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Seattle-based real estate company Zillow Group laid off an unspecified number of employees, the company confirmed Friday.
According to a statement from Zillow to GeekWire, the cuts impacted roles on reorganized agent software and advertising teams:
“As part of our ongoing commitment to working with our agent customers to offer a digitized and integrated experience to more movers in more markets, we are focused on the long-term growth of the products and business solutions we offer to agents. We feel as confident as ever about this strategy, and we continue to prioritize investment in the areas that will most benefit our agent customers.
“This week we’ve made some changes to the organizational structure of several agent software and advertising teams, resulting in the elimination of certain roles. We are grateful to the impacted employees for their contributions to Zillow and are ensuring their transition is as smooth as possible. While decisions like these are never easy and never our first choice, we believe responsibly managing our resources has positioned our teams well to deliver for consumers, agent customers and the broader real estate industry in 2025.”
The move comes at the same time that Seattle-based real estate competitor Redfin made another round of job cuts, laying off 46 employees. A Redfin spokesperson said those reductions affected primarily managers in headquarters, program, and field leadership roles.
Amid a tough real estate market, mortgage rates reached 6.93% this week, the highest level since July. Home listings are up, but partly due to unsold homes sitting on the market, Redfin reported. In one bright spot for buyers, affordability didn’t get worse in 2024.
Zillow reported revenue of $581 million and adjusted earnings of $127 million during third quarter earnings in November.
In August, Zillow named longtime executive Jeremy Wacksman as new CEO, taking over from co-founder Rich Barton.
