Layoffs at Redfin, Zillow
The Seattle-based companies confirmed the cuts. Redfin said no agents were among the 46 staff affected; Zillow didn't disclose how many employees were let go.
This story originally appeared on GeekWire, which covers technology and business, including the real estate industry.
Redfin laid off 46 employees on Thursday, in another round of job cuts at the Seattle-based real estate company.
A spokesperson confirmed the layoffs, which affected "primarily managers in our headquarters, program, and field leadership roles," according to the company's statement to GeekWire.
No agents were impacted and the company said it is "continuing to aggressively hire agents."
Redfin employs more than 4,000 people.
The company has had multiple rounds of cuts over the past two years as it navigates 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.
In 2022, responding to a housing market slowdown, Redfin laid off staff and ditched its iBuying program. It also laid off 4% of its workforce, or 201 employees, in April 2023, and did another layoff in August 2024.
Redfin reported revenue growth of 3% to $270 million in its most recent quarter. Net loss came in at $33 million, up from $19 million in the year-ago period.
Real estate industry changes from the National Association of Realtors settlement, including a substantial shift in the agent commission structure, went into effect last year.
Redfin last year rolled out Redfin Next, a new compensation model for its agents that eliminated salaries and has expanded to more cities.
GeekWire also reported layoffs at Zillow this week. On Jan. 10, GeekWire's Kurt Schlosser shared a statement from Zillow confirming an unspecified number of cuts:
"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."