Facing an historically low inventory of existing homes for sale, a growing number of prospective buyers are shifting their search to new construction. And Zillow, a member of the NAHB Leading Suppliers Council, is making that shift even easier for consumers.
Zillow’s new-construction listings will soon be automatically syndicated to Redfin, connecting home builders with millions of motivated buyers on both platforms. The partnership will dramatically expand the reach of builders’ listings on Zillow and allow Redfin customers to explore a broader range of new-construction homes for sale, helping create a more seamless home buying experience.
The new partnership comes at a pivotal time in the housing industry. In July 2023, new single-family home sales were up 31.5% from a year ago. In contrast, Zillow’s latest market report shows there were 28% fewer new listings of existing homes added to the market this June compared to last year. Moreover, a Redfin analysis found that in the first half of 2023, one-third of single-family homes available for buyers to choose from were new construction, a record-high share.
Zillow boasts the largest selection of new-construction communities of all real estate websites in the United States, making it a top choice for prospective buyers seeking new homes and builders looking to connect with those consumers. Through this partnership, builders will also market their new-construction communities to Redfin’s extensive customer base of 50 million monthly visitors. Builders partnering with Zillow will begin to see their listings and communities syndicated to Redfin in the fourth quarter of 2023.
As part of the rollout, Redfin will launch new features to help buyers discover new-construction communities and connect with home builders, powered by Zillow’s Community pages. These pages highlight important community amenities, featuring photos, videos, community maps and amenity details, which is incredibly important to new-construction buyers. According to Zillow’s 2023 New Construction Consumer Housing Trends Report, 53% of new-construction buyers greatly value shared amenities such as clubhouses and fitness centers, compared to only 24% of existing home buyers.
Community pages also list all available lots and homes for sale within the community, including homes that are move-in ready or nearly complete.Additionally, the pages provide a direct link to the builder’s website, contact information and sales center hours. These features enable builders to showcase their homes, amenities and details in one convenient place, and soon, the features will be accessible to both Zillow and Redfin shoppers.
For more information, please visit Zillow’s New Construction Resource Center. And for more information about joining the Zillow network, contact Qadra Evans, director of industry relations and new construction at Zillow Group.
This article was published as a benefit of membership within the NAHB Leading Suppliers Council.