Redfin (RDFN) 10-Q 5 Aug 21 2021 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2021	Jul. 29, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	001-38160
Entity Registrant Name	Redfin Corporation
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	74-3064240
Entity Address, Address Line One	1099 Stewart Street
Entity Address, Address Line Two	Suite 600
Entity Address, City or Town	Seattle
Entity Address, State or Province	WA
Entity Address, Postal Zip Code	98101
City Area Code	(206)
Local Phone Number	576-8333
Title of 12(b) Security	Common Stock, $0.001 par value per share
Trading Symbol	RDFN
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		104,912,424
Entity Central Index Key	0001382821
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 735,387	$ 925,276
Restricted cash	52,295	20,544
Short-term investments	29,605	131,561
Accounts receivable, net of allowances for credit losses	84,757	54,719
Inventory	249,003	49,158
Loans held for sale	51,643	42,539
Prepaid expenses	18,028	12,131
Other current assets	7,152	4,898
Total current assets	1,227,870	1,240,826
Property and equipment, net	53,907	43,988
Right-of-use assets, net	58,144	44,149
Long-term investments	36,085	11,922
Goodwill	407,228	9,186
Intangibles, net	203,782	1,830
Other assets, noncurrent	14,059	8,619
Total assets	2,001,075	1,360,520
Current liabilities
Accounts payable	26,095	5,644
Accrued liabilities	102,345	69,460
Other payables	17,367	13,184
Warehouse credit facilities	46,425	39,029
Secured revolving credit facility	123,770	23,949
Convertible senior notes, net	23,428	22,482
Lease liabilities	14,633	11,973
Total current liabilities	354,063	185,721
Lease liabilities and deposits, noncurrent	60,958	49,339
Convertible senior notes, net, noncurrent	1,211,517	488,268
Payroll tax liabilities, noncurrent	7,841	6,812
Deferred tax liabilities	1,254	0
Total liabilities	1,635,633	730,140
Commitments and contingencies (Note 8)
Series A convertible preferred stock	39,846	39,823
Stockholders’ equity
Common stock	105	103
Additional paid-in capital	651,627	860,556
Accumulated other comprehensive income	77	211
Accumulated deficit	(326,213)	(270,313)
Total stockholders’ equity	325,596	590,557
Total liabilities, mezzanine equity, and stockholders’ equity	$ 2,001,075	$ 1,360,520

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Allowance for credit loss	$ 204	$ 160
Temporary equity, par value (in dollars per share)	$ 0.001	$ 0.001
Temporary equity, shares authorized (in shares)	10,000,000	10,000,000
Temporary equity, shares issued (in shares)	40,000	40,000
Temporary equity, shares outstanding (in shares)	40,000	40,000
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	500,000,000	500,000,000
Common stock, issued (in shares)	104,838,095	103,000,594
Common stock, outstanding (in shares)	104,838,095	103,000,594

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenue	$ 471,315	$ 213,665	$ 739,634	$ 404,660
Cost of revenue	345,179	167,626	571,140	345,742
Gross profit	126,136	46,039	168,494	58,918
Operating expenses
Technology and development	41,488	17,961	69,166	38,235
Marketing	55,398	9,482	67,200	35,190
General and administrative	59,567	23,022	96,957	47,349
Total operating expenses	156,453	50,465	233,323	120,774
Loss from operations	(30,317)	(4,426)	(64,829)	(61,856)
Investment Income, Interest	135	437	293	1,540
Interest expense	(2,813)	(2,665)	(4,151)	(5,109)
Income tax benefit	5,052	0	5,052	0
Other income (expense), net	65	43	(27)	(1,303)
Net loss	(27,878)	(6,611)	(63,662)	(66,728)
Dividends on convertible preferred stock	(1,878)	(1,284)	(4,214)	(1,284)
Net loss attributable to common stock - basic	(29,756)	(7,895)	(67,876)	(68,012)
Net loss attributable to common stock - diluted	$ (29,756)	$ (7,895)	$ (67,876)	$ (68,012)
Net loss per share attributable to common stock - basic (in dollars per share)	$ (0.29)	$ (0.08)	$ (0.65)	$ (0.71)
Net loss per share attributable to common stock - diluted (in dollars per share)	$ (0.29)	$ (0.08)	$ (0.65)	$ (0.71)
Weighted average shares - basic (in shares)	104,391,337	98,785,318	103,912,212	96,114,012
Weighted averages shares - diluted (in shares)	104,391,337	98,785,318	103,912,212	96,114,012
Net loss	$ (27,878)	$ (6,611)	$ (63,662)	$ (66,728)
Other comprehensive income (loss)
Foreign currency translation adjustments	0	3	0	(22)
Unrealized gain (loss) on available-for-sale debt securities	84	(137)	134	421
Comprehensive loss	(27,794)	(6,745)	(63,528)	(66,329)
Service
Revenue	298,870	141,135	474,463	252,613
Cost of revenue	177,762	93,891	312,613	192,259
Product
Revenue	172,445	72,530	265,171	152,047
Cost of revenue	$ 167,417	$ 73,735	$ 258,527	$ 153,483

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Operating Activities
Net loss	$ (63,662,000)	$ (66,728,000)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization	18,018,000	6,865,000
Stock-based compensation	26,327,000	14,416,000
Amortization of debt discount and issuance costs	2,203,000	3,477,000
Non-cash lease expense	5,448,000	4,522,000
Impairment costs	0	1,420,000
Net loss (gain) on IRLCs, forward sales commitments, and loans held for sale	238,000	(1,928,000)
Other	169,000	(218,000)
Change in assets and liabilities:
Accounts receivable, net	(22,312,000)	(14,959,000)
Inventory	(199,845,000)	65,153,000
Prepaid expenses and other assets	(7,137,000)	6,827,000
Accounts payable	15,766,000	1,040,000
Accrued liabilities, other payables, deferred tax liabilities, and payroll tax liabilities, noncurrent	26,915,000	13,819,000
Lease liabilities	(6,144,000)	(5,481,000)
Origination of loans held for sale	(488,274,000)	(294,076,000)
Proceeds from sale of loans originated as held for sale	478,652,000	274,595,000
Net cash (used in) provided by operating activities	(213,638,000)	8,744,000
Investing activities
Purchases of property and equipment	(13,580,000)	(6,072,000)
Purchases of investments	(104,877,000)	(88,724,000)
Sales of investments	89,536,000	3,183,000
Maturities of investments	92,843,000	40,351,000
Cash paid for acquisition	(608,000,000)	0
Net cash used in investing activities	(544,078,000)	(51,262,000)
Financing activities
Proceeds from the issuance of convertible preferred stock, net of issuance costs	0	39,801,000
Proceeds from the issuance of common stock, net of issuance costs	0	69,701,000
Proceeds from the issuance of common stock pursuant to employee equity plans	12,496,000	11,052,000
Tax payments related to net share settlements on restricted stock units	(16,530,000)	(6,065,000)
Borrowings from warehouse credit facilities	464,250,000	290,891,000
Repayments to warehouse credit facilities	(456,854,000)	(271,627,000)
Borrowings from secured revolving credit facility	230,608,000	39,587,000
Repayments to secured revolving credit facility	(130,788,000)	(36,816,000)
Proceeds from issuance of convertible senior notes, net of issuance costs	561,529,000	0
Purchases of capped calls related to convertible senior notes	(62,647,000)	0
Payments for repurchases and conversions of convertible senior notes	(1,925,000)	0
Other payables—deposits held in escrow	97,000	19,056,000
Principal payments under finance lease obligations	(353,000)	(30,000)
Cash paid for secured revolving credit facility issuance costs	(305,000)	(4,000)
Net cash provided by financing activities	599,578,000	155,546,000
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	0	(22,000)
Net change in cash, cash equivalents, and restricted cash	(158,138,000)	113,006,000
Cash, cash equivalents, and restricted cash:
Beginning of period	945,820,000	247,448,000
End of period	787,682,000	360,454,000
Supplemental disclosure of cash flow information
Cash paid for interest	2,038,000	2,133,000
Non-cash transactions
Stock-based compensation capitalized in property and equipment	1,717,000	1,151,000
Property and equipment additions in accounts payable and accrued liabilities	1,013,000	1,492,000
Leasehold improvements paid directly by lessor	$ 1,334,000	$ 0

Consolidated Statements of Chan

Consolidated Statements of Changes in Mezzanine Equity and Stockholders’ Equity - USD ($) $ in Thousands	Total	Revision of Prior Period, Accounting Standards Update, Adjustment	Series A Convertible Preferred Stock	Common Stock	Additional Paid-in Capital	Additional Paid-in CapitalRevision of Prior Period, Accounting Standards Update, Adjustment	Accumulated Deficit	Accumulated DeficitRevision of Prior Period, Accounting Standards Update, Adjustment	Accumulated Other Comprehensive Income/(Loss)
Beginning balance (in shares) at Dec. 31, 2019				93,001,597
Beginning balance at Dec. 31, 2019	$ 331,446			$ 93	$ 583,097		$ (251,786)		$ 42
Increase (Decrease) in Stockholders' Equity
Issuance of common stock, net (in shares)				4,484,305
Issuance of common stock, net	69,701			$ 4	69,697
Issuance of common stock pursuant to employee stock purchase program (in shares)				186,925
Issuance of common stock pursuant to employee stock purchase program	3,436				3,436
Issuance of common stock pursuant to exercise of stock options (in shares)				1,257,830
Issuance of common stock pursuant to exercise of stock options	7,504			$ 1	7,503
Issuance of common stock pursuant to settlement of restricted stock units (in shares)				664,515
Issuance of common stock pursuant to settlement of restricted stock units				$ 1	(1)
Common stock surrendered for employees' tax liability upon settlement of restricted stock units (in shares)				(200,740)
Common stock surrendered for employees' tax liability upon settlement of restricted stock units	(6,065)				(6,065)
Stock-based compensation	15,567				15,567
Other comprehensive loss	399								399
Net loss	(66,728)						(66,728)
Ending balance (in shares) at Jun. 30, 2020				99,394,432
Ending balance at Jun. 30, 2020	$ 355,260			$ 99	673,234		(318,514)		441
Beginning balance (in shares) at Dec. 31, 2019			0
Beginning balance at Dec. 31, 2019			$ 0
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of convertible preferred stock, net (in shares)	40,000
Issuance of convertible preferred stock, net	$ 39,801
Ending balance (in shares) at Jun. 30, 2020			40,000
Ending balance at Jun. 30, 2020			$ 39,801
Beginning balance (in shares) at Mar. 31, 2020				93,957,774
Beginning balance at Mar. 31, 2020	280,186			$ 94	591,420		(311,903)		575
Increase (Decrease) in Stockholders' Equity
Issuance of common stock, net (in shares)				4,484,305
Issuance of common stock, net	69,701			$ 4	69,697
Issuance of common stock pursuant to employee stock purchase program (in shares)				186,925
Issuance of common stock pursuant to employee stock purchase program	3,436				3,436
Issuance of common stock pursuant to exercise of stock options (in shares)				519,432
Issuance of common stock pursuant to exercise of stock options	3,589			$ 1	3,588
Issuance of common stock pursuant to settlement of restricted stock units (in shares)				344,075
Common stock surrendered for employees' tax liability upon settlement of restricted stock units (in shares)				(98,079)
Common stock surrendered for employees' tax liability upon settlement of restricted stock units	(2,758)				(2,758)
Stock-based compensation	7,851				7,851
Other comprehensive loss	(134)								(134)
Net loss	(6,611)						(6,611)
Ending balance (in shares) at Jun. 30, 2020				99,394,432
Ending balance at Jun. 30, 2020	$ 355,260			$ 99	673,234		(318,514)		441
Beginning balance (in shares) at Mar. 31, 2020			0
Beginning balance at Mar. 31, 2020			$ 0
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of convertible preferred stock, net (in shares)	40,000
Issuance of convertible preferred stock, net	$ 39,801
Ending balance (in shares) at Jun. 30, 2020			40,000
Ending balance at Jun. 30, 2020			$ 39,801
Beginning balance (in shares) at Dec. 31, 2020	103,000,594			103,000,594
Beginning balance at Dec. 31, 2020	$ 590,557	$ (162,478)		$ 103	860,556	$ (170,240)	(270,313)	$ 7,762	211
Increase (Decrease) in Stockholders' Equity
Common Stock Dividends, Shares				61,280
Issuance of common stock pursuant to employee stock purchase program (in shares)				135,426
Issuance of common stock pursuant to employee stock purchase program	$ 7,299				7,299
Issuance of common stock pursuant to exercise of stock options (in shares)	1,089,203			1,089,203
Issuance of common stock pursuant to exercise of stock options	$ 5,200			$ 1	5,199
Issuance of common stock pursuant to settlement of restricted stock units (in shares)				738,095
Issuance of common stock pursuant to settlement of restricted stock units	0			$ 1	(1)
Common stock surrendered for employees' tax liability upon settlement of restricted stock units (in shares)				(224,107)
Common stock surrendered for employees' tax liability upon settlement of restricted stock units	(16,530)				(16,530)
Purchases of capped calls related to convertible senior notes	(62,647)				(62,647)
Issuance of common stock in connection with conversion of convertible senior notes (in shares)				37,604
Issuance of common stock in connection with conversion of convertible senior notes	53				53
Stock-based compensation	28,044				28,044
Other comprehensive loss	(134)								(134)
Net loss	$ (63,662)						(63,662)
Ending balance (in shares) at Jun. 30, 2021	104,838,095			104,838,095
Ending balance at Jun. 30, 2021	$ 325,596			$ 105	651,627		(326,213)		77
Beginning balance (in shares) at Dec. 31, 2020	40,000		40,000
Beginning balance at Dec. 31, 2020	$ 39,823		$ 39,823
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of convertible preferred stock, net (in shares)	0
Issuance of convertible preferred stock, net	$ 23
Ending balance (in shares) at Jun. 30, 2021	40,000		40,000
Ending balance at Jun. 30, 2021	$ 39,846		$ 39,846
Beginning balance (in shares) at Mar. 31, 2021				103,983,585
Beginning balance at Mar. 31, 2021	343,632			$ 104	641,702		(298,335)		161
Increase (Decrease) in Stockholders' Equity
Common Stock Dividends, Shares				30,640
Issuance of common stock pursuant to employee stock purchase program (in shares)				135,426
Issuance of common stock pursuant to employee stock purchase program	7,299				7,299
Issuance of common stock pursuant to exercise of stock options (in shares)				419,153
Issuance of common stock pursuant to exercise of stock options	1,737			$ 1	1,736
Issuance of common stock pursuant to settlement of restricted stock units (in shares)				377,744
Common stock surrendered for employees' tax liability upon settlement of restricted stock units (in shares)				(109,077)
Common stock surrendered for employees' tax liability upon settlement of restricted stock units	(5,670)				(5,670)
Purchases of capped calls related to convertible senior notes	(8,168)				(8,168)
Issuance of common stock in connection with conversion of convertible senior notes (in shares)				624
Issuance of common stock in connection with conversion of convertible senior notes	(1)				(1)
Stock-based compensation	14,729				14,729
Other comprehensive loss	(84)								(84)
Net loss	$ (27,878)						(27,878)
Ending balance (in shares) at Jun. 30, 2021	104,838,095			104,838,095
Ending balance at Jun. 30, 2021	$ 325,596			$ 105	$ 651,627		$ (326,213)		$ 77
Beginning balance (in shares) at Mar. 31, 2021			40,000
Beginning balance at Mar. 31, 2021			$ 39,834
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of convertible preferred stock, net	$ 0		$ 12
Ending balance (in shares) at Jun. 30, 2021	40,000		40,000
Ending balance at Jun. 30, 2021	$ 39,846		$ 39,846

