Phoenix is the No. 2 city in the nation for home sales using an iBuyer service, a recent Zillow report found.
Instant buyers, or iBuyers, typically buy off-market homes at market rate and, after some repairs and upgrades, flip them on the open market, the report said. Zillow looked at data from the first quarter of 2022 from three iBuying services — Opendoor, Offerpad and Zillow Offers. It then ranked the 36 metro areas with 50 or more iBuyer home sales.
Phoenix was second on the list with 1,232 iBuyer home sales in the first quarter, accounting for 5.2% of all home sales in the market over that period. Nationwide the iBuyer purchase market share was 1.3%.
The median iBuyer purchase price in the Phoenix area was $427,000, with a median resale markup of 9.4%.
The top 10 metro areas for iBuyer purchases in the first quarter, according to Zillow:
- Dallas-Fort Worth
- San Antonio
- Las Vegas