Skip to main content

Redfin: iBuyers Snapping Up More Properties

Phil Hall
Dec 17, 2019
Photo credit: Getty Images/Urupong

A new data report from Redfin has determined iBuyers purchased 3.1 percent of the homes sold during the third quarter across 18 metro areas where these online denizens accounted for at least one percent of all home purchases. This is up from 1.6 percent the same time last year.
 
Southern residential properties were particularly attractive for this new demographic: iBuyers had the largest market share in Raleigh (6.8 percent), Phoenix (5.1 percent), Atlanta (4.4 percent) and Charlotte (4.3 percent).
 
The median price of homes sold by iBuyers fell in 17 of 18 markets in the third quarter compared to a year earlier, despite the overall price of homes increasing in every market. Phoenix was the only market where the median iBuyer sale price was unchanged.
 
Homes sold by iBuyers in the third quarter stayed on the market for a median of 28 days, down from 74 days one year earlier, while Homes sold by iBuyers stayed on the market for a median of 28 days, down from 74 days in the third quarter of 2018.
 
"iBuyers are concentrating their efforts in southern markets where both home sales and prices are poised for strong growth," said Redfin Chief Economist Daryl Fairweather. "We think that iBuyers are likely to accelerate home sales in these markets. Homeowners who may have been reluctant to sell because they didn't want to deal with the hassle may be persuaded by the convenience of an iBuyer sale."
iBuyers purchased 3.1 percent of the homes sold during the third quarter across 18 metro areas where these online denizens accounted for at least one percent of all home purchases

 
Published
Dec 17, 2019
Reports: Evergrande Group Makes $83.5M Interest Payment

Faltering Chinese development firm fends off default with payment to international bondholders.

Industry News
Oct 22, 2021
FAR Establishes Borrower Engagement Division

Finance of America Reverse LLC announced its formally established Borrower Engagement Division.

Industry News
Oct 22, 2021
Automating Appraisals No Panacea For Removing Bias

With racism 'grandfathered in' to housing prices in minority neighborhoods, a solution to 'unconscious bias' is difficult to find

Industry News
Oct 21, 2021
Reports: Evergrande Group Arranges Bond Extension

Reuters, REDD say company's billionaire chairman has agreed to provide additional collateral to ensure a construction project tied to a $260M bond is completed.

Industry News
Oct 21, 2021
New American Funding Hires Regional Manager

Mark Tribuna will lead effort to expand company's partnership with affordable nonprofit builders in mid-Pacific region

Industry News
Oct 21, 2021
Rocket Pro Announces Initiatives To Boost Brokers

Company brings Rocket Tech, the Rocket Network and Rocket Marketing to mortgage brokers across the country

Industry News
Oct 19, 2021