Summary of Accounting Policies

Summary of Accounting Policies	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Accounting Policies	Summary of Accounting Policies Basis of Presentation —The consolidated financial statements and accompanying notes have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). The financial information as of December 31, 2020 that is included in this quarterly report is derived from the audited consolidated financial statements and notes for the year ended December 31, 2020 included in Item 8 in our annual report for the year ended December 31, 2020. Such financial information should be read in conjunction with the notes and management’s discussion and analysis of the consolidated financial statements included in our annual report. The unaudited consolidated interim financial statements, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, necessary to present fairly our financial position as of June 30, 2021, the statements of comprehensive loss, statements of cash flows, and statements of changes in mezzanine equity and stockholders’ equity for the three and six months ended June 30, 2021 and 2020. The results for the three and six months ended June 30, 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021 or for any interim period or for any other future year. Certain amounts presented in the prior period consolidated statements of cash flows have been reclassified to conform to the current period financial statement presentation. The change in classification does not affect previously reported cash flows from operating activities, investing activities or financing activities in the consolidated statements of cash flows. Principles of Consolidation —The unaudited consolidated interim financial statements include the accounts of Redfin Corporation and its wholly owned subsidiaries, including those entities in which we have a variable interest and of which we are the primary beneficiary. Intercompany transactions and balances have been eliminated. Use of Estimates —The preparation of consolidated financial statements, in conformity with GAAP, requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities and results of operations during the respective periods. Our estimates include, but are not limited to, the valuation of deferred income taxes, stock-based compensation, net realizable value of inventory, capitalization of website and software development costs, the incremental borrowing rate for the determination of the present value of lease payments, recoverability of intangible assets with finite lives, fair value of our mortgage loans held for sale, fair value of interest rate lock commitments, and forward sales commitments, fair value of reporting units for purposes of evaluating goodwill for impairment, current expected credit losses on certain financial assets, the fair value of the convertible feature related to our convertible senior notes, and the fair value of assets acquired and liabilities assumed in connection with our acquisition of RentPath. The amounts ultimately realized from the affected assets or ultimately recognized as liabilities will depend on, among other factors, general business conditions and could differ materially in the near term from the carrying amounts reflected in the consolidated financial statements. Convertible Senior Notes —In accounting for the issuance of our convertible senior notes, we treat the instrument wholly as a liability, in accordance with the adoption of ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity ("ASU 2020-06"). Issuance costs are being amortized to expense over the respective term of the convertible senior notes. For conversions prior to the maturity of the notes, we will settle using cash, shares of our common stock, or a combination of cash and shares of our common stock, at our election. The carrying amount of the instrument (including unamortized debt issuance costs) is reduced by cash and other assets transferred, with the difference reflected as a reduction to additional paid-in capital. The indentures governing our convertible senior notes allow us, under certain circumstances, to irrevocably fix our method for settling conversions of the applicable notes by giving notice to the noteholders. Our election to irrevocably fix the settlement method could affect the calculation of diluted earnings per share when applicable. We have no plans to exercise our rights to fix the settlement method. Unsettled Conversion Requests of Convertible Senior Notes —Our 2023 notes were convertible during the quarter ended June 30, 2021. We received conversion requests for $226 aggregate principal amount of the notes prior to the end of the quarter that we will settle using a combination of cash and shares of our common stock during the quarter ending September 30, 2021. All references to the outstanding aggregate principal amount of our 2023 notes as of June 30, 2021 includes the $226 principal amount with respect to which we received conversion requests on or prior to such date. Rentals Revenue —Due to our acquisition of RentPath, we now record rentals revenue which is primarily composed of subscription-based product offerings for internet listing services, as well as lead management solutions and digital marketing. Rentals revenue is recorded as a component of service revenue in our consolidated statements of consolidated loss. Revenue is recognized upon transfer of control of promised service to customers over time in an amount that reflects the consideration we expect to receive in exchange for those services. Revenues from subscription-based services are recognized on a straight-line basis over the term of the contract, which generally have a term of less than one year. Revenue is presented net of sales allowances, which are not material. The transaction price for a contract is generally determined by the stated price in the contract, excluding any related sales taxes. We enter into contracts that can include various combinations of subscription services, which are capable of being distinct and accounted for as separate performance obligations. Generally, the combinations of subscription services are fulfilled concurrently and are co-terminus. Our rentals contracts do not contain any refund provisions other than in the event of our non-performance or breach. Recently Adopted Accounting Pronouncements —In August 2020, the Financial Accounting Standards Board (the "FASB") issued authoritative guidance under ASU 2020-06. This guidance removes the liability and equity separation models for convertible instruments with a cash conversion feature or beneficial conversion feature. As a result, companies will more likely account for a convertible debt instrument wholly as debt, and for convertible preferred stock wholly as preferred stock (i.e., as a single unit of account). In addition, the guidance simplifies the settlement assessment that issuers perform to determine whether a contract in their own equity qualifies for equity classification. Finally, the guidance requires entities to use the if-converted method to calculate earnings per share for all convertible instruments. We early adopted ASU 2020-06 as of January 1, 2021 using the modified retrospective approach. The cumulative effect of initially applying the new standard was recognized as an adjustment to accumulated deficit. Upon the adoption of the new standard we recognized the following adjustments: Ending Balance as of December 31, 2020 ASU 2020-06 Adjustments Beginning Balance as of January 1, 2021 Convertible senior notes, net $ 22,482 $ 2,723 $ 25,205 Convertible senior notes, net, noncurrent 488,268 159,755 648,023 Additional paid-in capital 860,556 (170,240) 690,316 Accumulated deficit (270,313) 7,762 (262,551) The $7,762 adjustment to accumulated deficit represents a reduction to non-cash interest expense related to the accretion of the debt discount under the historical separation model.

Business Combinations

Business Combinations	6 Months Ended
	Jun. 30, 2021
Business Combination and Asset Acquisition [Abstract]
Business Combinations	Business Combinations On April 2, 2021, we acquired, for $608,000 in cash, all of the equity interests of RentPath Holdings, Inc., as reorganized following an internal restructuring of the entity and certain of its wholly owned subsidiaries (as reorganized, "RentPath" and such acquisition, the "Acquisition"). In connection with the internal restructuring, certain assets and liabilities related to the business of providing digital media services to clients in the residential real estate business were transferred to RentPath, and the remaining assets and liabilities were transferred to a wind-down company. We acquired RentPath to enter into the real estate rentals market. The results of operations and the provisional fair values of the assets acquired and liabilities assumed have been included in the consolidated financial statements since the date of acquisition. RentPath is reported in our rentals segment in Note 3. During the three months ended June 30, 2021, RentPath contributed $42,548 to revenue. The goodwill recognized in connection with our acquisition of RentPath is primarily attributable to the anticipated synergies from future growth of the combined business and is not expected to be deductible for tax purposes. We are currently evaluating the reporting unit allocation of goodwill. The following table summarizes the preliminary fair value of assets acquired and liabilities assumed as a result of the Acquisition and is subject to revision as more detailed analyses are completed and additional information about the fair value of assets acquired and liabilities assumed becomes available: Cash and cash equivalents (1) $ 334 Accounts receivable 7,726 Prepaid expenses 5,483 Other current assets 416 Property and equipment, net 3,103 Operating lease right-of-use assets 12,330 Intangible assets 211,000 Goodwill 398,042 Total assets 638,434 Accounts payable (1,355) Accrued liabilities (1) (9,412) Lease liabilities (1,264) Lease liabilities and deposits, noncurrent (11,066) Payroll tax liabilities, noncurrent (1,030) Deferred tax liabilities (6,307) Total liabilities (30,434) Total purchase consideration $ 608,000 (1) On April 2, 2021, $334 of cash and cash equivalents owed to a wind-down company remained in RentPath's primary operating account due to the timing of bank transfers and wires. The cash and cash equivalents were recorded at fair value along with an offsetting due-to liability on April 2, 2021. Acquisition-related costs consisted of external fees for advisory, legal, and other professional services and totaled approximately $5,616 and $7,723 for the three and six months ended June 30, 2021, respectively. These costs were expensed as incurred and recorded in general and administrative costs in our consolidated statements of comprehensive loss. Identifiable Intangible Assets —The following table provides the preliminary valuation of the RentPath intangible assets, along with their estimated useful lives: Estimated Fair Value Estimated Useful Life Trade names $ 70,000 10 Developed technology 60,500 3 Customer relationships 80,500 10 Total 211,000 The identifiable intangible assets include trade names, developed technology (an application platform), and customer relationships. Trade names primarily relate to the RentPath brand. Developed technology relates to the RentPath website and mobile application, which are the primary channels for meeting customers. Customer relationships represent existing customer contracts. Unaudited Pro Forma Financial Information —The following table presents unaudited pro forma financial information for the three and six months ended June 30, 2021. The pro forma financial information combines our results of operations with that of RentPath as though the companies had been combined as of January 1, 2020. The pro forma information is presented for informational purposes only and is not indicative of the results of operations that would have been achieved if the Acquisition had taken place at such time. The pro forma financial information presented below includes adjustments for bankruptcy costs, depreciation and amortization, provision for income taxes, transaction costs, and interest expense related to debt that would not have been incurred if we had consummated the Acquisition on January 1, 2020: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Revenue $ 471,315 262,717 $ 782,558 506,387 Net loss (32,698) (13,968) (75,364) (84,017) Material non-recurring adjustments made in the pro forma financial information disclosed above were $4,821 and $28,876 for the three months ended June 30, 2021 and 2020 and $76,095 and $39,073 for the six months ended June 30, 2021 and 2020, respectively. These adjustments primarily relate to the reorganization costs that would not have been incurred if we had consummated the Acquisition on January 1, 2020 and decreased expense in the periods specified. These adjustments also include an income tax benefit resulting from the Acquisition, which assumes that we had consummated the Acquisition on January 1, 2020.

Segment Reporting and Revenue

Segment Reporting and Revenue	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Segment Reporting and Revenue	Segment Reporting and Revenue In operation of the business, our management, including our chief operating decision maker ("CODM"), who is also our chief executive officer, evaluates the performance of our operating segments based on revenue and gross profit. We do not analyze discrete segment balance sheet information related to long-term assets, substantially all of which are located in the United States. All other financial information is presented on a consolidated basis. We have six operating segments and three reportable segments, real estate services, properties, and rentals. As a result of our acquisition of RentPath, we added the rentals segment and determined it is a reportable segment because RentPath met the quantitative thresholds under ASC 280, Segment Reporting. Our CODM evaluates the rentals segment as a stand-alone business; accordingly, we are separately reporting the segment's operating expenses from our consolidated operating expenses. We generate revenue primarily from commissions and fees charged on each real estate services transaction closed by our lead agents or partner agents, from the sale of homes, and from subscription-based product offerings for our rentals business. Our key revenue components are brokerage revenue, partner revenue, properties revenue, rentals revenue, and other revenue. Information on each of the reportable and other segments and reconciliation to consolidated net loss is as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Revenue Real estate services (brokerage) $ 237,511 $ 128,543 $ 393,957 $ 230,894 Real estate services (partner) 14,688 6,506 26,851 12,791 Properties 172,445 72,184 265,171 151,282 Rentals 42,548 — 42,548 — Other 8,521 7,246 17,878 11,496 Intercompany eliminations (4,398) (814) (6,771) (1,803) Total $ 471,315 $ 213,665 $ 739,634 $ 404,660 Cost of revenue Real estate services 164,125 88,799 292,342 182,361 Properties 167,420 73,348 258,551 152,647 Rentals 7,570 — 7,570 — Other 10,462 6,293 19,448 12,537 Intercompany eliminations (4,398) (814) (6,771) (1,803) Total $ 345,179 $ 167,626 $ 571,140 $ 345,742 Gross profit Real estate services 88,074 46,250 128,466 61,324 Properties 5,025 (1,164) 6,620 (1,365) Rentals 34,978 — 34,978 — Other (1,941) 953 (1,570) (1,041) Total $ 126,136 $ 46,039 $ 168,494 $ 58,918 Real estate services, properties, and other operating expenses 107,788 50,465 184,658 120,774 Rentals operating expenses 48,665 — 48,665 — Interest income 135 437 293 1,540 Interest expense (2,813) (2,665) (4,151) (5,109) Income tax benefit 5,052 — 5,052 — Other income (expense), net 65 43 (27) (1,303) Net loss $ (27,878) $ (6,611) $ (63,662) $ (66,728)

Financial Instruments

Financial Instruments	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Financial Instruments	Financial Instruments Derivatives Our primary market exposure is to interest rate risk, specifically U.S. treasury and mortgage interest rates, due to their impact on mortgage-related assets and commitments. We use forward sales commitments on whole loans and mortgage-backed securities to manage and reduce this risk. We do not have any derivative instruments designated as hedging instruments. Forward Sales Commitments —We are exposed to interest rate and price risk on loans held for sale from the funding date until the date the loan is sold. Forward sales commitments on whole loans and mortgage-backed securities are used to fix the forward sales price that will be realized at the sale of each loan. Interest Rate Lock Commitments —Interest rate lock commitments ("IRLCs") represent an agreement to extend credit to a mortgage loan applicant. We commit (subject to loan approval) to fund the loan at the specified rate, regardless of changes in market interest rates between the commitment date and the funding date. Outstanding IRLCs are subject to interest rate risk and related price risk during the period from the date of commitment through the loan funding date or expiration date. Loan commitments generally range between 30 and 90 days and the borrower is not obligated to obtain the loan. Therefore, IRLCs are subject to fallout risk, which occurs when approved borrowers choose not to close on the underlying loans. We review our commitment-to-closing ratio ("pull-through rate") as part of an estimate of the number of mortgage loans that will fund according to the IRLCs. Notional Amounts June 30, 2021 December 31, 2020 Forward sales commitments $ 110,918 $ 130,109 IRLCs 115,211 88,923 The locations and amounts of gains (losses) recognized in income related to our derivatives are as follows: Three Months Ended June 30, Six Months Ended June 30, Instrument Classification 2021 2020 2021 2020 Forward sales commitments Service revenue $ (1,849) $ (142) $ 79 $ 1,053 IRLCs Service revenue 35 1,460 201 (110) Fair Value of Financial Instruments A summary of assets and liabilities related to our financial instruments, measured at fair value on a recurring basis and as reflected in our consolidated balance sheets, is set forth below: Balance at June 30, 2021 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Cash equivalents Money market funds $ 632,800 $ 632,800 $ — $ — Total cash equivalents 632,800 632,800 — — Short-term investments U.S. treasury securities 24,598 24,598 — — Agency bonds 5,007 5,007 — — Loans held for sale 51,643 — 51,643 — Other current assets Forward sales commitments 36 — 36 — IRLCs 1,996 — — 1,996 Total other current assets 2,032 — 36 1,996 Long-term investments U.S. treasury securities 29,178 29,178 — — Agency bonds 6,907 6,907 — — Total assets $ 752,165 $ 698,490 $ 51,679 $ 1,996 Liabilities Accrued liabilities Forward sales commitments $ 430 $ — $ 430 $ — IRLCs 24 — — 24 Total liabilities $ 454 $ — $ 430 $ 24 Balance at December 31, 2020 Quoted Prices in Active Markets for Identical Assets Significant Significant Assets Cash equivalents Money market funds $ 886,261 $ 886,261 $ — $ — U.S. treasury securities 6,100 6,100 — — Total cash equivalents 892,361 892,361 — — Short-term investments U.S. treasury securities 131,561 131,561 — — Loans held for sale 42,539 — 42,539 — Other current assets Forward sales commitments 34 — 34 — IRLCs 1,781 — — 1,781 Total other current assets 1,815 — 34 1,781 Long-term investments Agency bonds 11,922 11,922 — — Total assets $ 1,080,198 $ 1,035,844 $ 42,573 $ 1,781 Liabilities Accrued liabilities Forward sales commitments $ 507 $ — $ 507 $ — IRLCs 10 — — 10 Total liabilities $ 517 $ — $ 507 $ 10 There were no transfers into or out of Level 3 financial instruments during the periods presented. The significant unobservable input used in the fair value measurement of IRLCs is the pull-through rate. Significant changes in the input could result in a significant change in fair value measurement. The pull-through rate used to determine the fair value of IRLCs was as follows: Key Inputs Valuation Technique June 30, 2021 December 31, 2020 Weighted-average pull-through rate Market pricing 72.3% 72.3% The following is a summary of changes in the fair value of IRLCs for the six months ended June 30, 2021: Balance, net—January 1, 2021 $ 1,771 Issuances of IRLCs 10,674 Settlements of IRLCs (10,708) Net loss recognized in earnings 235 Balance, net—June 30, 2021 $ 1,972 Changes in fair value recognized during the period relating to assets still held at June 30, 2021 $ 201 The following table presents the carrying amounts and estimated fair values of our convertible senior notes that are not recorded at fair value on our consolidated balance sheets: June 30, 2021 December 31, 2020 Issuance Net Carrying Amount Estimated Fair Value Net Carrying Amount Estimated Fair Value 2023 notes $ 23,428 $ 50,106 $ 22,482 $ 59,894 2025 notes 649,403 747,808 488,268 802,083 2027 notes 562,114 571,107 — — The difference between the principal amounts and unsettled conversions of our 2023 notes, our 2025 notes, and our 2027 notes, which were $23,738, $661,250, and $575,000, respectively, and the net carrying amounts of the notes represents the unamortized debt issuance costs. See Note 16 for additional details. The estimated fair value of each tranche of convertible senior notes is based on the closing trading price of the notes on the last day of trading for the period, and is classified as Level 2 within the fair value hierarchy, due to the limited trading activity of the notes. As of June 30, 2021, the difference between the net carrying amount of the notes and their estimated fair values represented the equity conversion value premium the market assigned to the notes. Based on the closing price of our common stock of $63.41 on June 30, 2021, the if-converted value of the 2023 notes exceeded the principal amount of $23,738, while the if-converted values of the 2025 notes and 2027 notes were less than the principal amounts of $661,250 and $575,000, respectively. See Note 16 for additional details on the convertible senior notes. See Note 12 for the carrying amount of our convertible preferred stock. Assets and liabilities recognized or disclosed at fair value on a nonrecurring basis include items such as property and equipment, goodwill and other intangible assets, equity investments, and other assets. These assets are measured at fair value if determined to be impaired. The cost or amortized cost, gross unrealized gains and losses, and estimated fair market value of our cash, money market funds, restricted cash, and available-for-sale investments were as follows: June 30, 2021 Cost or Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Cash, Cash Equivalents, Restricted Cash Short-term Investments Long-term Investments Cash $ 102,587 $ — $ — $ 102,587 $ 102,587 $ — $ — Money markets funds 632,800 — — 632,800 632,800 — — Restricted cash 52,295 — — 52,295 52,295 — — U.S. treasury securities 53,743 45 (12) 53,776 — 24,598 29,178 Agency bonds 11,900 14 — 11,914 — 5,007 6,907 Total $ 853,325 $ 59 $ (12) $ 853,372 $ 787,682 $ 29,605 $ 36,085 December 31, 2020 Cost or Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Cash, Cash Equivalents, Restricted Cash Short-term Investments Long-term Investments Cash $ 32,915 $ — $ — $ 32,915 $ 32,915 $ — $ — Money markets funds 886,261 — — 886,261 886,261 — — Restricted cash 20,544 — — 20,544 20,544 — — U.S. treasury securities 137,502 159 — 137,661 6,100 131,561 — Agency bonds 11,900 22 — 11,922 — — 11,922 Total $ 1,089,122 $ 181 $ — $ 1,089,303 $ 945,820 $ 131,561 $ 11,922 We have evaluated our portfolio of available-for-sale debt securities based on credit quality indicators for expected credit losses and do not believe there are any expected credit losses. Our portfolio consists of U.S. government securities, all with a high quality credit rating issued by various credit agencies. As of June 30, 2021 and December 31, 2020, we had accrued interest of $90 and $108, respectively, on our available-for-sale investments, of which we have recorded no expected credit losses. Accrued interest receivable is presented within other current assets in our consolidated balance sheets.

