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Zillow Group lays off around 300 employees in latest tech industry job cuts – GeekWire

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(Zillow Image)

Zillow Group is slashing about 300 jobs as the Seattle company looks to curb costs amid a slowing real estate market and broader economic uncertainty.

The cuts were first reported by TechCrunch. The company did not say how many positions were affected. Zillow had nearly 5,800 employees as of August.

Many tech companies are laying off employees or slowing the pace of hiring with ongoing inflation and a potential recession looming, following a period of rapid growth during the pandemic for various software providers.

Real estate companies in particular are feeling the impact of rising mortgage rates and slowing home sales. Redfin, another Seattle real estate giant, laid off 8% of it workforce in June, citing “market conditions.”

In August, Zillow said it expected total industry transaction dollar volume to “meaningfully contract year-over-year” in the second half of 2022 due to housing trends. It said revenue from its core Premier Agent business unit was expected decrease more than 20% year-over-year in the third quarter. The company cited lower home purchase demand driven by increases in interest rates, and lower home price appreciation driven by softening demand and growing inventory (though still lower than pre-pandemic levels).



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