Opendoor Expands Operations Despite Industry Headwinds

Opendoor Technologies expanded into three new U.S. metros in the first quarter of 2026, bringing its active market count to 51. The iBuyer added Providence, Rhode Island; Albuquerque, New Mexico; and Ann Arbor, Michigan. The company announced the additions in its April 8 operational update.

The expansion comes as iBuyer industry economics remain challenged. Opendoor reported a full-year 2025 GAAP net loss of $412 million, narrower than its $629 million loss in 2024 but still reflecting continued pressure on margins. The company's contribution profit per home reached $16,200 in the fourth quarter, a modest sequential gain.

"We continue to believe that the fundamental model of offering a fast, certain cash sale alternative has a durable role in the market," said Carrie Wheeler, Opendoor's chief executive officer, on the company's March earnings call. Wheeler cited the company's partnerships with third-party real estate brokerages as a key route for reducing acquisition costs and growing unit volume without proportional brand-marketing expense.

Opendoor's home inventory declined during the quarter to 4,018 homes at March 31, down from 4,891 at year-end 2025. Average days-in-inventory shortened to 73 from 89 a year earlier, a metric the company has emphasized as central to margin improvement. Average home sale price rose to $362,000 from $347,000.

Competitor Zillow Group eliminated its Zillow Offers iBuyer business in 2022 after taking substantial losses. Redfin wound down RedfinNow in 2022 as part of broader restructuring. Offerpad has continued operating but on a meaningfully reduced scale, with its active-market count down to 18 from a peak of 29.

"Opendoor is essentially the last public iBuyer at scale, which is an interesting position," said Mike DelPrete, scholar-in-residence on real estate technology at the University of Colorado Boulder. DelPrete said the company's shift toward partnerships with traditional brokerages and homebuilders has improved unit economics, but rate and home-price uncertainty continue to challenge the core instant-cash-offer product.

The three new markets share similar characteristics. Albuquerque has roughly 920,000 metropolitan population and a 2025 median sale price of $345,000, per the Greater Albuquerque Association of Realtors. Providence has 1.67 million metropolitan population and a median price of $435,000 per Rhode Island Association of Realtors. Ann Arbor, within the Detroit CSA, has a median price of $425,000.

The Consumer Federation of America in a March report reiterated its call for tighter disclosure standards in iBuyer transactions. Stephen Brobeck, senior fellow at CFA, said that consumers continue to face difficulty comparing the "all-in" cost of iBuyer offers to traditional listings. Opendoor disclosed service fees of 5% in standard 2025 transactions, with additional closing-cost and repair-adjustment deductions varying by market.