Inventory

Inventory	6 Months Ended
	Jun. 30, 2021
Inventory Disclosure [Abstract]
Inventory	Inventory The components of inventory were as follows: June 30, 2021 December 31, 2020 Properties for sale $ 90,391 $ 17,153 Properties not available for sale 45,132 7,225 Properties under improvement 113,480 24,780 Inventory $ 249,003 $ 49,158 Inventory costs include direct home purchase costs and any capitalized improvements, net of lower of cost or net realizable value write-downs applied on a specific home basis. As of June 30, 2021 and December 31, 2020, lower of cost or net realizable value write-downs were $862 and $29, respectively. During the six months ended June 30, 2021 and 2020, we purchased $410,960 and $70,052 of homes and sold $213,921 and $133,172 in cost basis of homes, respectively.

Property and Equipment

Property and Equipment	6 Months Ended
	Jun. 30, 2021
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment The components of property and equipment were as follows: Useful Lives (Years) June 30, 2021 December 31, 2020 Leasehold improvements Shorter of lease term or economic life $ 33,467 $ 29,558 Website and software development costs 2 - 3 42,330 33,278 Computer and office equipment 3 - 5 12,462 7,765 Software 3 1,871 1,858 Furniture 7 7,816 7,450 Property and equipment, gross 97,946 79,909 Accumulated depreciation and amortization (49,713) (41,614) Construction in progress 5,674 5,693 Property and equipment, net $ 53,907 $ 43,988 Depreciation and amortization expense for property and equipment amounted to $4,751 and $3,435 for the three months ended June 30, 2021 and 2020, respectively, and $8,970 and $6,621 for the six months ended June 30, 2021 and 2020, respectively. We capitalized software development costs, including stock-based compensation, of $5,045 and $2,836 for the three months ended June 30, 2021 and 2020, respectively, and $8,410 and $5,513 for the six months ended June 30, 2021 and 2020, respectively.

Leases

Leases	6 Months Ended
	Jun. 30, 2021
Leases [Abstract]
Leases	Leases We lease office space under noncancelable operating leases with original terms ranging from one Three Months Ended June 30, Six Months Ended June 30, Lease Cost Classification 2021 2020 2021 2020 Operating lease cost: Operating lease cost (1) Cost of revenue $ 2,381 $ 2,144 $ 4,705 $ 4,282 Operating lease cost (1) Operating expenses 1,595 1,093 2,712 2,187 Total operating lease cost $ 3,976 $ 3,237 $ 7,417 $ 6,469 Finance lease cost: Amortization of right-of-use assets Cost of revenue $ 140 $ 17 $ 196 $ 34 Interest on lease liabilities Cost of revenue 21 $ 3 30 $ 5 Total finance lease cost $ 161 $ 20 $ 226 $ 39 (1) Includes lease expense with initial terms of twelve months or less of $434 and $247 for the three months ended June 30, 2021 and 2020, respectively, and $726 and $473 for the six months ended June 30, 2021 and 2020, respectively. Lease Liabilities Other Leases Total Lease Obligations Maturity of Lease Liabilities Operating Financing Operating 2021, excluding the six months ended June 30, 2021 $ 8,697 $ 209 $ 406 $ 9,312 2022 16,647 418 33 17,098 2023 15,654 405 — 16,059 2024 14,296 319 — 14,615 2025 11,183 52 — 11,235 Thereafter 16,917 — — 16,917 Total lease payments $ 83,394 $ 1,403 $ 439 $ 85,236 Less: Interest (1) 9,087 119 Present value of lease liabilities $ 74,307 $ 1,284 (1) Includes interest on operating leases of $2,933 and financing lease of $59 within the next twelve months. Lease Term and Discount Rate June 30, 2021 December 31, 2020 Weighted-average remaining operating lease term (years) 5.3 5.2 Weighted-average remaining finance lease term (years) 3.4 3.5 Weighted-average discount rate for operating leases 4.4 % 4.4 % Weighted-average discount rate for finance leases 5.4 % 5.4 % Six Months Ended June 30, Supplemental Cash Flow Information 2021 2020 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 7,654 $ 6,994 Operating cash flows from finance leases 42 5 Financing cash flows from finance leases 122 25 Right of use assets obtained in exchange for lease liabilities Operating leases $ 6,139 $ 214 Finance leases 768 —
Leases	Leases We lease office space under noncancelable operating leases with original terms ranging from one Three Months Ended June 30, Six Months Ended June 30, Lease Cost Classification 2021 2020 2021 2020 Operating lease cost: Operating lease cost (1) Cost of revenue $ 2,381 $ 2,144 $ 4,705 $ 4,282 Operating lease cost (1) Operating expenses 1,595 1,093 2,712 2,187 Total operating lease cost $ 3,976 $ 3,237 $ 7,417 $ 6,469 Finance lease cost: Amortization of right-of-use assets Cost of revenue $ 140 $ 17 $ 196 $ 34 Interest on lease liabilities Cost of revenue 21 $ 3 30 $ 5 Total finance lease cost $ 161 $ 20 $ 226 $ 39 (1) Includes lease expense with initial terms of twelve months or less of $434 and $247 for the three months ended June 30, 2021 and 2020, respectively, and $726 and $473 for the six months ended June 30, 2021 and 2020, respectively. Lease Liabilities Other Leases Total Lease Obligations Maturity of Lease Liabilities Operating Financing Operating 2021, excluding the six months ended June 30, 2021 $ 8,697 $ 209 $ 406 $ 9,312 2022 16,647 418 33 17,098 2023 15,654 405 — 16,059 2024 14,296 319 — 14,615 2025 11,183 52 — 11,235 Thereafter 16,917 — — 16,917 Total lease payments $ 83,394 $ 1,403 $ 439 $ 85,236 Less: Interest (1) 9,087 119 Present value of lease liabilities $ 74,307 $ 1,284 (1) Includes interest on operating leases of $2,933 and financing lease of $59 within the next twelve months. Lease Term and Discount Rate June 30, 2021 December 31, 2020 Weighted-average remaining operating lease term (years) 5.3 5.2 Weighted-average remaining finance lease term (years) 3.4 3.5 Weighted-average discount rate for operating leases 4.4 % 4.4 % Weighted-average discount rate for finance leases 5.4 % 5.4 % Six Months Ended June 30, Supplemental Cash Flow Information 2021 2020 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 7,654 $ 6,994 Operating cash flows from finance leases 42 5 Financing cash flows from finance leases 122 25 Right of use assets obtained in exchange for lease liabilities Operating leases $ 6,139 $ 214 Finance leases 768 —

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings Below is a discussion of our material, pending legal proceedings. Except as discussed below, we have not accrued any legal settlement expenses for these proceedings because we cannot estimate a range of reasonably possible losses given the preliminary stage of these proceedings and the claims and issues presented. In addition to the matters discussed below, from time to time, we are involved in litigation, claims, and other proceedings arising in the ordinary course of our business. Except for the matters discussed below, we do not believe that any of our pending litigation, claims, and other proceedings is material to our business. Lawsuit by David Eraker —On May 11, 2020, David Eraker, our co-founder and former chief executive officer who departed Redfin in 2006, filed a complaint through Appliance Computing III, Inc. (d/b/a Surefield) ("Surefield"), which is a company that Mr. Eraker founded and that we believe he controls, in the U.S. District Court for the Western District of Texas, Waco Division. The complaint alleges that we are infringing patents claimed to be owned by Surefield without its authorization or license. Surefield is seeking an unspecified amount of damages and an injunction against us offering products and services that allegedly infringe the patents at issue. On July 15, 2020, we filed a counterclaim against Surefield to allege that (i) we are not infringing on the patents that Surefield has alleged that we are infringing and (ii) the patents claimed by Surefield are invalid. This counterclaim asks the court to declare judgment in our favor. Lawsuit Alleging Violations of the Fair Housing Act —On October 28, 2020, a group of ten organizations filed a complaint against us in the U.S. District Court for the Western District of Washington. The organizations are the National Fair Housing Alliance, the Fair Housing Center of Metropolitan Detroit, the Fair Housing Justice Center, the Fair Housing Rights Center in Southeastern Pennsylvania, the HOPE Fair Housing Center, the Lexington Fair Housing Council, the Long Island Housing Services, the Metropolitan Milwaukee Fair Housing Council, Open Communities, and the South Suburban Housing Center. The complaint alleges that certain of our business policies and practices violate provisions of the Fair Housing Act (the “FHA”). The plaintiffs allege that these policies and practices (i) have the effect of our services being unavailable in predominantly non-white communities on a more frequent basis than predominantly white communities and (ii) are unnecessary to achieve a valid interest or legitimate objective. The complaint focuses on the following policies and practices, as alleged by the plaintiffs: (i) a home's price must exceed a certain dollar amount before we offer service through one of our lead agents or partner agents and (ii) our services and pricing structures are available only for homes serviced by one of our lead agents and those same services and pricing structures may not be offered by one of our partner agents. The plaintiffs seek (i) a declaration that our alleged policies and practices violate the FHA, (ii) an order enjoining us from further alleged violations, (iii) an unspecified amount of monetary damages, and (iv) payment of plaintiffs’ attorneys' fees and costs. Lawsuits Alleging Misclassification —On August 28, 2019, Devin Cook, who is one of our former independent contractor licensed sales associates, whom we call associate agents, filed a complaint against us in the Superior Court of California, County of San Francisco. The plaintiff initially pled the complaint as a class action and alleged that we misclassified her as an independent contractor instead of an employee. The plaintiff also sought representative claims under California’s Private Attorney General Act ("PAGA"). On December 6, 2019, we filed a motion to compel arbitration and asserted that the plaintiff had agreed to arbitrate her claims and had waived all class claims. Following that filing, we and the plaintiff stipulated to allow the plaintiff to amend her complaint to dismiss the class action claim and assert only claims under PAGA. On January 14, 2020, pursuant to the parties’ stipulation, the court granted the plaintiff leave to file a first amended complaint, and she filed her first amended complaint on January 30, 2020. Following this stipulation, only the plaintiff's claims under PAGA will proceed. The plaintiff continues to seek unspecified penalties for alleged violations of PAGA. On November 20, 2020, Jason Bell, who is one of our former lead agents as well as a former associate agent, filed a complaint against us in the U.S. District Court for the Southern District of California. The complaint is pled as a class action and alleges that, (1) during the time he served as an associate agent, we misclassified him as an independent contractor instead of an employee and (2) during the time he served as a lead agent, we misclassified him as an employee who was exempt from minimum wage and overtime laws. The plaintiff also asserts representative claims under PAGA. The plaintiff is seeking unspecified amounts of unpaid overtime wages, regular wages, meal and rest period compensation, waiting time and other penalties, injunctive and other equitable relief, and plaintiff's attorneys' fees and costs. On December 2, 2020, we filed a motion to compel arbitration and asserted that the plaintiff had agreed to arbitrate his claims and had waived all class claims. On March 24, 2021, Anthony Bush, who is one of our former associate agents, filed a complaint against us in the Superior Court of California, County of Alameda. The complaint alleges that, during the time he served as an associate agent, we misclassified him as an independent contractor instead of an employee. The plaintiff also asserts representative claims under PAGA. The plaintiff is seeking unspecified amounts of unpaid overtime wages, regular wages, meal and rest period compensation, penalties, injunctive, and other equitable relief, and plaintiff's attorneys' fees and costs. Potential Employment Claim —On April 6, 2021, two of our former employees and one of our current employees (together, the "claimants") submitted notices to the California Labor & Workforce Development Agency (the "LWDA") to notify the LWDA that they intend to seek penalties against us under PAGA for our alleged violations of provisions of the California Labor Code. With respect to some or all of the claimants, these violations relate to alleged non-payment of owed wages, improper wage deductions, not providing wage statements, retaliation, failure to keep payroll records, failure to pay a minimum wage, failure to provide a written agreement regarding commission payments, and failure to reimburse business expenses. Certain of these violations are also asserted on behalf of other allegedly aggrieved employees. The claimants had also previously submitted complaints against us and two of our former employees to the California Department of Fair Employment and Housing alleging harassment, discrimination, and retaliation. Prior to the claimants' submission of their LWDA notices, we had offered to settle all of the claimants' allegations, but the claimants rejected our offer. We accrued a legal expense for our rejected settlement offer during the six months ended June 30, 2021. In addition, we believe that it is reasonably possible that losses beyond the amount of our rejected settlement offer could occur. However, we are unable to estimate the amount of any additional loss. Other Commitments Other commitments primarily relate to homes that are under contract to purchase through our properties business but that have not closed. As of June 30, 2021, the value of homes under contract that have not closed was $222,444.

