Opendoor Company Stats: Revenue & Market Share (2023)
Opendoor is an iBuyer, a real estate platform that buys and sells homes. The company uses algorithms and deep learning technology to generate nearly instant cash offers for home sellers and determine resale prices.
Founded in 2014 and headquartered in San Francisco, Opendoor was the first to introduce the iBuyer model to the U.S. residential real estate market and has remained the largest iBuyer ever since. The company went public in 2020.
Opendoor offers home sale and buying services through the company's digital platform. Starting in August 2022, home sellers also can generate Opendoor cash offers on Zillow apps.
At the end of last year, Opendoor underwent a significant restructuring to reduce the company’s operating expenses. The restructuring measures included slowing down Opendoor's home acquisition program, laying off 18% of its sales force, shutting down its home mortgage and brokerage services, and introducing the Exclusives program to sell its off-market homes at discounted prices.
From revenue to market share, here’s a summary of what you’ll find on this page:
- Opendoor Revenue
- Opendoor Expenses
- Is Opendoor Profitable?
- Opendoor Market Share
- How Many People Work at Opendoor?
- How Many People Visit Opendoor.com?
Opendoor Key Stats
- Opendoor reached $15.6B in revenue in 2022.
- Opendoor sold 39,183 homes and purchased 34,692 homes through its digital platform in 2022.
- Opendoor generated an average of $397,290 of revenue per home sale in 2022.
- Opendoor operates in 51 metro areas.
- Opendoor is the largest iBuyer with a 67% market share of the U.S. iBuyer segment.
- Opendoor has 2,570 employees.
- 35% of homeowners who request a price quote on the Opendoor digital platform sell their homes to Opendoor.
- On June 14, 2022, Opendoor entered 3 new markets: Boston, Cincinnati, and Albuquerque. The company added 7 total markets in 2022.
- On August 1, 2022, The Federal Trade Commission fined Opendoor $62 million "for cheating potential home sellers by tricking them into thinking that they could make more money selling their home to Opendoor than on the open market using the traditional sales process."
- On August 4, 2022, Opendoor announced its multi-year partnership with Zillow. Through this partnership, home sellers visiting Zillow can generate Opendoor cash offers for their homes.
Opendoor Revenue Recognition
Opendoor buys and sells homes for a profit and charges a seller fee. Opendoor recognizes all revenue streams as Revenue from Home Sales or simply Revenue for reporting purposes.
Opendoor Revenue Growth
The company generated $15.6B in revenue in 2022, a 94% increase from 2021. Over the past five years, Opendoor revenue has grown by nearly 8,000%.
Here’s Opendoor revenue growth broken down by year:
Opendoor Home Sales
In 2022, Opendoor sold 39,183 homes, an 80% increase over the previous year. Combined with the company's restrained home purchases and introduction of the Exclusive program, the rise in home sales led to a reduction of the Opendoor home inventory, from 17,099 homes at the end of 2021 to 12,788 homes at the end of 2022.
Here’s the table with Opendoor home sales by year:
Opendoor Revenue Per Home
In 2022, Opendoor revenue contribution per home was $397,290.
Here’s a table showing Opendoor revenue growth per home by year:
|Year||Revenue Per Home|
Opendoor total operating expenses reached $1.6B in 2022, a 23% increase over the previous year that is consistent with the increases in sales activity. During 2022, Opendoor also incurred irregular expenses - $17 million in restructuring costs associated with its sales force reduction and $60 million in goodwill impairment, as estimated by the company.
Here’s a breakdown of Opendoor's total operating expenses by year:
|Year||Total Operating Expenses|
Opendoor Operating Expenses by Segment
In 2022, the biggest contributor to Opendoor's total operating expenses was Sales, Marketing & Operations (63%) followed by General & Administrative (22%), Technology & Development (11%), Goodwill Impairment (4%), and Restructuring Expenses (1%).
Is Opendoor Profitable?
Despite significant revenue growth, the company has yet to reach profitability. In 2022, Opendoor reported a net income loss of $1.4 billion on top of sizable historical losses.
Here’s a table showing Opendoor net income (loss) per year:
|Year||Net Income (Loss)|
Opendoor Market Share
Opendoor pioneered the iBuyer business model in the U.S. residential real estate market and has retained its leading position in the iBuyer segment since 2014.
With some of its strongest competitors, Zillow and Redfin, leaving the iBuyer market in 2022, Opendoor’s position in the iBuyer segment became even more prominent.
Opendoor iBuyer Market Share
In 2022, the combined iBuyer market share of single-family homes in the U.S. reached 1.3%. Within the iBuyer segment, Opendoor contributed 67% of the total volume.
Opendoor sees its market expansion as one of its top strategic priorities and has been actively developing new markets. The company operates in 51 U.S. metro areas, with 7 new markets added in 2022.
Here's a table of Opendoor's year-by-year market expansion:
How Many People Work at Opendoor?
Opendoor currently employs 2,570 people, a 9% decrease from 2021. Opendoor eliminated 18% of its workforce as part of the company's restructuring.
Here’s a table of Opendoor employee count over the past 3 years:
Interestingly, despite Opendoor’s focus on building a contactless business, the company offers contracting (non-employment) opportunities to licensed real estate agents.
The agents can partner with Opendoor as a Tour Assistant or Agent Partner. Both roles provide an in-person customer experience. Agent Partners earn referrals and a commission split, and Tour Agents make $25/hour.
How Many People Visit Opendoor.com?
Unlike its competitors, Opendoor doesn’t include any data related to its website performance, such as search engine traffic, in the company’s public disclosures and investor presentations.
Why do we want to know it? Because organic website traffic is an indicator of a company's brand awareness and ability to grow its customer base.
Opendoor Website Visitors and Ranking
- Opendoor.com receives 420,507 average monthly visits (organic).
How Many People Consider Selling on Opendoor.com?
Opendoor purchased 34,692 homes in 2022.
The company also reported a 35% “real seller” conversion rate, determined as follows:
Opendoor Real Seller Conversion Rate = Homes Sold to Opendoor/Price Quotes Requests
With this (and some pre-calculus), we can extrapolate the number of Opendoor price quotes requested in 2022. If Opendoor purchased 34,692 homes, it also received 99,120 price quote requests. In other words, 99,120 people considered Opendoor an option for selling their homes last year.
Opendoor has demonstrated an ability to generate tremendous revenue growth, yet the company's profitability still needs to improve.
The future will tell if the company can sustain its cash-burning operations and turn things around.
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