{"id":68007,"date":"2020-02-25T20:09:32","date_gmt":"2020-02-26T04:09:32","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=68007"},"modified":"2020-10-06T17:07:56","modified_gmt":"2020-10-07T00:07:56","slug":"ibuyer-real-estate-q4-2019","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/ibuyer-real-estate-q4-2019\/","title":{"rendered":"Raleigh Led Nation in iBuyer Market Share in 2019, followed by Phoenix, Charlotte and Atlanta"},"content":{"rendered":"

iBuyers Purchased 1 in 100 Homes that Sold in the U.S. in 2019<\/em><\/h2>\n

The nation\u2019s top iBuyers purchased 1 of every 100 homes that sold in 2019 across the more than 200 U.S. metro areas Redfin tracks, nearly doubling their 2018 market share of 0.6%. That\u2019s based on a Redfin analysis of MLS and public records data on home purchases and sales made by the most well-known national iBuyers, including Opendoor, Zillow, Offerpad and RedfinNow.
\n\"National
\nThe term \u201ciBuyer\u201d (short for instant buyer) is used to describe real estate companies that use technology and AI to make instant offers to home sellers and then purchase homes in quick, cash transactions. iBuyers charge sellers a higher fee than a traditional real estate agent would for the convenience of avoiding home prep, showings and open houses and the certainty of a cash offer with a flexible move out day. These companies then make any necessary improvements and resell the homes to homebuyers.
\nWhile iBuying represents a sliver of overall U.S. real estate activity, it is growing quickly in many metro areas, particularly in the South and Southwest. Raleigh<\/a> had the highest iBuyer market share in 2019, and iBuyers purchased 7.3% of the homes that sold there in 2019, up from 3.9% in 2018. Phoenix<\/a> had the second highest iBuyer share at 5.9%, followed by Charlotte<\/a> and Atlanta<\/a> (both 5.2%) and Las Vegas<\/a> (4.1%). iBuyers had market share of at least 1% in 21 markets, including in 11 markets where they had a share of 3% or more.
\nIn raw numbers, instant offer companies purchased the largest number of homes in Phoenix<\/a> at over 5,200, followed by Atlanta<\/a> (over 4,300) and Houston<\/a> (over 2,100).<\/p>\n