Zillow Group, Inc. Class C

Zillow Group, Inc. (NASDAQ:Z) is a digital real estate company founded in 2006 and headquartered in Seattle, Washington. The company went public in 2015 and has evolved from a simple home valuation website into what it calls a "housing super app" - an integrated platform that aims to digitize and streamline the entire residential real estate transaction process. Zillow operates through multiple brands including its flagship Zillow platform, Trulia, StreetEasy, and various service-oriented subsidiaries, serving millions of users seeking to buy, sell, rent, or finance homes across the United States.

Over the past several years, Zillow has undergone a significant strategic transformation from a simple property information website to an integrated "housing super app." The most notable pivot occurred in 2021 when the company shut down its **Zillow Offers** home-flipping business after substantial losses, refocusing entirely on its marketplace and services model. The company's current strategy centers on **Enhanced Markets expansion**, where Zillow provides more integrated services beyond basic lead generation. Starting with 9 markets in early 2023, the program has expanded to 43 markets by 2024, with 24% of customer connections now occurring in Enhanced Markets. The company targets reaching 35% by year-end 2025. In these markets, Zillow offers comprehensive services including touring coordination, mortgage lending, and closing services, capturing higher revenue per transaction. **Zillow's rental marketplace** has emerged as a major growth driver, with the segment achieving 25-47% annual growth rates. The company has expanded from 37,000 multifamily properties in 2023 to over 55,000 in 2025, building toward a $1 billion revenue target. Strategic partnerships with companies like Redfin and Appfolio have accelerated this growth by expanding property listings and improving lead quality. The **mortgage business integration** has deepened significantly, with Zillow Home Loans achieving 80-125% year-over-year growth in purchase loan originations. The company has focused on purchase mortgages rather than refinancing, integrating lending services directly into the home-buying workflow through its Enhanced Markets program. **Technology and AI investments** have accelerated, with new products like Zillow Showcase (premium listing features), real-time touring connections, and BuyAbility (affordability calculator) launching across markets. The company has also made strategic acquisitions including Follow Up Boss (CRM platform) and expanded its ShowingTime scheduling services. Following the 2024 NAR settlement changes affecting real estate commissions, Zillow has positioned itself to benefit from increased transaction transparency and potential market share gains among top-performing agents who can demonstrate clear value to consumers.