In 2024, Zillow Group continued to cement its position as a digital real estate powerhouse, posting an impressive $2.236 billion in total revenue, marking a 15% increase from the previous year. While the growth indicates a strong trajectory, the company still reported a net loss of $112 million—a significant improvement over its $158 million loss in 2023.
Revenue Streams: A Diversified Portfolio
Zillow’s revenue is driven by three main business segments:
- Residential (“For Sale”) Services: The largest contributor to Zillow’s revenue, this segment—anchored by the Premier Agent advertising program—generated $1.739 billion in 2024.
- Rentals: This segment saw $453 million in revenue, reflecting a 27% year-over-year growth, thanks in part to a 41% surge in multifamily rental revenue during the fourth quarter.
- Mortgages: With $145 million in revenue, Zillow’s mortgage services grew 51% year-over-year, fueled by a 90% increase in purchase loan origination volume.
Zillow’s revenue diversification highlights its push to become a one-stop platform for the entire real estate journey—from searching and renting to buying and financing.
Overhead and Operating Expenses
Despite the encouraging revenue growth, Zillow’s total operating expenses climbed to $2.433 billion in 2024, nearly 10% higher than the year prior. These overhead costs encompass:
- Sales and marketing
- Technology and product development
- General and administrative operations
- Depreciation and amortization
This mismatch between revenue and expenses contributed to the company’s net loss, underscoring the importance of cost efficiency even amid growth.
Strategic Outlook: Betting Big on Rentals
Looking ahead, Zillow is placing a strong strategic focus on its rentals business, identifying it as a potential billion-dollar revenue opportunity. The recent exclusive partnership with Redfin to syndicate multifamily rental listings further bolsters this initiative.
As the real estate landscape continues to evolve, Zillow is making calculated investments in technology, expanding its services, and optimizing its operations—all while navigating the challenges of balancing revenue growth with overhead control.
With a sharpened focus on rentals and a growing mortgage business, Zillow is aiming to turn financial momentum into profitability in the coming years.