Insights
Homes.com Web Traffic Grows 194% in Second Quarter; Zillow Remains Share Leader
Second Quarter 2023 U.S. real estate home search traffic update also shows Opendoor dropped 45%
Similarweb’s latest look at the real estate industry’s leading search sites for buying and selling homes in the U.S. shows an overall 1% year-over-year decrease in visits in the second quarter. Seasonally, the category traffic increased by 12% over the previous quarter.
In the second quarter of 2023, Homes.com saw the most growth in web traffic on a year-over-year basis at 194%, while RE/MAX grew nearly 21% and Redfin grew almost 9%. Opendoor saw a 45% year-over-year web traffic decline, and Rocket Homes saw a 31% drop in traffic.
Zillow led in share of traffic among real estate peers for the second quarter (based on a look at seventeen leading peers) with a 43% share estimate. Zillow is scheduled to report second-quarter earnings on August 2. Redfin showed a notable share gain this month of 0.6 percentage point, and is scheduled to report earnings on August 3.
Key metrics
- When Zillow, Trulia, and Streeteasy are combined, their market share of traffic approaches 52% of the category, and represents Zillow Group’s leading position. Overall, the top 10 sites continued to control 98% of traffic share.
- Only three of the seventeen sites tracked saw a year-over-year increase in traffic: Homes.com, RE/MAX, and Compass.
- Homes.com, Redfin, and RE/MAX were the share gain leaders, while Realtor.com, Zillow, and Movoto lost the most share.
Web traffic growth shows Homes.com performed best, Opendoor worst, continuing the trend from past months
We watch traffic to these home search sites as a proxy for potential demand, as most consumers visit these websites before making in-person visits and purchases. The chart below shows the change in web traffic on a year-over-year basis. Homes.com saw tremendous growth, while Opendoor performed the worst. Homes.com appears to be benefiting from its increased advertising spend. Opendoor’s instant home buying value proposition looks to have fallen out of favor with consumers, while interest rates continue to negatively impact traffic to Rocket Homes, which relies heavily on mortgage-related inquiries.
Share of traffic finds Zillow still leading, peers still lagging
The below chart shows the relative market share of each company in the peer group relative to each other (share of traffic). Zillow leads with 43%, followed by Realtor.com at 19%, Redfin at 15% and Trulia at 7%. Traffic to Compass, Keller Williams, and eXp Realty barely registers amongst peers, while they are industry leaders in transaction units and volume.
Changes in share of traffic show Realtor.com, Zillow performing the worst
Shifts in share of traffic year-over-year show that Realtor.com (-1.3 percentage points) and Zillow (-0.5 percentage point) performed worst in the second quarter, while Homes.com (+1.5 percentage points) and Redfin (+0.6 percentage points) did the best.
Zillow has shown a consistent lead over the past year, while Homes.com continued its momentum in gains. Realtor.com has been fading over the past twelve months.
The list of the real estate sites in this report and their traffic rankings is below.
| Brand or Co | Domain | Q2 2023 Visits | Visits YoY | June 2023 Share | Share YoY pp |
| Zillow | zillow.com | 940,737,415 | -3.0% | 43.0% | -0.5 |
| Realtor.com | realtor.com | 406,009,603 | -13.3% | 18.6% | -1.3 |
| Redfin | redfin.com | 321,434,402 | 8.6% | 14.7% | 0.6 |
| Trulia | trulia.com | 157,967,414 | -1.0% | 7.2% | 0.0 |
| Homes.com | homes.com | 96,067,273 | 194.1% | 4.4% | 1.5 |
| Movoto | movoto.com | 74,387,284 | -11.0% | 3.4% | -0.2 |
| OneHome | onehome.com | 53,205,515 | -2.9% | 2.4% | 0.0 |
| RE/MAX | remax.com | 36,761,499 | 20.5% | 1.7% | 0.2 |
| Streeteasy | streeteasy.com | 27,716,063 | -3.1% | 1.3% | 0.0 |
| Compass | compass.com | 27,169,088 | 5.4% | 1.2% | 0.0 |
| Century 21 | century21.com | 9,025,144 | -26.6% | 0.4% | -0.1 |
| Coldwell Banker | coldwellbanker.com | 8,595,511 | -11.7% | 0.4% | 0.0 |
| Rocket Homes | rockethomes.com | 6,502,478 | -30.7% | 0.3% | -0.1 |
| Keller Williams | kw.com | 6,232,552 | -24.6% | 0.3% | 0.0 |
| eXp Realty | exprealty.com | 5,388,420 | -0.1% | 0.2% | 0.0 |
| Opendoor | opendoor.com | 4,665,095 | -44.7% | 0.2% | -0.1 |
| Homelight | homelight.com | 4,133,724 | -5.9% | 0.2% | 0.0 |
Publicly traded companies that own the websites mentioned in this report include Zillow Group (NASDAQ: Z, ZG), Redfin (NYSE: RDFN), News Corp (NASDAQ: NWS, NWSA), CoStar Group (NASDAQ: CSTR), Rocket Companies (NASDAQ: RKT), eXp World Holdings (NYSE: EXPI), Opendoor (NASDAQ: OPEN), Anywhere Real Estate (NASDAQ: HOUS), RE/MAX Holdings (NASDAQ: RMAX), Compass (NYSE: COMP).
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