Realtor.com Q1 2027: Move Inc. Revenues up 5% Despite Lead Volume Slowdown

Realtor.com, one of the United States' largest real estate platforms and part of Move Inc., recorded its eighth consecutive quarter of growth in its latest financial results.

Highlights include:

• Digital Real Estate Services revenues were $529m, up 10% (including revenue growth at REA Group)
• of which, Move Inc. revenues grew to $160 million, up 5% year-on-year
• Digital Real Estate Services EBITDA was $212m, up 34% (including revenue growth at REA Group)

Digital Real Estate Revenues at News Corp—which includes REA Group in Australia and Move Inc. (Realtor.com)—increased $50 million for the quarter, up 10% year-on-year. Segment EBITDA in the quarter increased $54 million, or 34%, compared to the prior year, due to higher contributions from both REA Group and Move. Adjusted Revenues and Adjusted Segment EBITDA increased 4% and 23%, respectively.

Robert Thomson, Chief Executive at Move Inc., said:

“In a housing market constrained by 7-percent-plus mortgage rates, Damian [Eales, CEO Realtor.com] and the team have exhibited exceptional discipline in their operational focus and AI integration, and that approach has converted revenue growth into meaningful bottom-line expansion. They also continue to lead the industry in engagement, with 4.9 visits per unique user in Q1 according to Comscore, well above their competitors, while Realtor.com remains the leading publisher of residential real estate news in the world’s largest property market."

Quarterly revenue growth at Realtor.com was driven by the growth in Real ProSelect, its premium marketing solution for top-performing agents and teams. Strong demand for and increased penetration of Real ProSelect continued to drive higher yields, complemented by a strategic focus on higher-priced listings, which offer greater monetisation potential. We continued to diversify the revenues, with adjacencies — comprising New Homes, Rentals, and Sellers—increasing to 23% of total revenues.

Move’s revenues in the quarter increased $8 million, or 5%, to $160 million, primarily as a result of higher sales of RealPRO SelectSM, which drove both higher revenues per lead and annual contract value, and continued revenue growth across sellers, new homes and rentals.

Based on Move’s internal data, average monthly unique users of Realtor.com’s web and mobile sites for the fiscal first quarter were 66 million, an 8% decrease compared to the prior year driven primarily by broader macroeconomic trends and a focus on higher quality leads, with lead volumes decreasing 11% compared to the prior year period.

Damian Eales, CEO at Realtor.com, penned a lengthy blog post about the quarter's results, writing:

"Despite a constrained housing market, Realtor.com’s strategy is delivering positive results, and we’re well positioned to grow as conditions improve. Our focus remains on investing in our audience and AI tools that enhance a consumer’s experience and augment the role of the professional agent. We averaged 263 million monthly visits last quarter, continuing to grow our market share year over year.

"On the consumer side, product improvements gave consumers more useful information and a better experience from first search through ownership. Our AI-first, natural language search experience, RealAssist AI, has continued to perform well, with early results pointing to substantially improved engagement and enquiry.

"On the client side, performance continued to be driven by stronger monetization and demand for our premium solutions for top-performing agents and teams. RealPro Select continues to grow and deepen its share of revenue mix as we enhanced the platform with stronger lead generation, branding, productivity tools, and training capabilities last quarter.

"Existing-home sales continue to hover near 4 million, while mortgage rates remained near 7%, keeping the U.S. housing market under pressure last quarter. Even so, Realtor.com grew revenue 5% year over year, our eighth straight quarter of growth. We delivered meaningful bottom-line expansion through AI-driven efficiencies and strong demand for premium client products. In a constrained housing market, Realtor.com’s performance last quarter reflects the resilience of our audience, product strategy and business model."