Why we remain committed to transparency in the housing market; plus, new research shows positive change

Private listing networks are damaging the housing market, harming buyers, sellers and agents

The limitations and challenges posed by private listing networks are deep and widespread, slowing down and rolling back progress in the real estate market. Earlier this month, Zillow CEO Jeremy Wacksman wrote about the damage they’re causing, arguing that these practices hinder open, fair and transparent access to listings.

When a home is sold off-MLS , all parties involved are negatively impacted. The restrictions brought about by private listing networks harm sellers, buyers and agents alike — which is why our concerns about these networks have been shared with legislators, regulators and consumer advocates nationwide. We are actively collaborating with policymakers across various states to promote transparency and choice in the real estate sector.

This is a value that extends far beyond four walls, and we are dedicated to preserving transparency and choice. We encourage you to learn more about why it’s so important.

Off-MLS home sellers left more than $1 billion on the table over the past two years

Speaking of private listing networks, some real estate brokerages are increasingly pushing sellers to list their homes off-MLS. Why does this matter?

According to a recent Zillow survey, sellers who transacted off-MLS collectively left more than $1 billion on the table over the past two years. This significant financial loss impacted sellers in more than 95% of the states included in the study, hitting homes in all price tiers (from the bottom tier all the way up to luxury).

If a home is only visible to buyers locked into a contract with that same brokerage, who is that really helping? Our data is clear: Homes sold off a multiple listing servicethe MLS typically sold for $4,975 less than those listed on anthe MLS, a median loss of 1.5% nationwide. It’s simple: more eyeballs equals more money. To learn more about how you can sell your home quicker and for more money, check out our latest how-to video.

Friend, not foe: AI is the best co-pilot for real estate agents

The right tech should make everyone’s job easier, not harder. Our decade-long investment in AI technology is a cross-functional effort aimed at helping agents work more efficiently, streamlining the home-buying and -selling process, and freeing up more time for what really matters: the agent-client relationship. That connection isn’t going anywhere. (In fact, there’s been an increase in the number of consumers working with agents.)

This month, we wanted to address some of the uncertainty about AI technology while providing our own insights into how to make it work for you, not against you. AI isn’t here to replace agents — it’s here to support them.

Black first-time home buyers see strongest rebound as national rates decline

While national rates of first-time home buyers have declined, Black buyers have seen a notable rebound. Sixty-two percent of Black home buyers purchased their first home in 2024, a steady upward trend from last year. In contrast, overall first-time buyers accounted for only 44% of the market, down from 50% in 2023.

In other words, despite affordability challenges and system barriers, Black first-time home buyers are outpacing other racial groups and the national average. But there is still a lot of work to be done.

Homeownership is a critical factor in reducing wealth inequality, particularly for Black households. The rapid rise in home values during the pandemic coupled with a doubling of mortgage rates have further strained housing affordability, intensifying the challenges buyers face. If you’re interested in reading more about how this has affected Black homeownership, we have more research data here.

The end of the fixer-upper: Remodeled homes sell for the highest premiums

We would like to send our deepest condolences to all of the many reality-TV house-flipping shows. Turns out, home buyers are no longer flocking to fixer-uppers. In reality, buyers are willing to pay nearly 4% more than expected for a home that is already remodeled.

---- Quick fact: "Remodeled" has the highest sale price premium of all 359 listing keywords Zillow analyzed across more than 2 million homes listed for sale in 2024. ----

“Buyers who are already stretching their budget to afford a home in today’s market may not be willing or able to spend more on renovations or repairs. A remodeled home may come with a higher price tag, but a buyer would get to spread that additional cost over the course of a 30-year mortgage versus paying cash upfront to make similar upgrades themselves.” — Amanda Pendleton, Zillow home trends expert

“Bloomberg Talks” podcast: Zillow Group CEO Jeremy Wacksman Talks US Housing Market

CEO Jeremy Wacksman joined Bloomberg for a 15-minute live interview to discuss Zillow’s earnings report, business strategy, real estate market trends, policy reform and more.?

CNN Business: Singles in this city pay the most to live alone

“Nationwide, the typical annual savings for a pair of cohabitating renters is $15,123. That’s more than $25,000 lower than the New York City average. ‘New York City is abundant with young people looking to live alone. People want to live there, and because the demand is so high, that is a major reason for the discrepancy,’ said Emily McDonald, Zillow’s rental trends expert.”

The New York Times: Which Costs More: A Super Bowl Ticket or Your Mortgage?

“Between the home cities of the two teams, the typical monthly mortgage payment was lower in Kansas City, Mo., at $1,544. That means a hometown Chiefs fan hoping to cheer on Patrick Mahomes (or maybe catch a glimpse of Taylor Swift) in person would have to pay more than three times their monthly mortgage for one ticket. In Philadelphia, the typical mortgage payment was $1,871, making a $4,800 ticket equivalent to 2.6 house payments.”

Cloud HQ isn’t just about where we work — it’s about how we work best. Here at Zillow, we have found that when people have control over where they work, everyone wins. It creates a more connected workforce, strengthens culture, drives big results for our customers, and helps employees lead happier, more fulfilling lives. Read more about Zillow’s commitment to Cloud HQ.?

Interested in learning more? Check out career opportunities here.