As shared during its recent earnings statement, iBuyer Offerpad acquired only 203 homes in Q3, a 54% drop from its Q2 acquisition rate of 443 homes and a 52% drop from Q3 2024 (422 homes).
On the other side of acquisitions, Offerpad sold 367 homes during the quarter, 19% down from the 452 sold in Q2 2025 and 40% down from Q3 2024 (615 homes). The 367 homes figure fell within the low end of Offerpad’s projections for homes sold in Q2 from its Q2 earnings report: 360 – 410 homes.
Offerpad’s gross profit per home sold also declined 19% in Q3, falling from $31,400 to $25,400. Offerpad ended the quarter with an inventory of 498 homes.
During the earnings call, CFO Peter Knag emphasized the importance of Offerpad’s “asset-light services” such as HomePro—launched earlier in 2025, HomePro connects sellers with home service professionals to determine their best home-buying options.
“A larger share of revenue and margin will continue to come from asset-light services HomePro, Renovate and Direct Plus as we advance towards a more diversified and capital-efficient model. These businesses demonstrate the strength of our platform and the value of disciplined execution,” said Knag.
That comes even as inventory grows, and the iBuyer sees “acquisition opportunities expand,” according to Knag. However, the company is “managing volume carefully until demand becomes more sustained,” he added.
The iBuyer model has seen recent challenges, with Offerpad competitor Opendoor having diversified its business model. However, Offerpad CEO Brian Bair and Knag referred to a continued goal of 1,000 real estate transactions per quarter during the earnings call. Bair in particular reaffirmed that “the cash offer remains the foundation of our model, providing sellers with speed, certainty and control.”
At the same time, though, Bair said that institutional investors—a big segment of the company’s customer base—are not buying “at the volume that we are normally used to.”
Still, Bair struck a reassuring tone about Offerpad’s enduring place in the market during his opening remarks.
“The housing market remains in a period of transition. Affordability challenges and limited mobility have defined the past two years, but signs of stability are beginning to appear,” Bair said. “Mortgage rates are easing, buyer confidence is improving and sales activity is picking up in key markets. For Offerpad Solutions Inc., that shift represents opportunity. We built this company to adapt, not depend on market conditions.”
One such shift came in the company’s announcement on the call of a new COO, Chris Carpenter, who has 20 years of executive experience at companies including Warner Media and Turner Broadcasting.
“(Carpenter’s) leadership experience and operational mindset will help us strengthen the connection between technology, operations and customer experience, enabling us to scale efficiently and deliver even greater impact for our customers and overall conversion,” said Bair during his announcement of Carpenter’s appointment as COO during the earnings call.
Full financial breakdown
“Our balance sheet remains strong,” said Knag during the earnings call, citing unrestricted cash of $31 million and total liquidity of more than $75 million as the company continues scaling its business. Knag mentioned intent to increase the company’s lending relationships to “reduce the cost of capital and increase flexibility.”
In Q3, Offerpad’s revenue was down 17% quarter-over-quarter, from $160.3 million to $132.7 million. In its Q2 earnings report, Offerpad had projected between $130 – $150 million in revenue during Q3.
The company’s gross profit declined quarter-over-quarter from $14.2 million to $9.3 million, with net loss inching up quarterly from $10.9 million to $11.6 million. While Offerpad’s gross profit declined 46% year-over-year from $17.1 million in Q3 2024, annually, the company shrunk its net loss by 14% from $13.5 million.
Offerpad’s adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) went down slightly quarter-over-quarter from $4.8 million to $4.6 million. Offerpad’s adjusted EBITDA had been $6.2 million during Q2 2025, 26% higher than this quarter’s $4.6 million figure.
Looking forward to Q4 2025, Offerpad projected between 300 – 350 homes sold, with revenue between $100 – $125 million, and an adjusted EBITDA comparable to that of Q3.
For Offerpad’s full Q3 earnings reports, click here.
