Opendoor already had the lion’s share of the iBuyer market going into the fourth quarter of 2021, and we’re assuming the Zillow Offer’s disastrous demise only boosted Opendoor’s profitability. And now we know the numbers behind the success.
According to the company’s financial statements, Opendoor made $3.8 billion in revenue in Q4—up an incredible 1,054 percent from Q4 of 2020 when the company brought in $249 million. In the fourth quarter alone, Opendoor sold 9,794 homes, up 1,054 percent year-over-year.
For all of 2021, Opendoor brought in $8 billion in revenue, an increase of 211 percent compared to 2020. The iBuyer sold 21,725 homes, up 119 percent from the year prior. Opendoor also purchased 36,908 homes last year, up 498 percent compared to 2020.
Despite those many gain, the iBuyer also saw its net losses rise. According to its earnings statement, Opendoor lost $191 million last quarter, and $662 million for all of 2021. In the report, Opendoor noted the losses were driven by non-cash stock based compensation of $536 million compared to $38 million in 2020.
The year prior, Opendoor posted a net loss of $253 million.
“In 2021, we saw a significant and durable shift in demand for our digital product, demonstrated our market leadership, and delivered exceptional results,” said Eric Wu, co-founder and CEO of Opendoor. “And yet, 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.”