Acquired Intangible Assets and

Acquired Intangible Assets and Goodwill	6 Months Ended
	Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Acquired Intangible Assets and Goodwill	Acquired Intangible Assets and Goodwill Acquired Intangible Assets —The components of intangible assets were as follows: June 30, 2021 December 31, 2020 Weighted-Average Useful Lives (Years) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Trade names 10 $ 71,040 $ (2,452) $ 68,588 $ 1,040 $ (650) $ 390 Developed technology 3.3 63,480 (7,053) 56,427 2,980 (1,862) 1,118 Customer relationships 10 81,360 (2,593) 78,767 860 (538) 322 Total $ 215,880 $ (12,098) $ 203,782 $ 4,880 $ (3,050) $ 1,830 Amortization expense amounted to $8,926 and $122 for the three months ended June 30, 2021 and 2020, respectively, and $9,048 and $244 for the six months ended June 30, 2021 and 2020, respectively. The following table presents our estimate of remaining amortization expense for intangible assets that existed as of June 30, 2021: 2021, excluding the six months ended June 30, 2021 $ 17,852 2022 35,705 2023 35,705 2024 20,458 2025 15,050 Thereafter 79,012 Estimated remaining amortization expense $ 203,782 Goodwill —The following table represents the carrying amount of goodwill: Balance as of December 31, 2020 $ 9,186 Goodwill resulting from acquisition 398,042 Balance as of June 30, 2021 $ 407,228

Accrued Liabilities

Accrued Liabilities	6 Months Ended
	Jun. 30, 2021
Payables and Accruals [Abstract]
Accrued Liabilities	Accrued Liabilities The components of accrued liabilities were as follows: June 30, 2021 December 31, 2020 Accrued compensation and benefits $ 72,746 $ 49,238 Miscellaneous accrued liabilities 16,364 9,722 Payroll tax liability deferred by the CARES Act 7,841 6,812 Customer contract liabilities 5,394 3,688 Total accrued liabilities $ 102,345 $ 69,460

Other Payables

Other Payables	6 Months Ended
	Jun. 30, 2021
Payables and Accruals [Abstract]
Other Payables	Other Payables Other payables consists primarily of customer deposits for cash held in escrow on behalf of real estate buyers using our title and settlement services. Since we do not have rights to the cash, the customer deposits are recorded as a liability with a corresponding asset in the same amount recorded within restricted cash. The components of other payables were as follows: June 30, 2021 December 31, 2020 Customer deposits $ 15,269 $ 11,183 Miscellaneous payables 2,098 2,001 Total other payables $ 17,367 $ 13,184

Mezzanine Equity

Mezzanine Equity	6 Months Ended
	Jun. 30, 2021
Temporary Equity Disclosure [Abstract]
Mezzanine Equity	Mezzanine Equity On April 1, 2020, we issued 4,484,305 shares of our common stock, at a price of $15.61 per share, and 40,000 shares of our preferred stock, at a price of $1,000 per share, for aggregate gross proceeds of $110,000. We designated this preferred stock as Series A Convertible Preferred Stock (our "convertible preferred stock"). Our convertible preferred stock is classified as mezzanine equity in our consolidated financial statements as the substantive conversion features at the option of the holder precludes liability classification. We have determined there are no material embedded features that require recognition as a derivative asset or liability. We allocated the gross proceeds of $110,000 to the common stock issuance and the convertible preferred stock issuance based on the standalone fair value of the issuances, resulting in a fair valuation of $40,000 for the preferred stock, which is also the value of the mandatory redemption amount. As of June 30, 2021, the carrying value of our convertible preferred stock, net of issuance costs, is $39,846, and holders have earned unpaid stock dividends in the amount of 30,640 shares of common stock. This stock dividend was issued on April 1, 2021. These shares are included in basic and diluted net loss per share attributable to common stock in Note 13. As of June 30, 2021, no shares of the preferred stock have been converted, and the preferred stock was not redeemable, nor probable to become redeemable in the future as there is a more than remote chance the shares will be automatically converted prior to the mandatory redemption date. The number of shares of common stock reserved for future issuance resulting from dividends, conversion, or redemption with respect to the preferred stock was 2,622,177 as of the issuance date. Dividends —The holders of our convertible preferred stock are entitled to dividends. Dividends accrue daily based on a 360 day fiscal year at a rate of 5.5% per annum based on the issue price and are payable quarterly in arrears on the first business day following the end of each calendar quarter. Assuming we satisfy certain conditions, we will pay dividends in shares of common stock at a rate of the dividend payable divided by $17.95. If we do not satisfy such conditions, we will pay dividends in a cash amount equal to (i) the dividend shares otherwise issuable on the dividends multiplied by (ii) the volume-weighted average closing price of our common stock for the ten trading days preceding the date the dividends are payable. Participation Rights —Holders of our convertible preferred stock are entitled to dividends paid and distributions made to holders of our common stock to the same extent as if such preferred stockholders had converted their shares of preferred stock into common stock and held such shares on the record date for such dividends and distributions. Conversion —Holders may convert their convertible preferred stock into common stock at any time at a rate per share of preferred stock equal to the issue price divided by $19.51 (the "conversion price"). A holder that converts will also receive any dividend shares resulting from accrued dividends. Our convertible preferred stock may also be automatically converted to shares of our common stock. If the closing price of our common stock exceeds $27.32 per share (i) for each day of the 30 consecutive trading days immediately preceding April 1, 2023 or (ii) following April 1, 2023 until 30 trading days prior to November 30, 2024, for each day of any 30 consecutive trading days, then each outstanding share of preferred stock will automatically convert into a number of shares of our common stock at a rate per share of preferred stock equal to the issue price divided by the conversion price. Upon an automatic conversion, a holder will also receive any dividend shares resulting from accrued dividends. Redemption —On November 30, 2024, we will be required to redeem any outstanding shares of our convertible preferred stock, and each holder may elect to receive cash, shares of common stock, or a combination of cash and shares. If a holder elects to receive cash, we will pay, for each share of preferred stock, an amount equal to the issue price plus any accrued dividends. If a holder elects to receive shares, we will issue, for each share of preferred stock, a number of shares of common stock at a rate of the issue price divided by the conversion price plus any dividend shares resulting from accrued dividends. A holder of our convertible preferred stock has the right to require us to redeem up to all shares of preferred stock it holds following certain events outlined in the document governing the preferred stock. If a holder redeems as the result of such events, such holder may elect to receive cash or shares of common stock, as calculated in the same manner as the mandatory redemption described above. Additionally, such holder will also receive, in cash or shares of common stock as elected by the holder, an amount equal to all scheduled dividend payments on the preferred stock for all remaining dividend periods from the date the holder gives its notice of redemption. Liquidation Rights —Upon our liquidation, dissolution, or winding up, holders of our convertible preferred stock will be entitled to receive cash out of our assets prior to holders of the common stock.

Equity and Equity Compensation

Equity and Equity Compensation Plans	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Equity and Equity Compensation Plans	Equity and Equity Compensation Plans Common Stock —As of June 30, 2021 and December 31, 2020, our amended and restated certificate of incorporation authorized us to issue 500,000,000 shares of common stock with a par value of $0.001 per share. Preferred Stock —As of June 30, 2021 and December 31, 2020, our amended and restated certificate of incorporation authorized us to issue 10,000,000 shares of preferred stock with a par value of $0.001. Amended and Restated 2004 Equity Incentive Plan —We granted options under our 2004 Equity Incentive Plan, as amended (our "2004 Plan"), until July 26, 2017, when we terminated it in connection with our initial public offering. Accordingly, no shares are available for future issuance under our 2004 Plan. Our 2004 Plan continues to govern outstanding equity awards granted thereunder. The term of each stock option under the plan is no more than 10 years, and each stock option generally vests over a four-year period. 2017 Equity Incentive Plan —Our 2017 Equity Incentive Plan (our "2017 EIP") became effective on July 26, 2017, and provides for the issuance of incentive and nonqualified common stock options and restricted stock units to employees, directors, and consultants. The number of shares of common stock initially reserved for issuance under our 2017 EIP was 7,898,159. The number of shares reserved for issuance under our 2017 EIP will increase automatically on January 1 of each calendar year beginning on January 1, 2018, and continuing through January 1, 2028, by the number of shares equal to the lesser of 5% of the total outstanding shares of our common stock as of the immediately preceding December 31 or an amount determined by our board of directors. The term of each stock option and restricted stock unit under the plan will not exceed 10 years, and each award generally vests between two We have reserved shares of common stock for future issuance under our 2017 EIP as follows: June 30, 2021 December 31, 2020 Stock options issued and outstanding 4,639,132 5,733,738 Restricted stock units outstanding 3,699,318 4,459,743 Shares available for future equity grants 16,711,246 11,309,377 Total shares reserved for future issuance 25,049,696 21,502,858 2017 Employee Stock Purchase Plan —Our 2017 Employee Stock Purchase Plan (our "ESPP") was approved by our board of directors on July 27, 2017 and enables eligible employees to purchase shares of our common stock at a discount. Purchases will be accomplished through participation in discrete offering periods. We initially reserved 1,600,000 shares of common stock for issuance under our ESPP. The number of shares reserved for issuance under our ESPP will increase automatically on January 1 of each calendar year beginning after the first offering date and continuing through January 1, 2028, by the number of shares equal to the lesser of 1% of the total outstanding shares of our common stock as of the immediately preceding December 31 or an amount determined by our board of directors. On each purchase date, eligible employees will purchase our common stock at a price per share equal to 85% of the lesser of (i) the fair market value of our common stock on the first trading day of the offering period and (ii) the fair market value of our common stock on the purchase date. We have reserved shares of common stock for future issuance under our ESPP as follows: Six Months Ended June 30, 2021 Year Ended December 31, 2020 Shares available for issuance at beginning of period 4,039,667 3,330,271 Shares issued during the period (135,426) (320,609) Total shares available for future issuance at end of period 3,904,241 3,009,662 Stock Options —Option activity for the six months ended June 30, 2021 was as follows: Number of Options Weighted-Average Exercise Price Weighted-Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding as of January 1, 2021 5,733,738 $ 7.23 4.39 $ 352,076 Options exercised (1,089,203) 4.77 Options forfeited (290) 10.80 Options expired (5,113) 10.80 Outstanding as of June 30, 2021 4,639,132 7.80 4.18 257,994 Options exercisable as of June 30, 2021 4,489,132 7.14 4.05 252,608 The grant date fair value of options to purchase common stock is recorded as stock-based compensation over the vesting period. As of June 30, 2021, there was $189 of total unrecognized compensation cost related to stock options. These costs are expected to be recognized over a weighted-average period of 0.5 years. On June 1, 2019, we granted stock options subject to performance conditions ("PSOs"), with a target of 150,000 shares and a maximum 300,000 shares, to our chief executive officer. The options have an exercise price of $27.50 per share and have the same performance and vesting conditions as the restricted stock units subject to performance conditions that we granted in 2019. We determined that vesting is probable and have accrued compensation expense for the PSOs. None of the options vested during the six months ended June 30, 2021. Restricted Stock Units —Restricted stock unit activity for the six months ended June 30, 2021 was as follows: Restricted Stock Units Weighted-Average Grant-Date Fair Value Outstanding as of January 1, 2021 4,459,743 $ 27.44 Granted 407,853 59.67 Vested (1) (737,403) 22.04 Forfeited or canceled (430,875) 24.82 Outstanding or deferred as of June 30, 2021 (1) 3,699,318 $ 32.38 (1) Starting with the restricted stock units granted to them in June 2019, our non-employee directors have the option to defer the issuance of common stock receivable upon vesting of such restricted stock units until 60 days following the day they are no longer providing services to us or, if earlier, upon a change in control transaction. The amount reported as vested excludes restricted stock units that have vested but whose settlement into shares have been deferred. The amount reported as outstanding or deferred as of June 30, 2021 includes these restricted stock units. As no further conditions exist to prevent the issuance of the shares of common stock underlying these restricted stock units, the shares are included in basic and diluted weighted shares outstanding used to calculate net loss per share attributable to common stock. The amount of shares whose issuance have been deferred is not considered material and is not reported separately from stock-based compensation in our consolidated statements of changes in mezzanine equity and stockholders’ equity. The grant date fair value of restricted stock units is recorded as stock-based compensation over the vesting period. As of June 30, 2021, there was $104,984 of total unrecognized compensation cost related to restricted stock units, which is expected to be recognized over a weighted-average period of 2.36 years. As of June 30, 2021, there were 331,759 restricted stock units subject to performance and market conditions ("PSUs") at 100% of the target level. Depending on our achievement of the performance and market conditions, the actual number of shares of common stock issuable upon vesting of PSUs will range from 0% to 200% of the target amount. For each PSU recipient, the awards will vest only if the recipient is continuing to provide service to us upon our board of directors, or its compensation committee, certifying that we have achieved the PSU's related performance or market conditions. Stock-based compensation expense for PSUs with performance conditions is recognized when it is probable that the performance conditions will be achieved. For PSUs with market conditions, the market condition is reflected in the grant-date fair value of the award and the expense is recognized over the life of the award. Stock-compensation expense associated with the PSUs is as follows: Six Months Ended June 30, 2021 2020 Expense associated with the current period $ 2,621 $ 336 Expense due to reassessment of achievement related to prior periods — (494) Total expense $ 2,621 $ (158) Compensation Cost —The following table details, for each period indicated, our stock-based compensation, net of forfeitures, and the amount capitalized in internally developed software, each as included in our consolidated statements of comprehensive loss: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Cost of revenue $ 3,758 $ 1,769 $ 6,736 $ 3,407 Technology and development (1) 5,771 3,124 11,532 6,772 Marketing 535 352 1,078 727 General and administrative 3,679 1,960 6,981 3,510 Total stock-based compensation $ 13,743 $ 7,205 $ 26,327 $ 14,416

Net Loss per Share Attributable

Net Loss per Share Attributable to Common Stock	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Net Loss per Share Attributable to Common Stock	Net Loss per Share Attributable to Common Stock Net loss per share attributable to common stock is computed by dividing the net loss attributable to common stock by the weighted-average number of common shares outstanding. We have outstanding stock options, restricted stock units, options to purchase shares under our ESPP, convertible preferred stock, and convertible senior notes, which are considered in the calculation of diluted net income per share whenever doing so would be dilutive. We calculate basic and diluted net loss per share attributable to common stock in conformity with the two-class method required for companies with participating securities. We consider our convertible preferred stock to be participating securities. Under the two-class method, net loss attributable to common stock is not allocated to the preferred stock as its holders do not have a contractual obligation to share in losses, as discussed in Note 12. The calculation of basic and diluted net loss per share attributable to common stock was as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Numerator: Net loss $ (27,878) $ (6,611) $ (63,662) $ (66,728) Dividends on convertible preferred stock (1,878) (1,284) (4,214) (1,284) Net loss attributable to common stock—basic and diluted $ (29,756) $ (7,895) $ (67,876) $ (68,012) Denominator: Weighted-average shares—basic and diluted (1) 104,391,337 98,785,318 103,912,212 96,114,012 Net loss per share attributable to common stock—basic and diluted $ (0.29) $ (0.08) $ (0.65) $ (0.71) (1) Basic and diluted weighted-average shares outstanding include (i) common stock earned but not yet issued related to share-based dividends on our convertible preferred stock, and (ii) restricted stock units that have vested but whose settlement into common stock were deferred at the option of certain non-employee directors. The following outstanding shares of common stock equivalents were excluded from the computation of the diluted net loss per share for the periods presented because their effect would have been anti-dilutive: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 2023 notes as if converted (1) 777,021 — 777,021 — 2025 notes as if converted 9,119,960 — 9,119,960 — 2027 notes as if converted 6,147,900 — 6,147,900 — Convertible preferred stock as if converted 2,040,000 2,040,000 2,040,000 2,040,000 Stock options outstanding (2) 4,639,132 6,493,269 4,639,132 6,493,269 Restricted stock units outstanding (2)(3) 3,671,589 4,339,964 3,671,589 4,339,964 Total 26,395,602 12,873,233 26,395,602 12,873,233 (1) Includes $226 principal amount of 2023 notes with respect to which we received conversion requests by June 30, 2021. See Note 1. (2) Excludes 331,759 incremental PSUs and 150,000 incremental PSOs that could vest, assuming applicable performance criteria and market conditions are achieved at 200% of target, which is the maximum achievement level. See Note 13 for additional information regarding PSUs and PSOs.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes During the six months ended June 30, 2021, we recorded an income tax benefit of $5,052, resulting in an effective tax rate of (7.35)%, which is primarily a result of a deferred tax liability created through our April 2, 2021 acquisition of RentPath and can be used to realize certain deferred tax assets against which we had previously recorded a full valuation allowance. Our June 30, 2020 effective tax rate of 0% is a result of our previously recorded full valuation allowance against our deferred tax assets. In determining the realizability of the net U.S. federal and state deferred tax assets, we consider numerous factors including historical profitability, estimated future taxable income, prudent and feasible tax planning strategies, and the industry in which we operate. Management reassesses the realization of the deferred tax assets each reporting period, which resulted in a valuation allowance against the full amount of our U.S. deferred tax assets for the six months ended June 30, 2021 and 2020. To the extent that the financial results of our U.S. operations improve in the future and the deferred tax assets become realizable, we will reduce the valuation allowance through earnings. Under Section 382 of the Internal Revenue Code of 1986, as amended, substantial changes in our ownership may limit the amount of net operating loss ("NOL") carryforwards that could be utilized annually in the future to offset taxable income. Any such annual limitation may significantly reduce the utilization of the NOLs before they expire. A Section 382 limitation study performed as of March 31, 2017 determined that Redfin experienced an ownership change in 2006 and $1,538 of the 2006 NOL is unavailable. Furthermore, in connection with the acquisition of RentPath, RentPath experienced an ownership change that triggered Sections 382, which may limit our ability to utilize RentPath’s pre-change tax attributes. A Section 382 limitation study is currently in process with respect to any resulting limitations to the future use of RentPath’s tax attributes and is expected to conclude during the third quarter of 2021. As of December 31, 2020, we had accumulated approximately $227,751 of federal net operating losses, approximately $12,576 (tax effected) of state net operating losses, and approximately $2,050 of foreign net operating losses. Federal net operating losses are available to offset federal taxable income and begin to expire in 2025. Federal net operating loss carryforwards of $142,420 generated after 2017 available to offset future U.S. federal taxable income over an indefinite period. As of April 2, 2021, RentPath had accumulated approximately $114,082 of federal net operating losses and $142,632 of deductible but limited federal business interest expense carryforwards. Federal net operating losses are available to offset federal taxable income and begin to expire in 2024. Federal net operating loss carryforwards of $42,911 generated after 2017 are available to offset future U.S. federal taxable income over an indefinite period. Deductible but limited federal business interest expense carryforwards are available to offset future U.S. federal taxable income over an indefinite period. Our material income tax jurisdiction is the United States (federal) and Canada (foreign). As a result of NOL carryforwards, we are subject to audit for all tax years for federal purposes. All tax years remain subject to examination in various other jurisdictions that are not material to our consolidated financial statements.

