Opendoor Company Stats: Revenue & Market Share (2024)

Opendoor Statistics

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 2022, 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.

Part of RubyHome's ongoing series of real estate facts and figures, from revenue to market share, here’s a summary of what you’ll find on this page:

Opendoor Key Stats

  • Opendoor reached $6.9B in revenue in 2023.
  • Opendoor sold 18,708 homes and purchased 11,246 homes through its digital platform in 2023.

Opendoor sells 18,708 homes a year

  • Opendoor generated an average of $369,480 of revenue per home sale in 2023.
  • Opendoor operates in 50 markets.
  • Opendoor is the largest iBuyer with a 67% market share of the U.S. iBuyer segment.
  • Opendoor has 1,982 employees.

Opendoor Key Financials

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.

The company generated $6.9 billion in revenue in 2023, a decrease from $15.6 billion in 2022. Despite generating less revenue, the company reduced its losses to $275 million in 2023, less than $1.4 billion in 2022.

Opendoor revenue profit and losses

Opendoor Home Sales

In 2023, Opendoor sold 18,708 homes, just under 50% of what the company sold the previous year.

Opendoor homes sales - units sold

Here’s the table with Opendoor home sales by year:

YearHome Sales
2017 3,127
2018 7,470
2019 18,799
2020 9,913
2021 21,725
2022 39,183
2023 18,708

Opendoor Revenue Per Home

In 2023, Opendoor revenue contribution per home was $369,480.

Opendoor revenue per home

Here’s a table showing Opendoor revenue per home by year:

YearRevenue Per Home
2017 $227,396
2018 $246,060
2019 $252,172
2020 $260,579
2021 $369,206
2022 $397,290
2023 $369,480

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 - Market Share Among iBuyers

Opendoor Markets

Opendoor operates in 50 U.S. metro areas. Previously the company was aggressively expanding into new markets each year but scaled back slightly in 2023 during its restructuring effort.

Opendoor Markets

Here's a table of Opendoor's year-by-year market expansion:

YearOpendoor Markets
2017 6
2018 18
2019 21
2020 21
2021 44
2022 51
2023 50

How Many People Work at Opendoor?

Opendoor currently employs 1,982 people, a down from 2,570 in 2022.

Opendoor employee headcount

Here’s a table of Opendoor employee count:

YearOpendoor Employees
2019 1,648
2020 1,048
2021 2,816
2022 2,570
2023 1,982

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

  • Opendoor.com receives 274,000 average monthly visits (organic).

Source: Ahrefs

Conclusion

While restructuring helped reduce Opendoor's losses in 2023, the company still has a long way to go to reach profitability. The future will tell if the company can sustain its cash-burning operations and turn things around.

Sources

Opendoor

RubyHome

Macrotrends

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