Opendoor Technologies Inc., a digital platform for residential real estate transactions, has reported its fourth-quarter and 2021 financial results. The report, released Thursday, shows a surge in revenue and sales compared to the fourth quarter and overall in 2020.
“In 2021, we saw a significant and durable shift in demand for our digital product, demonstrated our market leadership, and delivered exceptional results” said Opendoor Co-Founder and CEO Eric Wu. "By consistently outperforming expectations, we pulled forward our financial targets by years, growing revenue 211% year-on-year and exiting 2021 at a revenue run-rate of over $15 billion."
"And yet," Wu continued, "we are still just scratching the surface of our opportunity to transform one of the largest, most antiquated industries in the U.S. In 2022, we will continue to build the best consumer experience, expand nationwide to service more customers, and become the digital one-stop-shop that homeowners love and choose.”
According to the report, total revenue increased by $8 billion, or 211% over 2020 and the company sold 27,725 homes, an increase of 119% over the previous year.
The company also purchased 36,908 homes, an increase of 498% over 2020, and doubled its footprint to 44 markets.
Company officials said fourth-quarter highlights included: revenue up by $3.8 billion, or 1,435% over the previous fourth quarter; 9,794 homes sold, a 1,054% increase; and gross profits of $272 million, compared to $39 million in the fourth quarter of 2020.
“It is our fundamental belief that in a matter of years, millions of homebuyers and home sellers will pick a simple, certain, and fast experience and transact themselves, completely online," Wu said. "More importantly, we know Opendoor’s digital, seamless experience is and will continue to be what consumers choose now and for decades to come.”