Debt

Debt	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Debt	Debt Warehouse Credit Facilities —To provide capital for the mortgage loans that it originates, Redfin Mortgage, our wholly owned mortgage origination subsidiary, utilizes warehouse credit facilities that are classified as current liabilities in our consolidated balance sheets. Borrowings under each warehouse credit facility are secured by the related mortgage loan and rights and income associated with the loan. The following table summarizes borrowings under these facilities as of the periods presented: June 30, 2021 December 31, 2020 Lender Borrowing Capacity Outstanding Borrowings Weighted-Average Interest Rate on Outstanding Borrowings Borrowing Capacity Outstanding Borrowings Weighted-Average Interest Rate on Outstanding Borrowings Western Alliance Bank $ 50,000 $ 17,825 3.25 % $ 50,000 $ 18,277 3.25 % Texas Capital Bank, N.A. 40,000 17,398 3.35 % 40,000 12,903 3.35 % Flagstar Bank, FSB 15,000 11,202 3.00 % 15,000 7,849 3.00 % Total $ 105,000 $ 46,425 — $ 105,000 $ 39,029 — Borrowings under the facility with Western Alliance Bank ("Western Alliance") mature on August 14, 2021 and generally bear interest at a rate equal to the greater of (i) one-month LIBOR plus 2.00% or (ii) 3.25%. Redfin Corporation has agreed to make capital contributions in an amount as necessary for Redfin Mortgage to satisfy its adjusted tangible net worth financial covenant under the agreement, but it was not obligated to make any such capital contributions as of June 30, 2021. Borrowings under the facility with Texas Capital Bank, N.A. ("Texas Capital") mature on August 14, 2021 and generally bear interest at a rate equal to the greater of (i) the rate of interest accruing on the outstanding principal balance of the loan minus 0.25% or (ii) 3.35%. Redfin Corporation has guaranteed Redfin Mortgage’s obligations under the agreement. Borrowings under the facility with Flagstar Bank, FSB ("Flagstar") generally bear interest at a rate equal to the greater of (i) one-month LIBOR plus 2.00% or (ii) 3.00%. This facility does not have a stated maturity date, but Flagstar may terminate the facility upon 30 days prior notice. Redfin Mortgage would be required to pay all amounts owed to Flagstar upon the facility's termination. Secured Revolving Credit Facility —To provide capital for the homes that it purchases, RedfinNow has, through a special purpose entity called RedfinNow Borrower, entered into a secured revolving credit facility with Goldman Sachs Bank, N.A. ("Goldman Sachs"). Borrowings under the facility are secured by RedfinNow Borrower's assets, including the financed homes, as well as the equity interests in RedfinNow Borrower. The following table summarizes borrowings under this facility as of the periods presented: June 30, 2021 December 31, 2020 Lender Borrowing Capacity Outstanding Borrowings Weighted-Average Interest Rate on Outstanding Borrowings Borrowing Capacity Outstanding Borrowings Weighted-Average Interest Rate on Outstanding Borrowings Goldman Sachs Bank USA $ 125,000 $ 123,770 3.30 % $ 100,000 $ 23,949 4.40 % The facility matures on July 12, 2022, but we may extend the maturity date for an additional six months to repay outstanding borrowings. Goldman Sachs may, at its sole option, finance a portion of RedfinNow Borrower's acquisition costs of qualified homes that have been purchased. The portion financed is based, in part, on how long the qualifying home has been owned by a Redfin entity. Each new borrowing under the facility on and after January 12, 2021 generally bears interest at a rate of one-month LIBOR (subject to a floor of 0.30%) plus 3.00%. Outstanding borrowings originated before January 12, 2021 generally bears interest at a rate of one-month LIBOR (subject to a floor of 0.50%) plus an additional rate agreed upon between RedfinNow Borrower and Goldman Sachs. RedfinNow Borrower must repay all borrowings and accrued interest upon the termination of the facility, and it has the option to repay the borrowings, and the related interest, with respect to a specific financed home upon the sale of such home. In certain situations involving a financed home remaining unsold after a certain time period or becoming ineligible for financing under the facility, RedfinNow Borrower may be obligated to repay all or a portion of the borrowings, and related interest, with respect to such home prior to the sale of such home. In instances involving "bad acts," Redfin Corporation has guaranteed repayment of amounts owed under the facility, in some situations, and indemnification of certain expenses incurred, in other situations. As of June 30, 2021, RedfinNow Borrower had $329,224 of total assets, of which $240,357 related to inventory and $48,177 in cash and cash equivalents. As of December 31, 2020, RedfinNow Borrower had $65,191 of total assets, of which $47,620 related to inventory and $11,818 in cash and equivalents. For the three months ended June 30, 2021 and 2020, we amortized $50 and $155 of the debt issuance costs, respectively, and recognized $613 and $251 of interest expense, respectively. For the six months ended June 30, 2021 and 2020, we amortized $136 and $309 of the debt issuance costs, respectively, and recognized $953 and $331 of interest expense, respectively. Convertible Senior Notes —We have issued convertible senior notes with the following characteristics: Issuance Maturity Date Stated Cash Interest Rate Effective Interest Rate First Interest Payment Date Semi-Annual Interest Payment Dates Conversion Rate 2023 notes July 15, 2023 1.75 % 2.45 % January 15, 2019 January 15; July 15 32.7332 2025 notes October 15, 2025 — % 0.42 % — — 13.7920 2027 notes April 1, 2027 0.50 % 0.90 % October 1, 2021 April 1; October 1 10.6920 We issued our 2023 notes on July 23, 2018, with an aggregate principal amount of $143,750. Subsequent to the issuance date, we repurchased or settled conversions of an aggregate of $120,012 of our 2023 notes. We issued our 2025 notes on October 20, 2020, with an aggregate principal amount of $661,250. We issued our 2027 notes on March 25, 2021, with an aggregate principal amount of $500,000. Our proceeds from the issuance, after deducting the initial purchasers' discount and offering expenses payable by us, were $488,234. On April 5, 2021 and pursuant to the initial purchasers exercise of their option to purchase additional 2027 notes, we issued additional 2027 notes with an aggregate principal amount of $75,000. Our proceeds from the issuance, after deducting the initial purchaser's discount and offering expenses payable by us, were $73,296. The components of our convertible senior notes were as follows: June 30, 2021 Issuance Aggregate Principal Amount Unamortized Debt Discount Unamortized Debt Issuance Costs Net Carrying Amount 2023 notes $ 23,738 $ — $ 310 $ 23,428 2025 notes 661,250 — 11,847 649,403 2027 notes 575,000 — 12,886 562,114 December 31, 2020 Issuance Aggregate Principal Amount Unamortized Debt Discount Unamortized Debt Issuance Costs Net Carrying Amount 2023 notes $ 25,626 $ 2,776 $ 368 $ 22,482 2025 notes 661,250 163,077 9,905 488,268 Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 2023 notes Contractual interest expense $ 104 $ 629 $ 208 $ 1,258 Amortization of debt discount — 1,405 — 2,796 Amortization of debt issuance costs 39 187 110 373 Total interest expense $ 143 $ 2,221 $ 318 $ 4,427 2025 notes Contractual interest expense — — — — Amortization of debt discount — — — — Amortization of debt issuance costs 690 — 1,380 — Total interest expense $ 690 $ — $ 1,380 $ — 2027 notes Contractual interest expense 715 — 749 — Amortization of debt discount — — — — Amortization of debt issuance costs 557 — 585 — Total interest expense $ 1,272 $ — $ 1,334 $ — Total Contractual interest expense 819 629 957 1,258 Amortization of debt discount — 1,405 — 2,796 Amortization of debt issuance costs 1,286 187 2,075 373 Total interest expense $ 2,105 $ 2,221 $ 3,032 $ 4,427 Conversion of Our Convertible Senior Notes Prior to the conditional conversion date, a holder of each tranche of our convertible senior notes may convert its notes in multiples of $1,000 principal amount only if one or more of the conditions described below is satisfied. Following the conditional conversion date, a holder may convert its notes in such multiples without any conditions. The conditional conversion date is April 15, 2023 for our 2023 notes, July 15, 2025 for our 2025 notes, and January 1, 2027 for our 2027 notes. The conditions are: • during any calendar quarter (and only during such calendar quarter), if the last reported sale price of our common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the applicable conversion price on each applicable trading day (with respect to our 2027 notes, this condition applies beginning with the quarter commencing July 1, 2021); • during the five business day period after any five consecutive trading day period in which the trading price per $1,000 principal amount of the applicable notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of our common stock and the applicable conversion rate on each such trading day • if we call any or all of the applicable notes for redemption, at any time prior to the close of business on the scheduled trading day prior to the redemption date; or • upon the occurrence of specified corporate events. With respect to our 2023 notes, the first condition described above was satisfied during the quarter ended June 30, 2021. As a result, our 2023 notes will be convertible at a holder's option during the quarter ending September 30, 2021, and have been classified as current liabilities on our consolidated balance sheet as of June 30, 2021. During the three months ended June 30, 2021, we settled conversion requests with respect to our 2023 notes with an aggregate principal amount of $39 using a combination of $39 cash and 624 shares. We also received additional conversion requests for aggregate principal amount of $226, which we will settle in the following quarter, pursuant to the indenture governing our 2023 notes. We intend to settle any future conversions of our convertible senior notes by paying or delivering, as the case may be, cash, shares of our common stock, or a combination of cash and shares of our common stock, at our election. We apply the if-converted method to calculate diluted earnings per share when applicable. Under the if-converted method, the denominator of the diluted earnings per share calculation is adjusted to reflect the full number of common shares issuable upon conversion, while the numerator is adjusted to add back interest expense for the period. Classification of Our Convertible Senior Notes Historically, we had separated our 2023 notes and our 2025 notes into liability and equity components. With our adoption of ASU 2020-06 on January 1, 2021, this accounting treatment is no longer applicable. All of our convertible senior notes are now accounted for wholly as liabilities. See Note 1 for adoption information related to the new standard. The difference between the principal amount of the notes and the carrying amount represents the debt discount, which we record as a deduction from the debt liability in our consolidated balance sheets. This discount is amortized to interest expense using the effective interest method over the term of the notes. See Note 4 for fair value information related to our convertible senior notes. 2027 Capped Calls —In connection with the pricing of our 2027 notes, we entered into capped call transactions with certain counterparties (the “2027 capped calls”). The 2027 capped calls have initial strike prices of $93.53 per share and initial cap prices of $138.56 per share, in each case subject to certain adjustments. Conditions that cause adjustments to the initial strike price and initial cap price of the 2027 capped calls are similar to the conditions that result in corresponding adjustments to the conversion rate for our 2027 notes. The 2027 capped calls cover, subject to anti-dilution adjustments, 5,346,000 shares of our common stock and are generally intended to reduce or offset the potential dilution to our common stock upon any conversion of the 2027 notes, with such reduction or offset, as the case may be, subject to a cap based on the cap price. The 2027 capped calls are separate transactions, and not part of the terms of our 2027 notes. As these instruments meet certain accounting criteria, the 2027 capped calls are recorded in stockholders’ equity and are not accounted for as derivatives. The cost of $54,450 incurred in connection with the 2027 capped calls was recorded as a reduction to additional paid-in capital. In connection with the initial purchasers' exercise of their option, we entered into additional 2027 capped calls on March 31, 2021 that settled on April 5, 2021. These additional capped calls cover 801,900 additional shares of our common stock, subject to anti-dilution adjustments. The cost of $8,168 incurred in connection with the additional 2027 capped calls was recorded as a reduction to additional paid-in capital.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Amendment of Secured Revolving Credit Facility —On July 20, 2021, RedfinNow Borrower amended its secured revolving credit facility with Goldman Sachs to increase the facility's borrowing capacity to $200,000.

Summary of Accounting Policies

Summary of Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation —The consolidated financial statements and accompanying notes have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). The financial information as of December 31, 2020 that is included in this quarterly report is derived from the audited consolidated financial statements and notes for the year ended December 31, 2020 included in Item 8 in our annual report for the year ended December 31, 2020. Such financial information should be read in conjunction with the notes and management’s discussion and analysis of the consolidated financial statements included in our annual report. The unaudited consolidated interim financial statements, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, necessary to present fairly our financial position as of June 30, 2021, the statements of comprehensive loss, statements of cash flows, and statements of changes in mezzanine equity and stockholders’ equity for the three and six months ended June 30, 2021 and 2020. The results for the three and six months ended June 30, 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021 or for any interim period or for any other future year. Certain amounts presented in the prior period consolidated statements of cash flows have been reclassified to conform to the current period financial statement presentation. The change in classification does not affect previously reported cash flows from operating activities, investing activities or financing activities in the consolidated statements of cash flows.
Principles of Consolidation	Principles of Consolidation —The unaudited consolidated interim financial statements include the accounts of Redfin Corporation and its wholly owned subsidiaries, including those entities in which we have a variable interest and of which we are the primary beneficiary. Intercompany transactions and balances have been eliminated.
Use of Estimates	Use of Estimates —The preparation of consolidated financial statements, in conformity with GAAP, requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities and results of operations during the respective periods. Our estimates include, but are not limited to, the valuation of deferred income taxes, stock-based compensation, net realizable value of inventory, capitalization of website and software development costs, the incremental borrowing rate for the determination of the present value of lease payments, recoverability of intangible assets with finite lives, fair value of our mortgage loans held for sale, fair value of interest rate lock commitments, and forward sales commitments, fair value of reporting units for purposes of evaluating goodwill for impairment, current expected credit losses on certain financial assets, the fair value of the convertible feature related to our convertible senior notes, and the fair value of assets acquired and liabilities assumed in connection with our acquisition of RentPath. The amounts ultimately realized from the affected assets or ultimately recognized as liabilities will depend on, among other factors, general business conditions and could differ materially in the near term from the carrying amounts reflected in the consolidated financial statements.
Recently Adopted and Issued Accounting Pronouncements	Recently Adopted Accounting Pronouncements —In August 2020, the Financial Accounting Standards Board (the "FASB") issued authoritative guidance under ASU 2020-06. This guidance removes the liability and equity separation models for convertible instruments with a cash conversion feature or beneficial conversion feature. As a result, companies will more likely account for a convertible debt instrument wholly as debt, and for convertible preferred stock wholly as preferred stock (i.e., as a single unit of account). In addition, the guidance simplifies the settlement assessment that issuers perform to determine whether a contract in their own equity qualifies for equity classification. Finally, the guidance requires entities to use the if-converted method to calculate earnings per share for all convertible instruments. We early adopted ASU 2020-06 as of January 1, 2021 using the modified retrospective approach. The cumulative effect of initially applying the new standard was recognized as an adjustment to accumulated deficit. Upon the adoption of the new standard we recognized the following adjustments: Ending Balance as of December 31, 2020 ASU 2020-06 Adjustments Beginning Balance as of January 1, 2021 Convertible senior notes, net $ 22,482 $ 2,723 $ 25,205 Convertible senior notes, net, noncurrent 488,268 159,755 648,023 Additional paid-in capital 860,556 (170,240) 690,316 Accumulated deficit (270,313) 7,762 (262,551) The $7,762 adjustment to accumulated deficit represents a reduction to non-cash interest expense related to the accretion of the debt discount under the historical separation model.

