The Real Deal New York

Zillow is worth more than $10B now: report

Listings giant posted record profits in 2017
March 14, 2018 09:12AM

Zillow’s Spencer Rascoff

Zillow Group’s market cap crossed the $10 billion threshold for the first time amid strong profits.

The Seattle-based firm, which runs several real estate listing sites, including StreetEasy, made $1 billion in revenue last year. Since March 1, its stock was up by 10 percent. “They’re showing that the business model can be profitable,” real estate technology consultant Mike DelPrete told Inman.

As of Tuesday, Zillow’s shares traded at $57 each — a combined $10.5 billion.

StreetEasy, the New York-centric residential listing website owned by Zillow, began charging agents for rental listings last year. It also rolled out its controversial premier agent feature, which allows agents to pay to put their name next to online listings.

Zillow, led by CEO Spencer Rascoff, is also battling Rupert Murdoch’s and the CoStar Group for supremacy in the listing market. [Inman]Konrad Putzier