Redfin Corporation reported a revenue of $1.04 billion for the fiscal year ended December 31, 2024, marking a 7% increase from $976.7 million in 2023. The growth was primarily driven by a 4% rise in real estate services revenue, which totaled $642.9 million, alongside a 10% increase in rentals revenue to $203.7 million. However, the company continued to face challenges, posting a net loss of $164.8 million, compared to a loss of $126.4 million in the previous year. This loss was attributed to ongoing macroeconomic pressures, including high mortgage rates and inflation, which have dampened consumer demand in the real estate market.
In terms of operational metrics, Redfin's average number of lead agents decreased slightly to 1,765 in 2024 from 1,776 in 2023. The company also reported a decline in monthly average visitors to its website and mobile application, averaging 48.1 million in 2024, down from 49.5 million in 2023. Despite these challenges, Redfin maintained a U.S. market share of 0.76% by units sold, consistent with the previous year. The company has also made strategic moves, including the wind-down of its RedfinNow segment in 2023, which was aimed at refocusing resources on its core brokerage and mortgage services.
Redfin's cost of revenue increased to $678.8 million in 2024, up from $646.9 million in 2023, primarily due to higher personnel costs and transaction bonuses. The gross profit for the year was $364.2 million, resulting in a gross margin of 34.9%, an improvement from 33.8% in 2023. The company has also been restructuring its operations, leading to a 5% reduction in total operating expenses to $519.5 million, as it seeks to align its workforce with current market conditions.
Looking ahead, Redfin has entered into a partnership with Zillow, which is expected to enhance its rental listings and generate additional revenue through lead-sharing agreements. The company anticipates that this partnership, along with ongoing efforts to streamline operations and improve service offerings, will position it for better performance in the coming fiscal year. However, Redfin remains cautious about the broader economic environment and its potential impact on the residential real estate market.
About Redfin Corp
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