New YorkCNN — Since its founding nearly two decades ago, Zillow has revolutionized the way Americans buy, rent, sell — and fantasize — about housing in the US.
How Zillow makes money
With data on well over 160 million US homes, its residential revenue has outperformed the real estate industry average for six consecutive quarters.
Still, it’s a down market. Zillow reported that it outperformed the residential real estate industry by 12 percentage points in 2023. Totalrevenue industry-wide declined by 17% from the year prior while Zillow’s fell by 5%.
That’s because one of the main ways Zillow makes money is through lead generation for real estate agents. It offers a product called Premier Agent that allows agents to pay to be connected with the customers most likely to purchase homes.
The competition
Redfin, a similar real estate platform, also fell on the news. Shares have plummeted about 12% since Friday.
But one potential winner has emerged from the chaos.
Shares of CoStar Group, parent company of Homes.com, have shot nearly 10% higher since Friday.
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