Real estate investment marketplace New Western has surpassed Opendoor as the largest homebuyer in the country, according to New Western president and co-founder Kurt Carlton. 

In a post on LinkedIn, Carlton said his firm officially passed Opendoor in Q2 2025. 

“This milestone isn’t just about volume — it’s about the grit, creativity, and relentless drive of a team that refuses to be slowed down by today’s market headwinds. Instead, we’ve become stronger as the category leader in a part of real estate that’s rewriting the playbook,” Carlton wrote.

Carlton told HousingWire that his firm had sold roughly 20% more homes than Opendoor in Q2, for a total of roughly 2,000 properties.

In his post, Carlton paid tribute to New Western’s team, thanking them for “proving that the future of real estate doesn’t have to look like the past.”

“We’ve pioneered a different kind of real estate model — one rooted in revitalizing communities, expanding housing supply, and opening the door to opportunity for thousands of local investors who are literally fixing up America,” he added.

New Western’s achievement comes as Opendoor deals with some internal turmoil. Last Friday, the iBuyer’s longtime CEO and chair of the board Carrie Wheeler announced she was stepping down, effective immediately. The company appointed Shrisha Radhakrishna as president and interim leader.

Wheeler’s departure comes at the close of a chaotic summer for Opendoor. In July, the iBuyer’s stock surged after being promoted by meme stock subreddits. Opendoor’s stock rose again after Wheeler announced her departure, but it closed the day Wednesday down 11.05% compared to Tuesday. 

During Q2 2025, Opendoor purchased just 1,757 homes, down 63% compared to the year prior. 

Jon Delozier contributed reporting to this story.

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