Home listing site Zillow is expanding its Zillow Offers program into Cincinnati, Ohio this year, marking the 24th market in which the online home buying and selling platform is available.
In 2019, Zillow purchased 6,511 homes and sold 4,313 homes through its Zillow Offers markets. The company charges a service fee on each purchase, which was between 6% and 9% of the final sale in the fourth quarter of 2019.
“Cincinnati is one of the hottest markets out of the major metros. It has the fourth fastest-growing prices in the country right now,” says Zillow economist Jeff Tucker. “So what that really looks like for people in the day to day is that there’s more competition for listings. There are fewer listings out there, and [inventory is] near-record lows right now. So that means more competition at every open house you go to with fewer options, and that’s challenging for families because it makes a harder time to find the right fit.”
Zillow plans to expand its platform into Jacksonville, Fla. and Oklahoma City later this year.