Summary of Accounting Policie_2

Summary of Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounting Standards Update and Change in Accounting Principle	Upon the adoption of the new standard we recognized the following adjustments: Ending Balance as of December 31, 2020 ASU 2020-06 Adjustments Beginning Balance as of January 1, 2021 Convertible senior notes, net $ 22,482 $ 2,723 $ 25,205 Convertible senior notes, net, noncurrent 488,268 159,755 648,023 Additional paid-in capital 860,556 (170,240) 690,316 Accumulated deficit (270,313) 7,762 (262,551)

Business Combinations (Tables)

Business Combinations (Tables)	6 Months Ended
	Jun. 30, 2021
Business Combination and Asset Acquisition [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the preliminary fair value of assets acquired and liabilities assumed as a result of the Acquisition and is subject to revision as more detailed analyses are completed and additional information about the fair value of assets acquired and liabilities assumed becomes available: Cash and cash equivalents (1) $ 334 Accounts receivable 7,726 Prepaid expenses 5,483 Other current assets 416 Property and equipment, net 3,103 Operating lease right-of-use assets 12,330 Intangible assets 211,000 Goodwill 398,042 Total assets 638,434 Accounts payable (1,355) Accrued liabilities (1) (9,412) Lease liabilities (1,264) Lease liabilities and deposits, noncurrent (11,066) Payroll tax liabilities, noncurrent (1,030) Deferred tax liabilities (6,307) Total liabilities (30,434) Total purchase consideration $ 608,000 (1) On April 2, 2021, $334 of cash and cash equivalents owed to a wind-down company remained in RentPath's primary operating account due to the timing of bank transfers and wires. The cash and cash equivalents were recorded at fair value along with an offsetting due-to liability on April 2, 2021.
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination	The following table provides the preliminary valuation of the RentPath intangible assets, along with their estimated useful lives: Estimated Fair Value Estimated Useful Life Trade names $ 70,000 10 Developed technology 60,500 3 Customer relationships 80,500 10 Total 211,000
Business Acquisition, Pro Forma Information	The pro forma financial information presented below includes adjustments for bankruptcy costs, depreciation and amortization, provision for income taxes, transaction costs, and interest expense related to debt that would not have been incurred if we had consummated the Acquisition on January 1, 2020: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Revenue $ 471,315 262,717 $ 782,558 506,387 Net loss (32,698) (13,968) (75,364) (84,017)

Segment Reporting and Revenue (

Segment Reporting and Revenue (Tables)	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Reconciliation of Operating Profit (Loss) from Segments to Consolidated	Information on each of the reportable and other segments and reconciliation to consolidated net loss is as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Revenue Real estate services (brokerage) $ 237,511 $ 128,543 $ 393,957 $ 230,894 Real estate services (partner) 14,688 6,506 26,851 12,791 Properties 172,445 72,184 265,171 151,282 Rentals 42,548 — 42,548 — Other 8,521 7,246 17,878 11,496 Intercompany eliminations (4,398) (814) (6,771) (1,803) Total $ 471,315 $ 213,665 $ 739,634 $ 404,660 Cost of revenue Real estate services 164,125 88,799 292,342 182,361 Properties 167,420 73,348 258,551 152,647 Rentals 7,570 — 7,570 — Other 10,462 6,293 19,448 12,537 Intercompany eliminations (4,398) (814) (6,771) (1,803) Total $ 345,179 $ 167,626 $ 571,140 $ 345,742 Gross profit Real estate services 88,074 46,250 128,466 61,324 Properties 5,025 (1,164) 6,620 (1,365) Rentals 34,978 — 34,978 — Other (1,941) 953 (1,570) (1,041) Total $ 126,136 $ 46,039 $ 168,494 $ 58,918 Real estate services, properties, and other operating expenses 107,788 50,465 184,658 120,774 Rentals operating expenses 48,665 — 48,665 — Interest income 135 437 293 1,540 Interest expense (2,813) (2,665) (4,151) (5,109) Income tax benefit 5,052 — 5,052 — Other income (expense), net 65 43 (27) (1,303) Net loss $ (27,878) $ (6,611) $ (63,662) $ (66,728)

Financial Instruments (Tables)

Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Schedule of Notional Amounts of Outstanding Derivative Positions	Notional Amounts June 30, 2021 December 31, 2020 Forward sales commitments $ 110,918 $ 130,109 IRLCs 115,211 88,923
Derivative Instruments, Gain (Loss)	The locations and amounts of gains (losses) recognized in income related to our derivatives are as follows: Three Months Ended June 30, Six Months Ended June 30, Instrument Classification 2021 2020 2021 2020 Forward sales commitments Service revenue $ (1,849) $ (142) $ 79 $ 1,053 IRLCs Service revenue 35 1,460 201 (110)
Schedule of Assets, Liabilities, and Equity Measured at Fair Value on a Recurring Basis	A summary of assets and liabilities related to our financial instruments, measured at fair value on a recurring basis and as reflected in our consolidated balance sheets, is set forth below: Balance at June 30, 2021 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Cash equivalents Money market funds $ 632,800 $ 632,800 $ — $ — Total cash equivalents 632,800 632,800 — — Short-term investments U.S. treasury securities 24,598 24,598 — — Agency bonds 5,007 5,007 — — Loans held for sale 51,643 — 51,643 — Other current assets Forward sales commitments 36 — 36 — IRLCs 1,996 — — 1,996 Total other current assets 2,032 — 36 1,996 Long-term investments U.S. treasury securities 29,178 29,178 — — Agency bonds 6,907 6,907 — — Total assets $ 752,165 $ 698,490 $ 51,679 $ 1,996 Liabilities Accrued liabilities Forward sales commitments $ 430 $ — $ 430 $ — IRLCs 24 — — 24 Total liabilities $ 454 $ — $ 430 $ 24 Balance at December 31, 2020 Quoted Prices in Active Markets for Identical Assets Significant Significant Assets Cash equivalents Money market funds $ 886,261 $ 886,261 $ — $ — U.S. treasury securities 6,100 6,100 — — Total cash equivalents 892,361 892,361 — — Short-term investments U.S. treasury securities 131,561 131,561 — — Loans held for sale 42,539 — 42,539 — Other current assets Forward sales commitments 34 — 34 — IRLCs 1,781 — — 1,781 Total other current assets 1,815 — 34 1,781 Long-term investments Agency bonds 11,922 11,922 — — Total assets $ 1,080,198 $ 1,035,844 $ 42,573 $ 1,781 Liabilities Accrued liabilities Forward sales commitments $ 507 $ — $ 507 $ — IRLCs 10 — — 10 Total liabilities $ 517 $ — $ 507 $ 10
Summary of Fair Value Measurement Inputs and Valuation Techniques	The pull-through rate used to determine the fair value of IRLCs was as follows: Key Inputs Valuation Technique June 30, 2021 December 31, 2020 Weighted-average pull-through rate Market pricing 72.3% 72.3%
Summary of Changes Fair Value Of Interest Rate Derivatives	The following is a summary of changes in the fair value of IRLCs for the six months ended June 30, 2021: Balance, net—January 1, 2021 $ 1,771 Issuances of IRLCs 10,674 Settlements of IRLCs (10,708) Net loss recognized in earnings 235 Balance, net—June 30, 2021 $ 1,972 Changes in fair value recognized during the period relating to assets still held at June 30, 2021 $ 201
Schedule of Long-term Debt	The following table presents the carrying amounts and estimated fair values of our convertible senior notes that are not recorded at fair value on our consolidated balance sheets: June 30, 2021 December 31, 2020 Issuance Net Carrying Amount Estimated Fair Value Net Carrying Amount Estimated Fair Value 2023 notes $ 23,428 $ 50,106 $ 22,482 $ 59,894 2025 notes 649,403 747,808 488,268 802,083 2027 notes 562,114 571,107 — — June 30, 2021 December 31, 2020 Lender Borrowing Capacity Outstanding Borrowings Weighted-Average Interest Rate on Outstanding Borrowings Borrowing Capacity Outstanding Borrowings Weighted-Average Interest Rate on Outstanding Borrowings Western Alliance Bank $ 50,000 $ 17,825 3.25 % $ 50,000 $ 18,277 3.25 % Texas Capital Bank, N.A. 40,000 17,398 3.35 % 40,000 12,903 3.35 % Flagstar Bank, FSB 15,000 11,202 3.00 % 15,000 7,849 3.00 % Total $ 105,000 $ 46,425 — $ 105,000 $ 39,029 — June 30, 2021 December 31, 2020 Lender Borrowing Capacity Outstanding Borrowings Weighted-Average Interest Rate on Outstanding Borrowings Borrowing Capacity Outstanding Borrowings Weighted-Average Interest Rate on Outstanding Borrowings Goldman Sachs Bank USA $ 125,000 $ 123,770 3.30 % $ 100,000 $ 23,949 4.40 %
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets)	The cost or amortized cost, gross unrealized gains and losses, and estimated fair market value of our cash, money market funds, restricted cash, and available-for-sale investments were as follows: June 30, 2021 Cost or Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Cash, Cash Equivalents, Restricted Cash Short-term Investments Long-term Investments Cash $ 102,587 $ — $ — $ 102,587 $ 102,587 $ — $ — Money markets funds 632,800 — — 632,800 632,800 — — Restricted cash 52,295 — — 52,295 52,295 — — U.S. treasury securities 53,743 45 (12) 53,776 — 24,598 29,178 Agency bonds 11,900 14 — 11,914 — 5,007 6,907 Total $ 853,325 $ 59 $ (12) $ 853,372 $ 787,682 $ 29,605 $ 36,085 December 31, 2020 Cost or Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Cash, Cash Equivalents, Restricted Cash Short-term Investments Long-term Investments Cash $ 32,915 $ — $ — $ 32,915 $ 32,915 $ — $ — Money markets funds 886,261 — — 886,261 886,261 — — Restricted cash 20,544 — — 20,544 20,544 — — U.S. treasury securities 137,502 159 — 137,661 6,100 131,561 — Agency bonds 11,900 22 — 11,922 — — 11,922 Total $ 1,089,122 $ 181 $ — $ 1,089,303 $ 945,820 $ 131,561 $ 11,922

Inventory (Tables)

Inventory (Tables)	6 Months Ended
	Jun. 30, 2021
Inventory Disclosure [Abstract]
Schedule of Inventory, Current	The components of inventory were as follows: June 30, 2021 December 31, 2020 Properties for sale $ 90,391 $ 17,153 Properties not available for sale 45,132 7,225 Properties under improvement 113,480 24,780 Inventory $ 249,003 $ 49,158

Property and Equipment (Tables)

Property and Equipment (Tables)	6 Months Ended
	Jun. 30, 2021
Property, Plant and Equipment [Abstract]
Property and Equipment	The components of property and equipment were as follows: Useful Lives (Years) June 30, 2021 December 31, 2020 Leasehold improvements Shorter of lease term or economic life $ 33,467 $ 29,558 Website and software development costs 2 - 3 42,330 33,278 Computer and office equipment 3 - 5 12,462 7,765 Software 3 1,871 1,858 Furniture 7 7,816 7,450 Property and equipment, gross 97,946 79,909 Accumulated depreciation and amortization (49,713) (41,614) Construction in progress 5,674 5,693 Property and equipment, net $ 53,907 $ 43,988

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2021
Leases [Abstract]
Lease, Cost	The components of lease expense were as follows: Three Months Ended June 30, Six Months Ended June 30, Lease Cost Classification 2021 2020 2021 2020 Operating lease cost: Operating lease cost (1) Cost of revenue $ 2,381 $ 2,144 $ 4,705 $ 4,282 Operating lease cost (1) Operating expenses 1,595 1,093 2,712 2,187 Total operating lease cost $ 3,976 $ 3,237 $ 7,417 $ 6,469 Finance lease cost: Amortization of right-of-use assets Cost of revenue $ 140 $ 17 $ 196 $ 34 Interest on lease liabilities Cost of revenue 21 $ 3 30 $ 5 Total finance lease cost $ 161 $ 20 $ 226 $ 39 (1) Includes lease expense with initial terms of twelve months or less of $434 and $247 for the three months ended June 30, 2021 and 2020, respectively, and $726 and $473 for the six months ended June 30, 2021 and 2020, respectively. Lease Term and Discount Rate June 30, 2021 December 31, 2020 Weighted-average remaining operating lease term (years) 5.3 5.2 Weighted-average remaining finance lease term (years) 3.4 3.5 Weighted-average discount rate for operating leases 4.4 % 4.4 % Weighted-average discount rate for finance leases 5.4 % 5.4 % Six Months Ended June 30, Supplemental Cash Flow Information 2021 2020 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 7,654 $ 6,994 Operating cash flows from finance leases 42 5 Financing cash flows from finance leases 122 25 Right of use assets obtained in exchange for lease liabilities Operating leases $ 6,139 $ 214 Finance leases 768 —
Lessee, Operating Lease, Liability, Maturity	Lease Liabilities Other Leases Total Lease Obligations Maturity of Lease Liabilities Operating Financing Operating 2021, excluding the six months ended June 30, 2021 $ 8,697 $ 209 $ 406 $ 9,312 2022 16,647 418 33 17,098 2023 15,654 405 — 16,059 2024 14,296 319 — 14,615 2025 11,183 52 — 11,235 Thereafter 16,917 — — 16,917 Total lease payments $ 83,394 $ 1,403 $ 439 $ 85,236 Less: Interest (1) 9,087 119 Present value of lease liabilities $ 74,307 $ 1,284
Finance Lease, Liability, Fiscal Year Maturity	Lease Liabilities Other Leases Total Lease Obligations Maturity of Lease Liabilities Operating Financing Operating 2021, excluding the six months ended June 30, 2021 $ 8,697 $ 209 $ 406 $ 9,312 2022 16,647 418 33 17,098 2023 15,654 405 — 16,059 2024 14,296 319 — 14,615 2025 11,183 52 — 11,235 Thereafter 16,917 — — 16,917 Total lease payments $ 83,394 $ 1,403 $ 439 $ 85,236 Less: Interest (1) 9,087 119 Present value of lease liabilities $ 74,307 $ 1,284

Acquired Intangible Assets an_2

Acquired Intangible Assets and Goodwill (Tables)	6 Months Ended
	Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	The components of intangible assets were as follows: June 30, 2021 December 31, 2020 Weighted-Average Useful Lives (Years) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Trade names 10 $ 71,040 $ (2,452) $ 68,588 $ 1,040 $ (650) $ 390 Developed technology 3.3 63,480 (7,053) 56,427 2,980 (1,862) 1,118 Customer relationships 10 81,360 (2,593) 78,767 860 (538) 322 Total $ 215,880 $ (12,098) $ 203,782 $ 4,880 $ (3,050) $ 1,830
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	The following table presents our estimate of remaining amortization expense for intangible assets that existed as of June 30, 2021: 2021, excluding the six months ended June 30, 2021 $ 17,852 2022 35,705 2023 35,705 2024 20,458 2025 15,050 Thereafter 79,012 Estimated remaining amortization expense $ 203,782
Schedule of Goodwill	The following table represents the carrying amount of goodwill: Balance as of December 31, 2020 $ 9,186 Goodwill resulting from acquisition 398,042 Balance as of June 30, 2021 $ 407,228

