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Scan for outdated or missing drivers - takes under a minuteDriver Scan →Clear out junk files and repair common Windows errorsFree Scan →Zillow Group reported third-quarter 2024 revenue of $581 million, up 17% from $496 million in the same quarter of 2023. The company announced the results on November 6, 2024, for the three months ended September 30, 2024. Rentals revenue grew 24% and Mortgages revenue grew 63%, both from smaller bases than Residential, which remained the largest segment at $405 million (up 12%). Zillow also reported a GAAP net loss of $20 million for the quarter, so the revenue gain did not translate into GAAP profit.
These are historical results from roughly two years ago. They describe what Zillow reported for that quarter, not its current performance.
What Zillow reported for Q3 2024
The figures below come from Zillow’s Q3 2024 earnings release, its Q3 2024 shareholder letter, and its Form 10-Q for the quarter ended September 30, 2024. Zillow said the quarter’s results exceeded the company’s revenue and Adjusted EBITDA outlook. In the release, revenue was $28 million above the midpoint of the outlook range.
| Revenue line | Q3 2024 revenue | Year-over-year growth | Driver Zillow stated |
|---|---|---|---|
| Residential | $405 million | 12% | Conversion improvements as more buyers and sellers transacted with Zillow agent partners; the 10-Q also cites Follow Up Boss, Premier Agent conversion, ShowingTime+ services and New Construction |
| Rentals | $123 million | 24% | Multifamily revenue up 38%, which Zillow called the primary driver |
| Mortgages | $39 million | 63% | Purchase loan origination volume up 80% year over year to $812 million |
| Other | $14 million | Not stated in the Q3 2024 release figures | Not stated |
| Total | $581 million | 17% (from $496 million) | Company-level result |
Segment drivers, explained
Each segment grew for a different reason, and the company’s explanations are management’s own account of what drove the numbers. They are not independent measurements of cause and effect.
#1 Best Overall
Residential: the largest line, growing at a steadier pace
Residential was still the biggest named revenue line at $405 million, and it grew 12%. Zillow linked part of that increase to conversion improvements, meaning a larger share of buyers and sellers who used its platform completed transactions with Zillow agent partners. The Form 10-Q lists specific product lines behind Residential growth: Follow Up Boss, Premier Agent conversion, ShowingTime+ services and New Construction. Those product names help readers see what sits inside the segment, though the filing does not break out a dollar contribution for each one in the material cited here.
Rentals: multifamily was the main engine
Rentals revenue reached $123 million, up 24%. Zillow said multifamily revenue rose 38% and was the primary driver of the segment’s growth. Because multifamily is a subset of Rentals, a 38% gain in that line is consistent with the overall 24% segment increase, but the Q3 2024 figures cited here do not give the multifamily dollar amount. The 10-Q describes Rentals as including rental applications, which is a separate revenue stream from listing and advertising.
Rank #2
Mortgages: purchase lending volume did the work
Mortgages revenue rose 63% to $39 million. Zillow tied the increase to purchase loan origination volume, which grew 80% year over year to $812 million. Purchase loans are tied to home sales, so this segment’s growth depends on how many buyers finance a purchase through Zillow’s mortgage offering. The 10-Q also explains the sources of mortgage revenue in more detail.
Why revenue growth did not mean profit
Revenue and profit are measured differently, and the Q3 2024 release reports both sides:
- GAAP net loss: $20 million for the quarter. This is the bottom line under U.S. generally accepted accounting principles.
- Adjusted EBITDA: $127 million. This is a non-GAAP measure that excludes certain items, such as depreciation, amortization, interest, taxes and stock-based compensation, as defined in Zillow’s reconciliation. It is useful for comparing operating performance across periods, but it is not a substitute for net income or net loss.
Readers should not treat the 17% revenue growth as evidence that the company was GAAP profitable in the quarter. It was not, according to the figures reported.
Reading the segment totals correctly
The three named segments add up to $567 million ($405 million + $123 million + $39 million). The remaining $14 million of Other revenue brings the total to $581 million. Summing only Residential, Rentals and Mortgages and presenting $567 million as consolidated revenue would understate the company’s reported total.
Industry context and its limits
Zillow said the residential real estate industry’s total transaction value grew 2% in the quarter, citing the National Association of Realtors, and that its own revenue outperformed that measure. This comparison is the company’s own framing. Industry transaction value and Zillow’s revenue are different measures, so the gap should not be read as a market-share figure or as a like-for-like performance benchmark.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Audience scale reported for the quarter
Zillow reported an average of 233 million monthly unique users and 2.4 billion visits in Q3 2024. These are company-reported traffic measures for that quarter. They show the scale of the audience that feeds its lead and advertising businesses, but they do not on their own show how much of that traffic converted into revenue.
The Tool Desk
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In the November 6, 2024 earnings release, CEO Jeremy Wacksman said: “Zillow had another strong quarter, with 17% total revenue growth year over year. I’m proud of how we are executing our strategy to serve renters, buyers, sellers, agents and the broader residential real estate industry.” He added: “We continue to invest in tech solutions to build the integrated transaction experience consumers demand and deserve.” These are dated statements of strategy from management, not independent validation of the company’s results.
The Q3 2024 shareholder letter also set a goal of raising customer transaction share to 6% by the end of 2025. That was a target stated at the time. This article does not establish whether Zillow reached it, and readers should check later company filings for the outcome.
Quick Recap
Where to verify the figures
- Zillow Group, “Zillow Group Reports Third-Quarter 2024 Financial Results,” earnings release dated November 6, 2024, filed with the SEC. Use this for the headline revenue, segment figures, GAAP net loss and Adjusted EBITDA reconciliation.
- Zillow Group, “Q3 2024 Shareholder Letter,” dated November 6, 2024. Use this for management’s strategy commentary and the 6% transaction-share goal.
- Zillow Group, Form 10-Q for the quarter ended September 30, 2024. Use this for the detailed description of revenue categories and the product lines cited within Residential growth.
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