What began as an experiment six years ago, iBuying in residential real estate, is now blossoming into a multi-billion home buying market segment within the housing industry. Not only does iBuying show no signs of “going away,” iBuying is attracting more players into this sector and is expanding its footprint.

Opendoor broke the ice for this iBuying movement in Phoenix in 2014 and, just five years later, there are now countless players generating huge institutional interest and investments. Phoenix continues to be iBuying’s epicenter but the South gets most of the action due to housing affordability and availability. Why? iBuyers rely heavily on data and algorithms when evaluating potential properties so the more alike and consistent properties are, the better for iBuyers and its respective profits.

Here is a current list, as of April 29 2019, of iBuyers’ presence by cities, median sales prices and 5-year price percentage changes, according to CoreLogic: 

City            Companies         Med. Sales Price          5-yr % Change

Atlanta      Offerpad            $209,000                    +62.4%

Opendoor

ZillowOffers

Austin       Offerpad            $306,250                    +40.2%

Opendoor

Charlotte    Offerpad            $210,000                    +38.2%

Opendoor

ZillowOffers

Dallas        Offerpad            $253,865                    +43.3%

Opendoor

ZillowOffers

RedfinNow

Denver       Offerpad            $390,000                    +60.5%

Opendoor

RedfinNow

Houston      Offerpad            $227,455                    +29.8%

Opendoor

ZillowOffers

Jacksonville  Opendoor          $200,000                    +52.2%

Las Vegas     Offerpad            $261,020                    +71.2%

Opendoor

ZillowOffers

Los Angeles   Offerpad            $630,000                    +43.2%

Opendoor

RedfinNow

Minn/St Paul   Opendoor          $248,500                    +38.1%

Nashville         Opendoor          $245,000                    +55.6%

Orlando           Offerpad            $225,000                    +64.6%

Opendoor

Phoenix           Offerpad            $250,000                    +43.5%

Opendoor

ZillowOffers

Portland          Opendoor          $372,000                    +53.1%

Raleigh            Offerpad            $251,000                    +33.5%

Opendoor

ZillowOffers

Riverside          Opendoor          $347,000                    +52.9%

ZillowOffers

RedfinNow

Sacramento      Opendoor          $380,000                    +52.0%

San Antonio      Offerpad           $211,639                    +32.0%

Opendoor

San Diego          RedfinNow        $553,000                    +39.6%

Tampa               Offerpad            $195,000                    +62.6%

Opendoor

Tucson              Offerpad            $200,000                    +29.0%

Opendoor

Salt Lake          Offerpad            $311,243                    +44.3%

For another current (April 29 2019) visual, the major iBuyers are present in the following cities:

Opendoor

Phoenix & Tucson

Sacramento & Riverside

Denver

Tampa, Jacksonville, & Orlando

Atlanta

Las Vegas

Charlotte & Raleigh-Durham

Portland

Minneapolis & St. Paul

Nashville

Austin, Dallas-Fort Worth, Houston & San Antonio

Offerpad

Phoenix & Tucson

Los Angeles

Orlando & Tampa

Atlanta

Las Vegas

Charlotte & Raleigh-Durham

Austin, Dallas-Fort Worth, Houston & San Antonio

ZillowOffers

Phoenix

Riverside

Denver

Atlanta

Las Vegas

Charlotte & Raleigh-Durham

Dallas-Fort Wroth & Houston

RedfinNow

San Diego, Los Angeles I Inland Empire

Denver

Dallas-Fort Worth

With these kinds of upticks in price percentage increases, footprints and numbers of businesses, Corelogic predicts that it is “likely to expect serious growth on the horizon” for the iBuyer movement.