Opendoor dominance in a few graphs

by Ottie on September 18th, 2021

For some time, it looked like Zillow was starting to catch up and make a dent in Opendoor’s dominance in the iBuyer market.  Doesn’t look like that trend held up:

Opendoor has 72% more listings than Zillow as of 9/19/2021 (3.8K vs 2.2K).  

Of course, real estate is won one neighborhood, one zip code, at a time.  On that front, I looked at who had the most iBuyer listings in each zip code (just counting those with at least 5 iBuyer listings).   The results paint a similar picture of Opendoor’s dominance:

Zillow only has the most iBuyer listings in just 25% of zip codes.  The results are even more stark for Offerpad.  Opendoor has 4.7X the number of iBuyer listings compared to Offerpad, and Offerpad has the most iBuyer listings in just 3% of zip codes.  

One other interesting thing to look at is where there’s the most traction overall for iBuyer listings.  After looking at a lot of the activity, I believe the answer is in Sahuarita, a suburb of Tucson, AZ.  That’s the zip code where the greatest % of for-sale listings are from the top three iBuyers (though just Zillow and Opendoor are competing there).  Here’s how listings are distributed there:

Sahuarita has about 25K people and 13K households.  There, just 16 out of the 122 homes for sale are from ibuyers.  Even with the huge effort (billions of dollars, thousands of people, 20+ years across all companies), they barely make up 13% of the one zip code where they have the greatest presense.  So if you’re home shopping in that hotbed of ibuying activity, just one of out of 8 homes you see might be from one of the ibuyers. 

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