Real EstateUS

Opendoor Layoffs

April 2023

Opendoor announced a layoff affecting 560 employees (22% of its workforce) in April 2023. The company operates in the Real Estate sector.

People Affected

560

Percentage

22%

Announced Date

Apr 18, 2023

About

Opendoor, a major iBuying company in the real estate technology industry, announced on April 18, 2023, that it is laying off 560 employees, representing 22% of its workforce of approximately 2,545. This reduction, primarily affecting operations roles, is a response to a sharp downturn in the housing market, driven by rising mortgage rates that have led to a significant decline in new listings. The company, which previously cut 550 jobs in November, is making these cuts to align operational costs with the current market reality while continuing to invest in technology for long-term growth.