First off, the stock market isn't technically in a correction. Not yet, anyway. As of this writing, the S&P 500 is just 2.5% off its recent high, and the tech-heavy Nasdaq is down by less than 5%, and neither are close to the 10% decline that typically defines a market correction.

Having said that, many investors certainly feel like we're in a correction. Some of the most popular growth stocks in the market are down by double-digit percentages, and many are down by 30%, 50%, or more. I know that I've checked my portfolio recently and have felt like I'm in my own personal bear market.

With that in mind, while nobody enjoys watching their stocks decline, situations like this can create excellent opportunities for patient long-term investors. Here are two growth stocks in particular that look like outstanding bargains and are worth considering.

Sale sign on storefront window.

Image source: Getty Images.

A disruptor with a massive opportunity

Insurance disruptor Lemonade (LMND 3.55%) has steadily declined throughout 2021 and took another dive after its third-quarter earnings report and the announcement that it plans to acquire Metromile. As of Dec. 1, Lemonade is a staggering 75% below its January 2021 all-time high.

By focusing on younger consumers and offering an easy and efficient way of buying insurance and processing claims, Lemonade has scaled its business to about 1.4 million customers in a fraction of the time it took some of the biggest players in the game to do so. With its auto insurance product just starting to roll out, Lemonade has a massive $300 billion addressable market in the U.S. alone, and a big head start when it comes to current customers to cross-sell it to. As co-CEO Daniel Schreiber recently told me in an interview on our Industry Focus podcast, he believes Lemonade's business could grow to 100 times its current size over time, and I agree. I've been a Lemonade shareholder since shortly after its IPO, and as I recently wrote, I plan to double down on my investment if the current share price holds.

Don't let a rival's problems scare you away

A few weeks ago, Zillow (ZG -2.17%) (Z -2.48%) shocked the real estate world by pulling the plug on its iBuying business, and investors were understandably concerned that other iBuyers might be in trouble as well. Leading iBuyer Opendoor Technologies (OPEN -3.40%) took a dive and is now nearly 60% off its highs.

However, Opendoor's business is doing just fine. Its unit economics have been far superior to those of Zillow, and its business is growing rapidly. The company bought 15,181 homes in the third quarter, which is as many as the entire industry bought in the second quarter. And its gross profit margin of 8.9% is impressive and gives the company a nice path to future profitability.

Finally, don't think of Zillow's exit as a negative. That's a mistake. Instead, think of it this way -- Opendoor is in a new and massive industry that had just four serious players, and the one that represented the biggest competitive threat just bowed out of the race.

Expect a roller-coaster ride

One important thing to keep in mind is that all three of these might look like bargains from a long-term perspective, but I have absolutely no idea what they'll do over the coming weeks, months, or even the next year. All three are likely to be volatile for the foreseeable future as their growth stories play out. Invest accordingly.