Decoder with Nilay Patel Zillow's CEO on growth during a housing crisis
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Mar 2, 2026 
Jeremy Wacksman, CEO of Zillow Group, leads the company from listings into an integrated transactions and services platform. He discusses building transaction tools, MLS data and transparency, agent-focused software, mortgage origination, AI-powered listing tools, and how Zillow aims to grow share even amid a housing affordability crisis.
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Zillow's Shift From Listings To Transactions
- Zillow began as a data transparency play with the Zestimate to put real estate information in consumers' hands.
- Over 20 years it evolved from an ads marketplace into an integrated transaction platform offering agent software, loans, and services to increase completed transactions.
MLS Is A Shared Commodity Not A Competitive Moat
- The MLS ecosystem is a shared cooperative of over 500 regional databases that makes most for-sale listings broadly available.
- Zillow must differentiate on product and experiences because the core listing data is commoditized and identical across sites.
Refuse Selective Listings To Preserve Transparency
- Protect transparency by refusing to accept selectively marketed listings that hide inventory from the open internet.
- Zillow enforces a 24-hour-on-internet rule to discourage firms that try to free-ride by restricting public access.