New-construction listings from Zillow Group will soon be automatically syndicated to Redfin, connecting house builders with purchasers on both platforms.
Redfin will exclusively source non-MLS new-construction properties from Zillow once the agreement is launched. Redfin will continue to display new-construction listings that are available through an MLS. Redfin will begin syndication of Zillow partner builders’ listings in the fourth quarter of 2023.
According to Zillow’s June 2023 Housing Market Report, new single-family house sales increased 23.8% over the previous year. According to Zillow, this is due in part to a shrinking inventory of existing homes, with consumers turning to new construction to locate a home that matches their needs. According to Zillow’s June 2023 Housing Market Report, there were 28% fewer new properties posted to the market this June compared to previous year. According to a Redfin research, one-third of single-family houses offered for purchase in the first half of 2023 were new construction, a record-high ratio.
“Zillow offers a unique platform for home builders to showcase their communities and connect with potential buyers.”
“Zillow’s Community pages, in particular, help buyers understand the benefits of a new-construction home and provide home builders with a place to highlight all of the amenities within a new-build community,” said Owen Gehrett, vice president and general manager of Zillow’s New Construction. “The collaboration with Redfin broadens access to this unique and valuable resource.” It benefits home builders by increasing their reach to more home purchasers, while helping home shoppers to make confident and educated decisions no matter where they shop.”
Zillow boasts the most new-construction communities of any real estate website in the United States, whereas Redfin’s real estate brokerage website has 50 million monthly visitors.
“With buyer demand outstripping supply of existing homes for sale, Redfin’s home-buying customers are increasingly turning to new construction,” said Adam Wiener, president of real estate operations at Redfin. “Our partnership with Zillow will assist our customers in discovering more homes that meet their criteria.” This is a win-win situation for our customers, brokers, and builders that advertise on Zillow and will now access Redfin homebuyers. The collaboration generates fresh revenue while allowing us to focus on what we do best: assisting consumers in buying and selling homes with local Redfin agents.”
Redfin will deploy new tools powered by Zillow’s Community pages as part of the rollout to assist buyers discover new-construction neighborhoods and engage with house builders. These sites feature photographs, videos, community maps, and amenity descriptions to promote community assets. According to Zillow’s 2023 New Construction Consumer Housing Trends Report, 53% of new-construction buyers place a high value on shared amenities like clubhouses and fitness centers, whereas only 24% of existing home buyers do.
Community pages also give a direct connection to the builder’s website, contact information, and sales center hours, as well as a list of all available houses for sale inside the community, including homes that are move-in ready, nearly complete, and lots.
