CoStar Makes Strategic Acquisition to Further Hold Claim to the US Residential Market

November 24, 2020
Share this Post: 

The move puts it in direct competition with other big-hitters like Zillow

Further supporting its foray into the residential sector, CoStar Group has entered an agreement to acquire Homesnap for $250 million, making it a direct rival of market giant, Zillow.

Known for being one of the top providers of commercial real estate data and analytics, CoStar began its journey into residential real estate with apartments.com, and later, with the purchase of real estate auction platform, auction.com’s parent company, Ten-X.

Homesnap brings with it a portfolio of 90% of the residential real estate market in the U.S., tripling CoStar’s current market coverage.

CoStar Group founder and CEO Andy Florance said:

“We will continue to differentiate our residential real estate portal and solutions by working solely to help agents market their [Homesnap] listings and their brands, which is in sharp contrast to other portals that increasingly advertise on top of agent listings and offer brokerage services directly.”

By itself, Homesnap has yet to be able to compete with the big-hitters in the U.S. market.

“We are excited to join CoStar Group and leverage their 30 years of knowledge and experience in property data, software and marketing to take advantage of this significant growth opportunity.”

November 24, 2020
Victoria has been writing about property portals and marketplace sites for Online Marketplaces for over 3 years. She is also our resident artist and is responsible for all of the infographic content on the site.

Subscribe to our mailing list to get news updates!

Enter your email address and get updates from Online Marketplaces.

Related News

Propertyguru Board Room
PropertyGuru Appoints REA Group CEO Owen Wilson to Board of Directors as a Non-Independent Director

Southeast Asian property portal operator PropertyGuru has announced the appointment to its board of REA Group CEO Owen Wilson. Wilson...

Read More
La Haus Queretaro
La Haus Growing Fast and Looking to Add Financing Products

Colombian PropTech startup La Haus has expanded to another Mexican city and is looking to increase the financial solutions it...

Read More
Rae Group Mortgages
REA Group to Consolidate Mortgage Brokerage Offering Under One Brand

Australian portal operator REA Group has announced that its mortgage brokerage business will operate under one brand. In 2017 REA...

Read More
Zillow No Sale
Zillow Pauses Homebuying Citing "Operational Capacity" Issues

Zillow has paused its home buying activities as its iBuying division works through a backlog of homes already on the...

Read More

Popular News