Zillow’s Hot Streak Continues As Housing Cools
The housing market is colder than your landlord’s heart — with home sales plunging to 30-year lows and buyers squeezed by crushing affordability pressures. Despite this, home listing platform ZillowZ keeps finding ways to heat investor enthusiasm. The home listing platform posted its fifth consecutive quarter of double-digit sales growth — aiming to become a “super app” as it shifts business models.
- Z’s Q1 revenue surged 13% from last year to $598M — posting profits for the first time in years as the $0.03 EPS beat Wall Street’s -$0.02 expectations.
- Shares have climbed ~66% since CEO Jeremy Wacksman took over in Aug. 2024 — orchestrating Zillow’s recovery from its infamous home flipping flop, which incinerated $1B+.
The plot twist: While buyers can’t afford homes, ~230M monthly users are still “Zillow Surfing,” generating revenue from their real estate dreams. The company pivoted from transaction-dependent advertising to a one-stop app that monetizes everything from browsing to mortgages and rentals. Wacksman calls it gawking and dreaming — and with half of buyers reportedly shedding tears during the home-buying process, at least someone’s finding a way to profit off their pain.