Zillow Sees Plummeting Listing Numbers

April 12, 2020
Share this Post: 

Whatever happens to the property industry after a vaccine is developed, things aren't going to go back to exactly how they were before COVID-19 began its global rampage. 

Zillow recently reported that its platform saw listings plummet 19% from March 1 to April 5, and 27% down compared to the same time last year. Total listings rose 2.5%, showing that those deciding to keep their listings up are taking on a wait-and-see strategy

In the city hit the hardest by the pandemic, New York listings fell 49% from March 1 to April 5. New listings as of April 5 were down over 50%, year-over-year.

In Seattle, Zillow's home turf, and the first city to see the Coronavirus months ago, total inventory of houses bought through Zillow Offers is up almost 38% because they aren't being sold off

This represents a dismal pattern and uncertainty for the Zillow Offers feature— something that is the epitome of Zillow's allure. CEO Rich Barton says that this doesn't mean that Zillow Offers is done for, but there is no guarantee that the service will start up again immediately after things begin to go back to normal.

There are companies keeping up their iBuying services regardless of the crisis happening in the real estate sector. Arterra Realty is keeping its iBuying scheme in motion, using a pool of funding from investors to purchase homes. Startup HomeVestors has only digitized the entire experience to support consumers staying at home. 

Zillow, like other iBuyer giants within the US sector, has suspended its iBuyer services until everything blows over. Whether Zillow can jump back from this and continue its Zillow Offers scheme, is yet to be seen.

April 12, 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 the famous, free Friday newsletter!

News and analysis to help build better online marketplace businesses, in your inbox, every Friday

Related News

Ringier Ag
Ringier (Switzerland) Agrees to Acquire 100% of Shares in Ringier One Africa Media

Swiss-based media company Ringier AG—owner of around 130 subsidiary businesses including real estate online marketplaces—has agreed to acquire almost 100%...

Read More
Funding Roundup Wynwood Homesfy
More Funding Rounds Closed as Wynwood House and Homesfy Plan Major Expansions in LATAM and India Respectively

Hot after news that UK-based Giraffe360 and Finnish iBuyer Rive each completed multi-million funding rounds, two more companies have announced...

Read More
Boomin Chain
Mortgage Advice Bureau Writes off Boomin Investment as the Failed Portal Publicises its £10M Debts

The Mortgage Advice Bureau (MAB) has written off its £2.5m investment in Boomin, the UK portal that went bust last...

Read More
Shutterstock 601941827
Zoopla and OnTheMarket Rule Out Price Breaks for Struggling Agents

British property portals Zoopla and OnTheMarket have ruled out enacting price breaks for agents struggling with the cost of living...

Read More

Editor's Pick