“Another successful quarter,” Wacksman stated. “Despite external challenges, we remained focused on executing our strategy, controlling costs, and expanding EBITDA margins.”
Advocating for Listing Transparency
Zillow continued to establish itself as a frontrunner in real estate transparency and a strong advocate of the controversial Clear Cooperation Policy.
Wacksman highlighted new listing standards aimed at providing equal access to information for all consumers.
Central to these standards is the principle that if a listing is publicly marketed to any buyer, it must be listed on a multiple listing service (MLS) and be available on Zillow and other sites receiving internet data exchange (IDX) feeds.
“Zillow was built on the foundation of providing fair and equal access to information for informed decision-making,” Wacksman explained.
“We recently introduced listing standards that encourage the industry to formalize what most already believe and practice — that a listing marketed publicly to some buyers should be accessible online to all buyers.”
eXp Realty recently announced its commitment to adopting Zillow’s standards.
“(The standards) assist agents in performing their roles effectively,” Wacksman noted. “They can view inventory and collaborate. We introduced these standards to uphold consumer welfare through buyer and seller empowerment, education, and content availability.
“We aim to uphold this standard in our market so that consumers, professionals working with us, competitors, and all industry members can continue their roles effectively.”
Mortgages and BuyAbility
The company’s mortgage revenue surged by 32% year over year to $41 million as more customers combined Zillow Home Loans with the Premier Agent service.
Zillow reported that 70% of homebuyers using its financing service are also engaging with a Premier Agent, up from 60% the previous year.
“We are increasingly confident in integrating Premier Agent with Zillow Home Loans,” Wacksman said.
Moreover, over 1.5 million customers have enrolled in Zillow’s BuyAbility tool, enabling real-time affordability assessments. In March, over 360,000 customers joined the program, according to Wacksman.
Record High Rentals Revenue
Zillow’s rental segment experienced a 33% year-over-year growth, reaching a record $129 million in Q1 2025.
The company now hosts over 2 million active rental listings, including 60,000 multifamily properties as of early May, up from 40,000 a year ago.
“Building on our momentum from 2024, we are witnessing remarkable growth in property listings and renter traffic as we expand our two-sided marketplace,” Wacksman commented.
Zillow attributed much of the revenue increase to multifamily property managers upgrading to higher-tier advertising subscriptions. Wacksman noted that multifamily rental revenue growth of 47% in Q1 2025 outpaced property count growth.
Strategic partnerships, including a new multifamily listing integration with Redfin, an ongoing distribution deal with Realtor.com, and a collaboration with AppFolio, played a critical role in expanding Zillow’s reach with renters and improving returns for advertisers.
Showcase Boosts For-Sale Business
In the realm of for-sale homes, Zillow generated $458 million in revenue from January to March, marking an 8% increase year over year.
The company highlighted the growing success of its AI-powered Showcase product, offering 3D home tours, interactive floor plans, and enhanced branding for agents.
“Agents utilizing (Showcase) are securing 30% more listings than comparable agents who do not,” Wacksman mentioned. “Showcase listings sell faster and at higher prices — typically achieving a 2% higher sales price than similar non-Showcase listings on Zillow, equating to over $9,000 in additional earnings for an average-priced home sale.”
Showcase is currently featured in about 2% of all new for-sale listings, with plans to increase that share to 5-10% in the near future, Wacksman added.
Zillow is expanding the product through direct agent sales and brokerage agreements, including a new collaboration with HomeServices of America.
Enhanced Consumer Engagement in Markets
In Q1, the Zillow platform averaged 227 million monthly unique users, with 80% of traffic coming directly or organically.
Wacksman highlighted that Zillow’s app engagement is four times higher than its closest real estate competitor and is used by two-thirds of the relevant audience.
Zillow also noted increasing traction in its “enhanced markets,” offering a fully integrated “Super App” experience.
In Q1 2025, 24% of consumer connections occurred in enhanced markets, up from 21% in Q4 2024. The company anticipates this figure to exceed 35% by year-end.