Opendoor has more than 100 homes under contract in Las Vegas, 60 more active

'Las Vegas Review Journal' reports that iBuyer is moving quickly into the searing southern Nevada market
  • Las Vegas is one of the nation's hottest markets, where homes are increasing on average $5,000/month, according to Greater Las Vegas Association of Realtors.

Opendoor company spokeswoman Cristin Culver told The Las Vegas Review Journal this week that the company is under contract on more than 100 homes and currently has 60 active listings in Las Vegas.

The iBuyer has operated in the nation’s casino capital since 2017.

Earlier this month, the iBuyer announced it has secured $325 million in new Series E financing to fuel more national growth.

The funding announcement included revealing plans to be in 50 markets by 2020.

Las Vegas has been one of the nation’s busiest real estate markets in the last couple of years, where the current median sales price of existing single-family homes stands at $295,000, according to the Greater Las Vegas Association of Realtors (GLVAR).

The median price is up 18 percent from May of last year while the number of homes on the market is down 25 percent. The median price was $118,00o in 2012, which contributed to Las Vegas’s reputation as one of the best markets to quickly buy and sell homes.

GLVAR also reported that cash sales are down slightly from last year, when 26.9 percent of homes were bought without a mortgage. The rate is currently 24.3 percent.

It’s not known how Opendoor’s purchase model is factored into Las Vegas sales statistics.

Opendoor’s pitch of hassle-free, tech-enabled transactions is clearly hitting the right notes with Las Vegas homeowners, who are willing to accept an offer that is often below what traditional agents see as “market rate.”

Las Vegas is also home to Zillow Instant Offers, the behemoth portal’s iBuyer answer to competitor to Opendoor, as well as Offerpad.

Developing …

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