Purchases increased by 49% in the Midwest and 24% in the West Q/Q from New Western’s 150,000+ investors
(DALLAS) – April 27, 2023 – New Western, the largest national private real estate investment marketplace, today announced its continued momentum from 2022 into Q1 2023, including a double digit surge in growth over the last quarter. Powered by New Western, local independent investors found opportunities in the midst of a tumultuous housing market.
While iBuyers and institutional buyers have been struggling and exiting the market, down 80 percent from Q4 2021 to Q4 2022, New Western has seen steady growth and a rise in activity among its 150,000+ investors. From Q4 2022 to Q1 2023, New Western saw significant increases in over a dozen markets, including:
On average, investor-bought homes in these markets sold for 36% below median home prices in the same market based on February 2023 data from Redfin and New Western. Other notable markets that grew from both Q4 2022 to Q1 2023 and Q1 2022 to Q1 2023 include Houston, Chicago and Dallas, Texas.
“Our non-traditional approach to residential real estate investing allows us to roll with the same punches that have knocked out bigger players,” says Kurt Carlton, co-founder and president of New Western. “The U.S. housing market is experiencing a supply shortage. In fact, the gap between family formation and single family homes totals as high as six-and-a-half million by some accounts from 2012 to 2022. As our investor purchases rise, independent flippers are not only making a profit but also putting a much needed category of homes back into inventory. The Midwest and West are attractive growth markets and we’re excited to see this momentum continue throughout the year. ”
New Western operates a marketplace that supplies properties to the largest segment of independent investors in the nation, who own 82% of the investment market share, and have the local expertise needed to flourish. The two regions that grew the most in Q1 2023 from Q4 2022 were the Midwest with an increase of 49 percent in investor purchases and the West with 24 percent growth. New Western has also identified the Southeast and Midwest regions as areas for expansion and opportunity for residential real estate investors in 2023, especially as both saw an increase in investor purchases in Q1 2023, the South grew by 16% from Q4 2022 to Q1 2023.
Earlier this year, New Western opened two new offices, one in Virginia Beach, Va. and another in St. Louis, Mo. bringing the company up to 52 offices nationwide. This has compounded on New Western’s 2022 growth when it launched 15 new offices, and hired 60 additional people per month, leading to a 64 percent growth in corporate employee hires.
For more information about New Western, please visit https://www.newwestern.com.
About New Western
New Western is a real estate investment marketplace that makes investing more accessible for more people. Operating in most major cities, our marketplace connects more than 150,000 local investors looking to rehab houses with sellers. As the largest private source of investment properties in the nation, we buy a home every 13 minutes. New Western delivers new opportunity for all—a fresh start for sellers, exclusive inventory for investors, and in doing so, creates housing that is more affordable for buyers. For more information, visit www.newwestern.com.
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