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The first quarter of 2025 reveals a real estate industry in motion — not just responding to headwinds, but actively reshaping its future. Tech-forward platforms like Zillow and CoStar Group are capitalizing on strategic growth areas, with Zillow returning to profitability and CoStar continuing its expansion of Homes.com.
At the same time, traditional and alternative players are sharpening their operational edges: LoanDepot and Douglas Elliman both narrowed losses while boosting revenue, and Guild’s mortgage originations soared despite a headline loss tied to a servicing writedown.
Yet the shakeups persist. EXp Realty’s agent count declined again, Redfin saw revenue dip ahead of its Rocket merger and Offerpad continues to battle soft sales, despite ramping up acquisitions. Meanwhile, Blend is reassessing its business model amid shrinking mortgage revenue, and Mr. Cooper’s servicing portfolio contracted for the first time in two years.
Across the board, companies are betting on efficiency, innovation and scale — some with clearer wins than others. Here’s how the top names performed in Q1 and what their results suggest about the industry’s evolving priorities.
The portal lifted its rental and mortgage segments in the first three months of 2025, earnings data shows. CEO Jeremy Wacksman said the gains came despite a tough market.
Revenue grew by 12 percent to $732 million, and the Homes.com salesforce expanded to 370 people on the way to a goal of 500 reps, according to quarterly earnings data.
Company founder Anthony Hsieh, who returned to the executive leadership team in March, says investments in technology, connections to real estate agents and joint ventures with homebuilders will help it scale.
The iBuyer revealed that it bought 3,609 homes in the first three months of 2025. That number represents a 4 percent year-over-year increase.
First quarter revenue was up year over year to $253.4 million and net loss decreased significantly on an annual basis to $6 million or $0.07 per diluted share, according to Q1 earnings data.
Shares in Guild Holdings gain 10 percent as investors recognize $23.9 million net loss for the quarter was driven by a $70 million writedown in the fair value of Guild’s mortgage servicing rights portfolio.
Blend posted a $9.4 million loss in the first quarter as the slow pace of home sales pulled revenue from its mortgage software suite down 22 percent from Q4. Its consumer banking suite brought in $9.6 million.
Executives put a positive spin on prospects for growth, with loan origination volume up 17 percent from a year ago to $32.4 billion, with refi boom helping drive 5 percent increase in revenue to $613.4 million.
At $15.1 million, Offerpad’s Q1 net loss was down 14 percent from Q4 2024, with home acquisitions up 18 percent to 454. A 9 percent drop in home sales caused revenue to shrink by 8 percent to $160.7 million.
Nation’s largest loan servicer turned an $88 million Q1 profit and remains on track to be acquired by Rocket in Q4, a deal that’s prompted United Wholesale Mortgage to cut ties to Mr. Cooper.
In its final quarter before it unveils a major update, the short-term rental leader posted $154 million in profit from 143.1 million total bookings on the Airbnb platform.
Despite a year-over-year decline in Q1, CEO Glenn Kelman voiced confidence as Redfin continued to finalize its $1.75 billion all-stock merger with Rocket Companies.
Move Inc. grew revenue for the second consecutive quarter, despite declines in lead volume and suppressed web and mobile traffic at Realtor.com, earnings data shows.
New Elevate program providing “concierge-level services” to agents is off to such a strong start that Fathom executives have temporarily suspended guidance while they rework the 2025 forecast.
Home loan giant boosts Q1 mortgage production by 7 percent, to $21.6 billion, and executives say plans to acquire Redfin and Mr. Cooper remain on track to close this year.
Despite a slower housing market, the brokerage’s revenue grew 28.7 percent year over year in Q1 while transactions rose 27.8 percent.
The cloud-based brokerage lifted agent count 11 percent between the end of December and March, according to quarterly earnings data. Real now boasts over 27,000 agents.
Revenue fell to $74.5 million, down from $78.3 million a year earlier, marking the 11th-straight quarter of decline, according to financial results posted by RE/MAX.
A $1.95 trillion asset cap that’s limited the bank’s growth could be lifted in Q2 with CFPB and other regulators having closed 12 of 14 consent orders aimed at remedying past business practices.
The franchisor’s performance was driven by its luxury brands. President and CEO Ryan Schneider also reaffirmed during an investors’ call the company’s stance on Clear Cooperation.
Jessi Healey is a freelance writer and social media manager specializing in real estate. Find her on Instagram, LinkedIn, Threads, or Bluesky.
