Redfin: iBuyers Snapping Up More Properties

Dec 17, 2019

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

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Phil Hall

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Dec 17, 2019

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