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Last week, Rocket Companies acquired online real estate platform Redfin for $1.75 billion — a move that could reshape the digital housing market by combining Redfin’s real estate search engine with Rocket’s mortgage services. With this in mind, CivicScience surveyed consumers about their experiences with online realty platforms like Redfin and Zillow.
According to new CivicScience data, 23% of respondents use online realty platforms (e.g., Redfin, Zillow) at least ‘monthly,’ driven by young Gen Z aged 18-29, men (slightly), Democrats, and households with an income over $100K. When comparing two popular search engines, 29% have experience with Redfin, and 52% have experience with Zillow.
Interestingly, users of both platforms are more than twice as likely to browse for fun rather than when they’re in the market to buy or sell a home — with Zillow leading the way as the go-to platform for casual browsing.
Answer our Poll: How often do you look at online real estate listings, just for fun?
Zillow is also the most popular site for those looking for a place to buy or rent – 58% use the platform when in the market to buy a place, and 43% use it when in the market to rent. However, these figures have since decreased when 61% and 45%, respectively, used Zillow in 2021. Instead, a growing number of prospective renters/buyers are using Redfin, Homefinder, and Homes.com – a promising sign for Redfin, given the recent acquisition.
Use our Data: CivicScience clients leverage data like this to understand how prospective renters/buyers are changing their real estate searching habits, allowing them to stay ahead of the curve.
Despite Zillow’s considerable lead, Redfin appears poised to build on its momentum and gain some ground. CivicScience data shows Redfin users are twice as likely as Zillow users to believe now is a ‘good time’ to buy a home — a sign of more motivated buyers. Whereas, half of Zillow users say now is a ‘bad time’ to buy a home, compared to 33% of Redfin users. With Rocket Companies integrating its mortgage services and Redfin’s user base growing, the platform could emerge as a stronger competitor in the online real estate market.
Join the Conversation: Do you think now is a good time to buy real estate?
Redfin’s acquisition by Rocket Companies positions it to challenge Zillow’s dominance in the online real estate market. While Zillow remains the go-to platform for both serious buyers and casual browsers, Redfin’s growing user base and higher percentage of motivated buyers suggest it could gain traction — especially with Rocket’s mortgage services now in the mix. If the combined platform can streamline the home-buying process from search to financing, it may attract a larger share of consumers navigating today’s complex housing market.
