The iBuyer will now purchase and sell homes in Boston, Cincinnati and Albuquerque. The expansion comes amid a period of rapid growth for Opendoor.
IBuying giant Opendoor announced Tuesday that it has expanded into three new metro areas, bringing its total number of markets to more than 50.
The three new markets include Boston, Cincinnati and Albuquerque. The expansions are a “milestone,” according to a blog post the company published on Tuesday. That means Opendoor’s services are now available in a total of 51 markets across the U.S. Since first launching in Phoenix eight years ago, Opendoor has expanded “nationwide” and has “reached more than 160,000 transactions,” the blog post said.
Further, the post noted Opendoor will now serve the “heart of Boston,” as well as the surrounding suburbs. In Ohio, the beginning of operations in Cincinnati follows previous launches in Cleveland and Columbus. And the Albuquerque launch also includes surrounding regions including Sandoval, Bernalillo and Santa Fe counties.
The launches in Massachusetts, Ohio and New Mexico are part of pattern of rapid expansion for Opendoor. Just a month ago, for instance, Opendoor began buying and selling homes in Detroit and southwest Florida. And a month before that, the company debuted in New Jersey and New York state.
The many recent market expansions have also coincided with several other milestones for Opendoor. Most notably, the company recently reported its first ever profitable quarter, revealing that over the first three months of 2022 it made a net income of $28 million. Weeks later, Opendoor — along with other real estate giants, such as Zillow and Compass — debuted on the Fortune 500 list of largest companies in the U.S.
Such victories happened despite a rapidly shifting market, and despite concerns last fall that Zillow’s stumble in the iBuying market could foreshadow trouble among other companies including Opendoor. So far at least, Opendoor’s continued expansion, move toward profitability and other milestones suggest the company has the ability to weather such storms.
In Wednesday’s blog post, Opendoor also noted “our mission is to power life’s progress one move at a time,” adding “we’re just getting started.”
Email Jim Dalrymple II