Our nation’s largest iBuyers captured 1% market share in Q2 2021. iBuyers are now anticipating record-breaking sales in Q3.
iBuyers On Track for Record Sales in Q3 2021
The country’s largest iBuyers, OpenDoor, Zillow Offers, RedfinNow and Offerpad, collectively swallowed hard when their respective sales dropped off a cliff during pandemic-2020.
Now, it’s a new day and iBuyers are back…big time. During Q2 2021, these largest iBuyers collectively captured a 1% market share. iBuyers now have their eyes on Q3 and record-breaking sales.
Specifics of iBuying Sales in Q2 2021
In Q2 2021, there were 15,000 home sales worth $5.3B credited to iBuying services. These 15,000 home sales represented a +114% increase from Q1’s sales for iBuyers along with a new sales record. (The previous record for iBuying home sales hit 10,400 home sales worth $2.8B in Q3 2019.)
iBuying sales activity was most pronounced in Atlanta, Phoenix and Dallas. It accounted for 5% of all sales activity in Phoenix, Charlotte and Atlanta during Q2 2021. iBuyer-purchased homes sold within an average of 64 days with a median price being +3.6% higher than the “regular” or overall median sale price nationwide.
In 23 of the largest 33 largest iBuyer markets across the country, the median sale price of iBuyer homes increased +9.1% q/q and was within 10% of the housing market’s overall median price. Additionally, iBuyers, like the rest of the housing market, experienced and reflected a premium of +9.6% due to home value appreciation.
(This post relies on data from a recent report by Zillow.)
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Due to the notable rebound by iBuying services during Q2 2021, many housing professionals anticipate a burst of record-breaking iBuying sales in Q3 2021.
Jeremy Wacksman, Zillow’s Chief Operating Officer, said, “The growing number of homeowners using an iBuyerservice clearly demonstrates that sellers desire an easier way to sell their homes, with more certainty and less stress, even in a hot seller’s market. iBuyers remove some of the traditional home selling pain points…(and) brings net-new inventory to the market, mainly at an affordable price point near the middle of the market, adding liquidity to the market that has traditionally been difficult for consumers to navigate.”
Thanks to Zillow and Inman.