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	6 Months Ended
	Jun. 30, 2021
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities	The components of accrued liabilities were as follows: June 30, 2021 December 31, 2020 Accrued compensation and benefits $ 72,746 $ 49,238 Miscellaneous accrued liabilities 16,364 9,722 Payroll tax liability deferred by the CARES Act 7,841 6,812 Customer contract liabilities 5,394 3,688 Total accrued liabilities $ 102,345 $ 69,460

Other Payables (Tables)

Other Payables (Tables)	6 Months Ended
	Jun. 30, 2021
Payables and Accruals [Abstract]
Schedule of Other Payables	The components of other payables were as follows: June 30, 2021 December 31, 2020 Customer deposits $ 15,269 $ 11,183 Miscellaneous payables 2,098 2,001 Total other payables $ 17,367 $ 13,184

Equity and Equity Compensatio_2

Equity and Equity Compensation Plans (Tables)	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Schedule of Reserved Shares of Common Stock	We have reserved shares of common stock for future issuance under our 2017 EIP as follows: June 30, 2021 December 31, 2020 Stock options issued and outstanding 4,639,132 5,733,738 Restricted stock units outstanding 3,699,318 4,459,743 Shares available for future equity grants 16,711,246 11,309,377 Total shares reserved for future issuance 25,049,696 21,502,858 We have reserved shares of common stock for future issuance under our ESPP as follows: Six Months Ended June 30, 2021 Year Ended December 31, 2020 Shares available for issuance at beginning of period 4,039,667 3,330,271 Shares issued during the period (135,426) (320,609) Total shares available for future issuance at end of period 3,904,241 3,009,662
Schedule of Stock Option Activity	Option activity for the six months ended June 30, 2021 was as follows: Number of Options Weighted-Average Exercise Price Weighted-Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding as of January 1, 2021 5,733,738 $ 7.23 4.39 $ 352,076 Options exercised (1,089,203) 4.77 Options forfeited (290) 10.80 Options expired (5,113) 10.80 Outstanding as of June 30, 2021 4,639,132 7.80 4.18 257,994 Options exercisable as of June 30, 2021 4,489,132 7.14 4.05 252,608
Schedule of Nonvested Restricted Stock Units Activity	Restricted stock unit activity for the six months ended June 30, 2021 was as follows: Restricted Stock Units Weighted-Average Grant-Date Fair Value Outstanding as of January 1, 2021 4,459,743 $ 27.44 Granted 407,853 59.67 Vested (1) (737,403) 22.04 Forfeited or canceled (430,875) 24.82 Outstanding or deferred as of June 30, 2021 (1) 3,699,318 $ 32.38 (1) Starting with the restricted stock units granted to them in June 2019, our non-employee directors have the option to defer the issuance of common stock receivable upon vesting of such restricted stock units until 60 days following the day they are no longer providing services to us or, if earlier, upon a change in control transaction. The amount reported as vested excludes restricted stock units that have vested but whose settlement into shares have been deferred. The amount reported as outstanding or deferred as of June 30, 2021 includes these restricted stock units. As no further conditions exist to prevent the issuance of the shares of common stock underlying these restricted stock units, the shares are included in basic and diluted weighted shares outstanding used to calculate net loss per share attributable to common stock. The amount of shares whose issuance have been deferred is not considered material and is not reported separately from stock-based compensation in our consolidated statements of changes in mezzanine equity and stockholders’ equity.
Schedule of Allocation of Share-based Compensation Costs	Stock-compensation expense associated with the PSUs is as follows: Six Months Ended June 30, 2021 2020 Expense associated with the current period $ 2,621 $ 336 Expense due to reassessment of achievement related to prior periods — (494) Total expense $ 2,621 $ (158) Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Cost of revenue $ 3,758 $ 1,769 $ 6,736 $ 3,407 Technology and development (1) 5,771 3,124 11,532 6,772 Marketing 535 352 1,078 727 General and administrative 3,679 1,960 6,981 3,510 Total stock-based compensation $ 13,743 $ 7,205 $ 26,327 $ 14,416

Net Loss per Share Attributab_2

Net Loss per Share Attributable to Common Stock (Tables)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings Per Share	The calculation of basic and diluted net loss per share attributable to common stock was as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Numerator: Net loss $ (27,878) $ (6,611) $ (63,662) $ (66,728) Dividends on convertible preferred stock (1,878) (1,284) (4,214) (1,284) Net loss attributable to common stock—basic and diluted $ (29,756) $ (7,895) $ (67,876) $ (68,012) Denominator: Weighted-average shares—basic and diluted (1) 104,391,337 98,785,318 103,912,212 96,114,012 Net loss per share attributable to common stock—basic and diluted $ (0.29) $ (0.08) $ (0.65) $ (0.71) (1) Basic and diluted weighted-average shares outstanding include (i) common stock earned but not yet issued related to share-based dividends on our convertible preferred stock, and (ii) restricted stock units that have vested but whose settlement into common stock were deferred at the option of certain non-employee directors.
Summary of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following outstanding shares of common stock equivalents were excluded from the computation of the diluted net loss per share for the periods presented because their effect would have been anti-dilutive: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 2023 notes as if converted (1) 777,021 — 777,021 — 2025 notes as if converted 9,119,960 — 9,119,960 — 2027 notes as if converted 6,147,900 — 6,147,900 — Convertible preferred stock as if converted 2,040,000 2,040,000 2,040,000 2,040,000 Stock options outstanding (2) 4,639,132 6,493,269 4,639,132 6,493,269 Restricted stock units outstanding (2)(3) 3,671,589 4,339,964 3,671,589 4,339,964 Total 26,395,602 12,873,233 26,395,602 12,873,233 (1) Includes $226 principal amount of 2023 notes with respect to which we received conversion requests by June 30, 2021. See Note 1. (2) Excludes 331,759 incremental PSUs and 150,000 incremental PSOs that could vest, assuming applicable performance criteria and market conditions are achieved at 200% of target, which is the maximum achievement level. See Note 13 for additional information regarding PSUs and PSOs.

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Schedule of Long-term Debt	The following table presents the carrying amounts and estimated fair values of our convertible senior notes that are not recorded at fair value on our consolidated balance sheets: June 30, 2021 December 31, 2020 Issuance Net Carrying Amount Estimated Fair Value Net Carrying Amount Estimated Fair Value 2023 notes $ 23,428 $ 50,106 $ 22,482 $ 59,894 2025 notes 649,403 747,808 488,268 802,083 2027 notes 562,114 571,107 — — June 30, 2021 December 31, 2020 Lender Borrowing Capacity Outstanding Borrowings Weighted-Average Interest Rate on Outstanding Borrowings Borrowing Capacity Outstanding Borrowings Weighted-Average Interest Rate on Outstanding Borrowings Western Alliance Bank $ 50,000 $ 17,825 3.25 % $ 50,000 $ 18,277 3.25 % Texas Capital Bank, N.A. 40,000 17,398 3.35 % 40,000 12,903 3.35 % Flagstar Bank, FSB 15,000 11,202 3.00 % 15,000 7,849 3.00 % Total $ 105,000 $ 46,425 — $ 105,000 $ 39,029 — June 30, 2021 December 31, 2020 Lender Borrowing Capacity Outstanding Borrowings Weighted-Average Interest Rate on Outstanding Borrowings Borrowing Capacity Outstanding Borrowings Weighted-Average Interest Rate on Outstanding Borrowings Goldman Sachs Bank USA $ 125,000 $ 123,770 3.30 % $ 100,000 $ 23,949 4.40 %
Convertible Debt	We have issued convertible senior notes with the following characteristics: Issuance Maturity Date Stated Cash Interest Rate Effective Interest Rate First Interest Payment Date Semi-Annual Interest Payment Dates Conversion Rate 2023 notes July 15, 2023 1.75 % 2.45 % January 15, 2019 January 15; July 15 32.7332 2025 notes October 15, 2025 — % 0.42 % — — 13.7920 2027 notes April 1, 2027 0.50 % 0.90 % October 1, 2021 April 1; October 1 10.6920 We issued our 2023 notes on July 23, 2018, with an aggregate principal amount of $143,750. Subsequent to the issuance date, we repurchased or settled conversions of an aggregate of $120,012 of our 2023 notes. We issued our 2025 notes on October 20, 2020, with an aggregate principal amount of $661,250. We issued our 2027 notes on March 25, 2021, with an aggregate principal amount of $500,000. Our proceeds from the issuance, after deducting the initial purchasers' discount and offering expenses payable by us, were $488,234. On April 5, 2021 and pursuant to the initial purchasers exercise of their option to purchase additional 2027 notes, we issued additional 2027 notes with an aggregate principal amount of $75,000. Our proceeds from the issuance, after deducting the initial purchaser's discount and offering expenses payable by us, were $73,296. The components of our convertible senior notes were as follows: June 30, 2021 Issuance Aggregate Principal Amount Unamortized Debt Discount Unamortized Debt Issuance Costs Net Carrying Amount 2023 notes $ 23,738 $ — $ 310 $ 23,428 2025 notes 661,250 — 11,847 649,403 2027 notes 575,000 — 12,886 562,114 December 31, 2020 Issuance Aggregate Principal Amount Unamortized Debt Discount Unamortized Debt Issuance Costs Net Carrying Amount 2023 notes $ 25,626 $ 2,776 $ 368 $ 22,482 2025 notes 661,250 163,077 9,905 488,268
Interest Income and Interest Expense Disclosure	Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 2023 notes Contractual interest expense $ 104 $ 629 $ 208 $ 1,258 Amortization of debt discount — 1,405 — 2,796 Amortization of debt issuance costs 39 187 110 373 Total interest expense $ 143 $ 2,221 $ 318 $ 4,427 2025 notes Contractual interest expense — — — — Amortization of debt discount — — — — Amortization of debt issuance costs 690 — 1,380 — Total interest expense $ 690 $ — $ 1,380 $ — 2027 notes Contractual interest expense 715 — 749 — Amortization of debt discount — — — — Amortization of debt issuance costs 557 — 585 — Total interest expense $ 1,272 $ — $ 1,334 $ — Total Contractual interest expense 819 629 957 1,258 Amortization of debt discount — 1,405 — 2,796 Amortization of debt issuance costs 1,286 187 2,075 373 Total interest expense $ 2,105 $ 2,221 $ 3,032 $ 4,427

Summary of Accounting Policie_3

Summary of Accounting Policies - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended
	Aug. 05, 2021	Jun. 30, 2021	Jan. 01, 2021	Dec. 31, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accumulated deficit		$ (326,213)	$ (262,551)	$ (270,313)
1.75% Convertible Senior Notes due 2023
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt conversion		$ 39
1.75% Convertible Senior Notes due 2023 | Subsequent Event
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt conversion	$ 226
Revision of Prior Period, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accumulated deficit			$ 7,762

Summary of Accounting Policie_4

Summary of Accounting Policies - Schedule of New Accounting Pronouncements & Changes in Accounting Principle (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Jan. 01, 2021	Dec. 31, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Convertible senior notes, net	$ 23,428	$ 25,205	$ 22,482
Convertible senior notes, net, noncurrent	1,211,517	648,023	488,268
Additional paid-in capital	651,627	690,316	860,556
Accumulated deficit	$ (326,213)	(262,551)	$ (270,313)
Revision of Prior Period, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Convertible senior notes, net		2,723
Convertible senior notes, net, noncurrent		159,755
Additional paid-in capital		(170,240)
Accumulated deficit		$ 7,762

Business Combinations - Narrati

Business Combinations - Narrative (Details) - USD ($) $ in Thousands	Apr. 02, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Business Acquisition [Line Items]
Payments to acquire businesses				$ 608,000	$ 0
Acquisition-related costs		$ 5,616		7,723
RentPath holdings
Business Acquisition [Line Items]
Payments to acquire businesses	$ 608,000
Revenues		42,548
Net income (loss)		(32,698)	$ (13,968)	(75,364)	(84,017)
RentPath holdings | Acquisition-related Costs
Business Acquisition [Line Items]
Net income (loss)		$ (4,821)	$ (28,876)	$ (76,095)	$ (39,073)

Business Combinations - Schedul

Business Combinations - Schedule of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Apr. 02, 2021	Jun. 30, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill		$ 407,228	$ 9,186
RentPath holdings
Business Acquisition [Line Items]
Cash and cash equivalents(1)	$ 334
Accounts receivable	7,726
Prepaid expenses	5,483
Other current assets	416
Property and equipment, net	3,103
Operating lease right-of-use assets	12,330
Intangible assets	211,000
Goodwill	398,042
Total assets	638,434
Accounts payable	(1,355)
Accrued liabilities(1)	(9,412)
Lease liabilities	(1,264)
Lease liabilities and deposits, noncurrent	(11,066)
Payroll tax liabilities, noncurrent	(1,030)
Deferred tax liabilities	(6,307)
Total liabilities	(30,434)
Total purchase consideration	$ 608,000

Business Combinations - Sched_2

Business Combinations - Schedule of Finite-Lived Intangible Assets as Part of Business Combination (Details) - USD ($) $ in Thousands	Apr. 02, 2021	Jun. 30, 2021
Trade names
Business Acquisition [Line Items]
Estimated Useful Life (in years)		10 years
Customer relationships
Business Acquisition [Line Items]
Estimated Useful Life (in years)		10 years
RentPath holdings
Business Acquisition [Line Items]
Estimated Fair Value	$ 211,000
RentPath holdings | Trade names
Business Acquisition [Line Items]
Estimated Fair Value	$ 70,000
Estimated Useful Life (in years)	10 years
RentPath holdings | Developed technology
Business Acquisition [Line Items]
Estimated Fair Value	$ 60,500
Estimated Useful Life (in years)	3 years
RentPath holdings | Customer relationships
Business Acquisition [Line Items]
Estimated Fair Value	$ 80,500
Estimated Useful Life (in years)	10 years

Business Combinations - Unaudit

Business Combinations - Unaudited Pro Forma Results (Details) - RentPath holdings - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Business Acquisition [Line Items]
Revenue	$ 471,315	$ 262,717	$ 782,558	$ 506,387
Net loss	$ (32,698)	$ (13,968)	$ (75,364)	$ (84,017)

Segment Reporting and Revenue -

Segment Reporting and Revenue - Narrative (Details)	6 Months Ended
	Jun. 30, 2021segment
Segment Reporting [Abstract]
Number of operating segments	6
Number of reportable segments	3

Segment Reporting and Revenue_2

Segment Reporting and Revenue - Reconciliation of Operating Profit (Loss) from Segments to Consolidated (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue	$ 471,315	$ 213,665	$ 739,634	$ 404,660
Cost of revenue	345,179	167,626	571,140	345,742
Gross profit	126,136	46,039	168,494	58,918
Operating expenses	156,453	50,465	233,323	120,774
Interest income	135	437	293	1,540
Interest expense	(2,813)	(2,665)	(4,151)	(5,109)
Income tax benefit	5,052	0	5,052	0
Other income (expense), net	65	43	(27)	(1,303)
Net loss	(27,878)	(6,611)	(63,662)	(66,728)
Real estate segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Gross profit	88,074	46,250	128,466	61,324
Properties segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Gross profit	5,025	(1,164)	6,620	(1,365)
Real estate and properties segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Operating expenses	107,788	50,465	184,658	120,774
Rentals segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Gross profit	34,978	0	34,978	0
Operating expenses	48,665	0	48,665	0
Operating Segments | Real estate segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Cost of revenue	164,125	88,799	292,342	182,361
Operating Segments | Properties segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue	172,445	72,184	265,171	151,282
Cost of revenue	167,420	73,348	258,551	152,647
Operating Segments | Rentals segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue	42,548	0	42,548	0
Cost of revenue	7,570	0	7,570	0
Other revenue
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue	8,521	7,246	17,878	11,496
Cost of revenue	10,462	6,293	19,448	12,537
Gross profit	(1,941)	953	(1,570)	(1,041)
Intercompany eliminations
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue	(4,398)	(814)	(6,771)	(1,803)
Cost of revenue	(4,398)	(814)	(6,771)	(1,803)
Brokerage revenue | Operating Segments | Real estate segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue	237,511	128,543	393,957	230,894
Partner revenue | Operating Segments | Real estate segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue	$ 14,688	$ 6,506	$ 26,851	$ 12,791

