2021 Local Real Estate Trend Report

Last month, we released Opendoor’s National Real Estate and Consumer Trend Report, which offered an in-depth look at today’s modern consumer and the behaviors of home buyers across generations in 2021. Today we are breaking down the data a bit further which was collected from residents in seven markets who are planning to buy a home in the next 12 months: Atlanta, Georgia; Charlotte, North Carolina; Las Vegas, Nevada; Los Angeles, California; Nashville, Tennessee; Phoenix, Arizona; and Raleigh-Durham, North Carolina.

We found that those surveyed in participating markets are planning to use digital tools in their home search and are excited about incorporating technology in every step of the home buying process from browsing on real estate apps or websites to understanding how they can make smarter decisions like finding homes in their budget to helping plan ahead financially. On-demand resources and being able to take control of the home buying process online gives many people the peace of mind, certainty and control they need when making one of the biggest financial decisions of their lives. See the results of respondents in each market below:

• Open to buying a home through digital tools (somewhat or extremely likely to consider):

  • Atlanta: 79%

  • Charlotte: 75%

  • Las Vegas: 68%

  • Los Angeles: 85%

  • Nashville: 85%

  • Phoenix: 67%

  • Raleigh-Durham: 73%

• Browse homes on real estate apps or websites at least once a day:

  • Atlanta: 41%

  • Charlotte: 36%

  • Las Vegas: 37%

  • Los Angeles: 42%

  • Nashville: 28%

  • Phoenix: 27%

  • Raleigh-Durham: 24%

• Most popular benefits of buying through a digital tool:

  • Atlanta: 33% say “Manage the whole process digitally and on your own schedule and without pressure”

  • Charlotte: 28% say “Save 1.5% of your home’s value compared to working with a traditional agent”

  • Las Vegas: 30% say “Save 1.5% of your home’s value compared to working with a traditional agent”

  • Los Angeles: 25% say “Submit offers to purchase homes on an app, with support from experts on pricing and negotiations”

  • Nashville: 33% say “Complete all of your mortgage and closing paperwork digitally”

  • Phoenix: 30% say “Save 1.5% of your home’s value compared to working with a traditional agent”

  • Raleigh-Durham: 32% say “Save 1.5% of your home’s value compared to working with a traditional agent”

• What folks are most excited about when it comes to where digital tools can help in the home buying process:

  • Atlanta: 34% say “Understand whether I am financially able to buy a home”

  • Charlotte: 22% say “Understand whether I am financially able to buy a home”

  • Las Vegas: 33% say “Find homes that meet my criteria”

  • Los Angeles: 22% say “Find homes that meet my criteria”

  • Nashville: 31% say “Find homes that meet my criteria”

  • Phoenix: 28% say “Understand whether I am financially able to buy a home”

  • Raleigh-Durham: 25% say “Find homes that meet my criteria”

• First thing home buyers will do or have done in the home buying process:

  • Atlanta: 55% say “Estimating what price they can afford on their new home”

  • Charlotte: 53% say “Estimating what price they can afford on their new home”

  • Las Vegas: 42% say is “Look at homes for sale online or through an app”

  • Los Angeles: 40% say “Look at homes for sale online or through an app”

  • Nashville: 43% say “Look at homes for sale online or through an app”

  • Phoenix: 48% say “Look at homes for sale online or through an app”

  • Raleigh-Durham: 46% say “Look at homes for sale online or through an app”

• Saving timeline:

  • Atlanta: 40% say they’ve been saving for 1-3 years

  • Charlotte: 44% say they’ve been saving for 1-3 years

  • Las Vegas: 48% say they’ve been saving for 1-3 years

  • Los Angeles: 49% say they’ve been saving for 1-3 years

  • Nashville: 28% of people say they don’t need to save for a down payment

  • Phoenix: 47% say they’ve been saving for 1-3 years

  • Raleigh-Durham: 31% of people say they don’t need to save for a down payment and 31% say they haven’t started saving or have been doing so for less than a year

Methodology: Opendoor collected data from 660 consumers across the U.S. who reported that they are planning to buy a home in the next 12 months. The data includes a breakdown of responses from residents in Atlanta, Charlotte, Las Vegas, Los Angeles, Nashville, Phoenix and Raleigh-Durham. The data was collected via Qualtrics in November 30 – December 11, 2020.

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