When Zillow was founded back in 2004, it was intended to revolutionise the real estate industry. Frustrated with his home buying experience, Microsoft executive Rich Barton hoped to improve the process through online home value estimates and accessible listings. His solution was to launch a modern real estate website.
Barton was no stranger to shifting industries online – along with Lloyd Frink, Spencer Rascoff, David Beitel and Kristin Acker, he had already had the successful launch of Expedia under his belt. He would also go on to co-found job review website Glassdoor in 2007.
Zillow found success quickly and is now the most-visited real estate website in the United States. In 2018, it began listing some Canadian properties online, becoming the first country outside the US to be marketed on the site.
Zillow prides itself on its automated home estimation model Zestimates, which takes public, multiple listing service and user-submitted data, home facts, location and market trends into account when determining an estimation. The business reports the median error rate for Zestimates to be 2.4 percent for on-market homes and 7.4 percent for off-market and stresses it cannot be used in place of an appraisal, but errors vary significantly between areas, causing some controversy as potential buyers dispute official valuations.
In 2018, Zillow sought to move into the on-demand home-buying market with their new division, Zillow Offers. Rich Barton returned as CEO to lead the transition, but the company suffered damages from the COVID-19 pandemic, and in November 2021 Barton announced the end of the i-buying activity. Many of the homes being listed by Zillow were being marketed for less than they had been purchased for and Zillow Offers lost more than $420 million from July to September 2021.
Zillow has made a series of real estate acquisitions, including StreetEasy, Trulia and ShowingTime to consolidate its place in the market. It estimates 67 percent of actual US home buyers used Zillow in 2021 and its overall customer transaction share is 3 percent.
Zillow Group currently operates a blanket referral-fee network – Zillow Flex – without an upfront cost for brokers to pay from escrow. Blanket referral fees are not disclosed to customers. Customers seeking rental apartments can also now see the exact location and their views at several thousand properties through an interactive map powered by Engrain.
Future plans for the company include the concept of a “housing super-app” connecting all parts of the moving process on one transaction platform, improving the home-touring reservation system and developing more seller offerings.
We’ve collected data and statistics on Zillow. Read on to find out more.
Zillow key statistics
- Zillow’s revenue was $1.9 billion in 2022, a fall from the previous year following the closure of Zillow Offers
- The business experienced an average monthly high of 236 million unique users in the third quarter of 2022
- There were more than 135 million US homes on the Zillow database in 2021
- Zillow has faced net losses every year since 2012, with a loss of $528 million in 2022
|Launch date||April 2009|
|People||Rich Barton (co-founder, CEO), Lloyd D. Frink (co-founder, executive chairman)|
Zillow generated $1.9 billion in 2022, following the closure of Zillow Offers. In 2021 Zillow had a revenue of $2.1 billion.
Zillow quarterly revenue Q1 2017 to Q4 2022 ($mm)
Zillow annual revenue 2012 to 2022 ($bn)
Source: Company data
Zillow net income
The business recorded a loss of $528 million in 2022, and has had a net loss in income each year since 2012.
Zillow annual net income 2012 to 2022 ($mm)
|Year||Net income ($mm)|
Source: Company data
Zillow monthly users
In the three months to December 2022, there were 220 million average monthly unique users on Zillow’s apps and website. The business hit an average monthly high of 236 million unique users in the third quarter of 2022.
Zillow average monthly users by quarter Q1 2017 to Q4 2022
Zillow average monthly users 2014 to 2022 (mm)
Note: This covers the fourth quarter of each respective year. Source: Company data
Zillow yearly visits
In 2022, there were 10.5 billion visits to Zillow, a rise from 10.2 billion the year before.
Zillow annual yearly visits (bn)
Source: Company data
How many buyers shop using Zillow?
In 2021, 4.1 million shoppers used the Zillow app or website to look for homes.
How popular is the Zillow Premier Agent?
1.4 million buyers sought a premier agent in 2021, according to Zillow statistics.
How many customer transactions have been completed through Zillow?
During 2021, 360,000 customer transactions were completed.
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