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

iBuyers | Opendoor
Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription
×