LAS VEGAS (KLAS) — As housing prices in Las Vegas continue to skyrocket, the most popular neighborhood for buyers using Opendoor trends toward older, more affordable homes.
Opendoor’s top ZIP code is 89146 — the neighborhood southwest of Charleston Boulevard and Decatur Boulevard. The area includes the Charleston campus of the College of Southern Nevada, and it’s just northwest of Chinatown, but Opendoor General Manager Andy Swanton said it’s prices that are probably behind the area’s popularity. That, and proximity to the Las Vegas Strip.
Affordability is harder and harder to find. A report released Friday morning by Las Vegas Realtors (LVR) shows the median price for a single-family home has climbed to $475,000 in the Las Vegas valley. That’s a $15,000 increase since last month.
Opendoor and other “iBuying” home sales companies can be a cheaper way to go if you’re buying or selling, and the interaction is minimized — a factor that has seen increasing popularity since the pandemic, Swanton said. Opendoor’s customers are looking at a lot of neighborhoods outside the traditionally popular areas of Summerlin, Green Valley, Anthem and the northwest valley.
The 10 most popular ZIP codes with Opendoor customers are:
- 89146 – Clark County
- 89179 – Clark County
- 89143 – Clark County
- 89106 – Bonanza Village | West Las Vegas
- 89169 – Clark County
- 89102 – Rancho Charleston
- 89156 – Clark County
- 89104 – Showboat | Huntridge/ Downtown South
- 89101 – East Las Vegas
- 89030 – North Las Vegas
Top ZIPs in Las Vegas were identified by analyzing data from the local Multiple Listing Services (MLS) where Opendoor Brokerage operates. ZIPs were ranked by total homes which went into contract within 90 days of listing in 2022.
In a list released in December of 2019, 89146 was not even in the Top 10.
Will Opendoor step into the void left when Zillow got out of the homebuying business? It’s possible.
In the third quarter of 2021, Opendoor saw a surge in business in Las Vegas. “At our peak last year, we actually were able to achieve about 20% of total active listings. So, a pretty good share of the market. That’s not always the case, but that was our high water market,” Swanton said.
LVR President Brandon Roberts said Zillow was just paying too much for homes.
And Opendoor is still growing, despite being well known in Las Vegas. When they started working in the valley six years ago, Las Vegas was just their third market. Opendoor started in Phoenix and then Dallas before coming here. Nationwide, they are now in 48 markets, but many are small markets. They haven’t gotten involved in some of the nation’s biggest markets yet.
The company reported $5.2 billion in revenue in the first quarter of 2022, nearly six times the number it posted in the first quarter of 2021. It sold 12,669 homes.