significant footprint in Sullivan County, owning 2,005 single-family residential properties, which constitutes 51.7% of the total 3,876 SFRs in the market.

The ownership landscape is overwhelmingly composed of individual investors rather than corporations. Individuals own 1,758 properties, or 87.7% of the investor-owned market, compared to just 304 properties (15.2%) owned by companies.

This individual dominance extends to the entity level, where 2,263 of the 2,571 total landlords are individuals (88.0%), reinforcing the 'mom-and-pop' character of the local rental market.

Cash acquisitions are the primary strategy for investors in this region. The data reveals 1,636 properties are owned outright in cash, dwarfing the 369 properties that carry financing.

The portfolio's purpose is clearly for rental income, with 2,002 of the 2,005 investor-owned properties designated as non-owner-occupied, confirming a strong focus on buy-and-hold real estate investing strategies.

In a striking reversal of national trends, investors in Sullivan County paid significantly more than traditional homeowners for properties in early 2026. The average landlord acquisition price was $427,854, a 45.6% premium over the $293,866 paid by homeowners, representing a $133,988 price gap.

This pattern of paying a premium is not an isolated event, though it is highly volatile. In Q3 2025, landlords paid $363,902, more than double the homeowner price of $178,500, a 103.9% premium.

However, this contrasts sharply with the first half of 2025. In Q2, landlords achieved a 22.9% discount ($265,107 vs. $343,857), and in Q1, they secured a 24.8% discount ($163,700 vs. $217,667), suggesting a dramatic shift in purchasing strategy or market conditions.

Acquisition activity in the county appears to be extremely low and inconsistent. The provided data shows zero properties purchased by landlords across all quarters of 2024 and 2025, despite showing average prices, indicating that the reported prices are based on very few, if any, transactions in those periods.

Landlords represented the majority of buyers in the Sullivan County housing market in Q4 2025, acquiring 12 of the 21 total SFRs sold, a market share of 57.1%.

The entirety of this purchasing activity came from the smallest investors. Mom-and-pop landlords (owning 1-10 properties) made 100% of the quarter's investor acquisitions.

Diving deeper, all 12 properties were purchased by the 'Single-property' tier, indicating that market activity is driven by new entrants or investors buying their first rental property. These 12 properties were acquired by 16 distinct entities, suggesting some properties were co-purchased.

Mid-size and institutional investors were completely absent from the market. Landlords in the 11-1000+ property tiers made zero purchases during the quarter, highlighting a market exclusively shaped by small-scale operators.

The investor landscape in Sullivan County is defined by small-scale ownership. Mom-and-pop landlords, defined as those owning 1-10 properties, collectively control 99.2% of the investor-owned housing stock.

The concentration at the smallest end of the spectrum is profound. Landlords owning just a single property make up the largest group, holding 1,814 homes or 88.5% of all investor-owned SFRs.

Ownership diminishes rapidly with scale. Two-property landlords hold 137 properties (6.7%), and those with 3-5 properties own just 77 homes (3.8%).

In stark contrast to narratives about corporate landlords, institutional investors (1,000+ properties) have no presence in this market, owning 0.0% of the portfolio. This confirms that the local rental market is entirely supported by local and small-scale investors.

Individual investors form the foundation of property ownership across nearly all portfolio sizes in Sullivan County. In the largest tier by property count, single-property owners, individuals hold 1,577 homes (85.1%) compared to 277 for companies (14.9%).

This individual dominance continues into the next tier, with individuals owning 117 of the two-property portfolios (84.8%).

A shift in ownership structure emerges as portfolios grow, albeit modestly. The 6-10 property tier marks the crossover point where companies achieve an equal footing, with both individuals and companies owning 3 properties each (a 50.0% split).

Even in the small-medium tier of 11-20 properties, individual ownership remains strong at 87.5% (14 properties), indicating that corporate structures are not the prevailing model for landlords in this county, regardless of portfolio size.

Investor ownership in Sullivan County is highly concentrated in a few key zip codes. The 18614 zip code leads with the highest number of investor-owned properties at 436, followed closely by 17758 with 400 properties.

Other areas with significant investor holdings by count include 17731 (289 properties) and 17768 (197 properties), showing specific geographic pockets of rental activity.

When analyzing by ownership rate, different areas emerge as investor hotspots. The 18626 zip code has the highest penetration, with investors owning 73.7% of the housing stock.

The 17731 zip code stands out as a center for investor activity, appearing in the top lists for both total count (289 properties) and ownership percentage (72.6%). This indicates a market that is both popular with investors and heavily saturated by them.

Conversely, the 17737 zip code shows an anomaly with no investor-owned properties listed, suggesting it is either an outlier or an area with different housing characteristics.

Investors in Sullivan County are heavily focused on portfolio growth, acting as strong net buyers. In 2025, landlords purchased 121 SFR properties while selling only 3, a buy-to-sell ratio of over 40-to-1.

This trend of accumulation has been consistent and is accelerating. The 121 properties purchased in 2025 represent an increase from the 94 properties acquired in 2024, while dispositions remained flat at just 3 sales per year.

The quarterly data shows consistent buying pressure throughout the year. In Q3 2025, investors bought 38 homes and sold just one, and in Q2 they bought 30 while selling one, demonstrating a steady appetite for acquisitions.

There is no transaction data for institutional investors, which aligns with their 0.0% ownership share. All market transaction dynamics are being driven by smaller, mom-and-pop landlords.

Investor activity accounted for more than half of all real estate transactions in Sullivan County during Q4 2025. Landlords participated in 16 of the 30 total SFR transactions, a market share of 53.3%.

This activity was exclusively driven by new and small-scale investors. One hundred percent of the 16 transactions were executed by landlords in the 'Single-property' tier, with zero recorded activity from any larger tier.

These small buyers paid a premium, with an average purchase price of $427,854 for the quarter. This high price point aligns with the finding that they are not acquiring properties from other investors.

A critical detail is that 0% of landlord purchases were sourced from other landlords. This indicates a one-way flow of properties from the traditional homeowner market into the rental housing stock, rather than properties being traded between existing investors.