Financial Instruments - Narrati

Financial Instruments - Narrative (Details) - USD ($)	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Share price (in dollars per share)	$ 63.41
Accrued interest	$ 90,000	$ 108,000
Available-for-sale, credit loss	$ 0	$ 0
Interest Rate Lock Commitments | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loan commitments, term	30 days
Interest Rate Lock Commitments | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loan commitments, term	90 days
1.75% Convertible Senior Notes due 2023
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Aggregated principal amount	$ 23,738,000
0% Convertible Senior Notes due 2025
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Aggregated principal amount	661,250,000
0.5% Convertible Senior Notes Due 2027
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Aggregated principal amount	$ 575,000,000

Financial Instruments - Notiona

Financial Instruments - Notional Amounts of Derivatives (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Forward sales commitments
Derivative [Line Items]
Notional Amounts	$ 110,918	$ 130,109
IRLCs
Derivative [Line Items]
Notional Amounts	$ 115,211	$ 88,923

Financial Instruments - Amounts

Financial Instruments - Amounts of gains/(losses) recognized in income (Details) - Service revenue - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Forward sales commitments
Fair Value, Option, Quantitative Disclosures [Line Items]
Net gain recognized in earnings	$ (1,849)	$ (142)	$ 79	$ 1,053
IRLCs
Fair Value, Option, Quantitative Disclosures [Line Items]
Net gain recognized in earnings	$ 35	$ 1,460	$ 201	$ (110)

Financial Instruments - Schedul

Financial Instruments - Schedule of Assets, Liabilities, and Equity Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Assets
Cash equivalents	$ 632,800	$ 892,361
Short-term investments	29,605	131,561
Loans held for sale	51,643	42,539
Other current assets	2,032	1,815
Long-term investments	36,085	11,922
Total assets	752,165	1,080,198
Liabilities
Total liabilities	454	517
Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets
Cash equivalents	632,800	892,361
Loans held for sale	0	0
Other current assets	0	0
Total assets	698,490	1,035,844
Liabilities
Total liabilities	0	0
Significant Other Observable Inputs (Level 2)
Assets
Cash equivalents	0	0
Loans held for sale	51,643	42,539
Other current assets	36	34
Total assets	51,679	42,573
Liabilities
Total liabilities	430	507
Significant Unobservable Inputs (Level 3)
Assets
Cash equivalents	0	0
Loans held for sale	0	0
Other current assets	1,996	1,781
Total assets	1,996	1,781
Liabilities
Total liabilities	24	10
Money market funds
Assets
Cash equivalents	632,800	886,261
Money market funds | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets
Cash equivalents	632,800	886,261
Money market funds | Significant Other Observable Inputs (Level 2)
Assets
Cash equivalents	0	0
Money market funds | Significant Unobservable Inputs (Level 3)
Assets
Cash equivalents	0	0
U.S. treasury securities
Assets
Cash equivalents		6,100
U.S. treasury securities | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets
Cash equivalents		6,100
U.S. treasury securities | Significant Other Observable Inputs (Level 2)
Assets
Cash equivalents		0
U.S. treasury securities | Significant Unobservable Inputs (Level 3)
Assets
Cash equivalents		0
Agency bonds
Assets
Short-term investments	5,007	0
Long-term investments	6,907	11,922
Agency bonds | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets
Short-term investments	5,007
Long-term investments	6,907	11,922
Agency bonds | Significant Other Observable Inputs (Level 2)
Assets
Short-term investments	0
Long-term investments	0	0
Agency bonds | Significant Unobservable Inputs (Level 3)
Assets
Short-term investments	0
Long-term investments	0	0
U.S. treasury securities
Assets
Short-term investments	24,598	131,561
Long-term investments	29,178	0
U.S. treasury securities | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets
Short-term investments	24,598	131,561
Long-term investments	29,178
U.S. treasury securities | Significant Other Observable Inputs (Level 2)
Assets
Short-term investments	0	0
Long-term investments	0
U.S. treasury securities | Significant Unobservable Inputs (Level 3)
Assets
Short-term investments	0	0
Long-term investments	0
IRLCs
Assets
Other current assets	1,996	1,781
Liabilities
Derivative Liability	24	10
IRLCs | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets
Other current assets	0	0
Liabilities
Derivative Liability	0	0
IRLCs | Significant Other Observable Inputs (Level 2)
Assets
Other current assets	0	0
Liabilities
Derivative Liability	0	0
IRLCs | Significant Unobservable Inputs (Level 3)
Assets
Other current assets	1,996	1,781
Liabilities
Derivative Liability	24	10
Forward sales commitments
Assets
Other current assets	36	34
Liabilities
Derivative Liability	430	507
Forward sales commitments | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets
Other current assets	0	0
Liabilities
Derivative Liability	0	0
Forward sales commitments | Significant Other Observable Inputs (Level 2)
Assets
Other current assets	36	34
Liabilities
Derivative Liability	430	507
Forward sales commitments | Significant Unobservable Inputs (Level 3)
Assets
Other current assets	0	0
Liabilities
Derivative Liability	$ 0	$ 0

Financial Instruments - Summary

Financial Instruments - Summary of Fair Value Measurement Inputs and Valuation Techniques (Details)	Jun. 30, 2021	Dec. 31, 2020
IRLCs | Measurement Input, Weighted Average Pull Through Rate | Marketing pricing
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative instrument, measurement input (percent)	0.723	0.723

Financial Instruments - Summa_2

Financial Instruments - Summary of Changes in the Fair Value of IRLCs (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)
Changes of fair value of interest rate lock commitments [Roll Forward]
Balance, net—January 1, 2021	$ 1,771
Issuances of IRLCs	10,674
Settlements of IRLCs	(10,708)
Net loss recognized in earnings	235
Balance, net—June 30, 2021	1,972
Changes in fair value recognized during the period relating to assets still held at June 30, 2021	$ 201

Financial Instruments - Carryin

Financial Instruments - Carrying Amounts and Estimated Fair Values of Notes (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
1.75% Convertible Senior Notes due 2023
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Net Carrying Amount	$ 23,428	$ 22,482
Estimated Fair Value	50,106	59,894
0% Convertible Senior Notes due 2025
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Net Carrying Amount	649,403	488,268
Estimated Fair Value	747,808	802,083
0.5% Convertible Senior Notes Due 2027
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Net Carrying Amount	562,114	0
Estimated Fair Value	$ 571,107	$ 0

Financial Instruments - Investm

Financial Instruments - Investments in Debt and Marketable Equity Securities Disclosure (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Cost or Amortized Cost
Cash and cash equivalents, at carrying value	$ 735,387	$ 925,276
Restricted cash	52,295	20,544
Cash, Cash Equivalents, Restricted Cash
Cash, cash equivalents, restricted cash and restricted cash equivalents	787,682	945,820	$ 360,454	$ 247,448
Fair Value, Measurements, Recurring
Cost or Amortized Cost
Restricted cash	52,295	20,544
Cash, cash equivalents, and available-for-sale debt securities, amortized cost	853,325	1,089,122
Unrealized Gains (Losses)
Unrealized Gains	59	181
Unrealized Losses	(12)	0
Estimated Fair Value
Cash equivalents	632,800	892,361
Cash, cash equivalents, and available-for-sale debt securities	853,372	1,089,303
Cash, Cash Equivalents, Restricted Cash
Cash, cash equivalents, restricted cash and restricted cash equivalents	787,682	945,820
Short-term Investments
Short-term Investments	29,605	131,561
Long-term Investments
Long-term investments	36,085	11,922
U.S. treasury securities | Fair Value, Measurements, Recurring
Cost or Amortized Cost
Debt securities, available-for-sale, amortized cost	53,743	137,502
Unrealized Gains (Losses)
Unrealized Gains	45	159
Unrealized Losses	(12)	0
Estimated Fair Value
Debt securities, available-for-sale	53,776	137,661
Short-term Investments
Short-term Investments	24,598	131,561
Long-term Investments
Long-term investments	29,178	0
Agency bonds | Fair Value, Measurements, Recurring
Cost or Amortized Cost
Debt securities, available-for-sale, amortized cost	11,900	11,900
Unrealized Gains (Losses)
Unrealized Gains	14	22
Unrealized Losses	0	0
Estimated Fair Value
Debt securities, available-for-sale	11,914	11,922
Short-term Investments
Short-term Investments	5,007	0
Long-term Investments
Long-term investments	6,907	11,922
Cash | Fair Value, Measurements, Recurring
Cost or Amortized Cost
Cash and cash equivalents, at carrying value	102,587	32,915
Estimated Fair Value
Cash equivalents	102,587	32,915
Cash, Cash Equivalents, Restricted Cash
Cash, cash equivalents, restricted cash and restricted cash equivalents	102,587	32,915
Money markets funds | Fair Value, Measurements, Recurring
Cost or Amortized Cost
Cash and cash equivalents, at carrying value	632,800	886,261
Estimated Fair Value
Cash equivalents	632,800	886,261
Cash, Cash Equivalents, Restricted Cash
Cash, cash equivalents, restricted cash and restricted cash equivalents	632,800	886,261
U.S. treasury securities | Fair Value, Measurements, Recurring
Estimated Fair Value
Cash equivalents		6,100
Cash, Cash Equivalents, Restricted Cash
Cash, cash equivalents, restricted cash and restricted cash equivalents	$ 0	$ 6,100

Inventory (Details)

Inventory (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Inventory Disclosure [Abstract]
Properties for sale	$ 90,391		$ 17,153
Properties not available for sale	45,132		7,225
Properties under improvement	113,480		24,780
Inventory	249,003		49,158
Lower of cost or net realizable value write-downs	862		$ 29
Additions	410,960	$ 70,052
Homes sold	$ 213,921	$ 133,172

Property and Equipment - Summar

Property and Equipment - Summary of Property and Equipment (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Accumulated depreciation and amortization	$ (49,713)	$ (41,614)
Property and equipment, net	53,907	43,988
Property and equipment, gross
Property, Plant and Equipment [Line Items]
Property and equipment, gross	97,946	79,909
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	33,467	29,558
Website and software development costs
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 42,330	33,278
Website and software development costs | Minimum
Property, Plant and Equipment [Line Items]
Useful Lives (Years)	2 years
Website and software development costs | Maximum
Property, Plant and Equipment [Line Items]
Useful Lives (Years)	3 years
Computer and office equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 12,462	7,765
Computer and office equipment | Minimum
Property, Plant and Equipment [Line Items]
Useful Lives (Years)	3 years
Computer and office equipment | Maximum
Property, Plant and Equipment [Line Items]
Useful Lives (Years)	5 years
Software
Property, Plant and Equipment [Line Items]
Useful Lives (Years)	3 years
Property and equipment, gross	$ 1,871	1,858
Furniture
Property, Plant and Equipment [Line Items]
Useful Lives (Years)	7 years
Property and equipment, gross	$ 7,816	7,450
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 5,674	$ 5,693

Property and Equipment - Narrat

Property and Equipment - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Property, Plant and Equipment [Abstract]
Depreciation and amortization	$ 4,751	$ 3,435	$ 8,970	$ 6,621
Capitalized computer software, additions	$ 5,045	$ 2,836	$ 8,410	$ 5,513

Leases - Narrative (Details)

Leases - Narrative (Details)	Jun. 30, 2021
Vehicles
Lessee, Lease, Description [Line Items]
Finance lease term (in years)	4 years
Minimum
Lessee, Lease, Description [Line Items]
Operating lease term (in years)	1 year
Maximum
Lessee, Lease, Description [Line Items]
Operating lease term (in years)	11 years

Leases - Summary of Lease Cost

Leases - Summary of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Operating Leased Assets [Line Items]
Operating lease cost	$ 3,976	$ 3,237	$ 7,417	$ 6,469
Total finance lease cost	161	20	226	39
Short-term lease cost	434	247	726	473
Cost of revenue
Operating Leased Assets [Line Items]
Operating lease cost	2,381	2,144	4,705	4,282
Finance lease, right-of-use asset, amortization	140	17	196	34
Finance lease, interest expense	21	3	30	5
Operating expenses
Operating Leased Assets [Line Items]
Operating lease cost	$ 1,595	$ 1,093	$ 2,712	$ 2,187

Leases - Maturity of Lease Liab

Leases - Maturity of Lease Liabilities (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)
Operating leases
2021, excluding the six months ended June 30, 2021	$ 8,697
2022	16,647
2023	15,654
2024	14,296
2025	11,183
Thereafter	16,917
Total lease payments	83,394
Less: Interest	9,087
Present value of lease liabilities	74,307
Finance leases
2021, excluding the six months ended June 30, 2021	209
2022	418
2023	405
2024	319
2025	52
Thereafter	0
Total lease payments	1,403
Less: Interest	119
Present value of lease liabilities	1,284
Other Leases
2021, excluding the six months ended June 30, 2021	406
2022	33
2023	0
2024	0
2025	0
Thereafter	0
Total lease payments	439
Total Lease Obligations
2021, excluding the six months ended June 30, 2021	9,312
2022	17,098
2023	16,059
2024	14,615
2025	11,235
Thereafter	16,917
Total lease payments	85,236
Operating lease, capitalized interest expense	2,933
Financing lease, capitalized interest expense	$ 59

Leases - Lease Term and Discoun

Leases - Lease Term and Discount Rate (Details)	Jun. 30, 2021	Dec. 31, 2020
Leases [Abstract]
Weighted-average remaining operating lease term (years)	5 years 3 months 18 days	5 years 2 months 12 days
Weighted-average remaining finance lease term (years)	3 years 4 months 24 days	3 years 6 months
Weighted average discount rate for operating leases (percent)	4.40%	4.40%
Weighted average discount rate for finance leases (percent)	5.40%	5.40%

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$ 7,654	$ 6,994
Operating cash flows from finance leases	42	5
Financing cash flows from finance leases	122	25
Right of use assets obtained in exchange for lease liabilities
Operating leases	6,139	214
Finance leases	$ 768	$ 0

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) $ in Thousands	Jun. 30, 2021USD ($)	Apr. 06, 2021employee
Debt Instrument [Line Items]
Payments remainder of fiscal year | $	$ 222,444
Employment Claim
Debt Instrument [Line Items]
Number Of Former Employees		2
Number Of Current Employees		1

Acquired Intangible Assets an_3

Acquired Intangible Assets and Goodwill - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Gross	$ 215,880	$ 4,880
Accumulated Amortization	(12,098)	(3,050)
Net	$ 203,782	1,830
Trade names
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Useful Lives (Years)	10 years
Gross	$ 71,040	1,040
Accumulated Amortization	(2,452)	(650)
Net	68,588	390
Developed technology
Finite-Lived Intangible Assets [Line Items]
Gross	63,480	2,980
Accumulated Amortization	(7,053)	(1,862)
Net	$ 56,427	1,118
Developed technology | Minimum
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Useful Lives (Years)	3 years 3 months 18 days
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Useful Lives (Years)	10 years
Gross	$ 81,360	860
Accumulated Amortization	(2,593)	(538)
Net	$ 78,767	$ 322

Acquired Intangible Assets an_4

Acquired Intangible Assets and Goodwill - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 8,926	$ 122	$ 9,048	$ 244

Acquired Intangible Assets an_5

Acquired Intangible Assets and Goodwill - Amortization Expense (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
2021, excluding the six months ended June 30, 2021	$ 17,852
2022	35,705
2023	35,705
2024	20,458
2025	15,050
Thereafter	79,012
Net	$ 203,782	$ 1,830

Acquired Intangible Assets an_6

Acquired Intangible Assets and Goodwill - Schedule of Goodwill (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)
Goodwill [Roll Forward]
Balance as of December 31, 2020	$ 9,186
Balance as of June 30, 2021	407,228
RentPath holdings
Goodwill [Roll Forward]
Goodwill resulting from acquisition	$ 398,042

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Accrued compensation and benefits	$ 72,746	$ 49,238
Miscellaneous accrued liabilities	16,364	9,722
Payroll tax liability deferred by the CARES Act	7,841	6,812
Customer contract liabilities	5,394	3,688
Accrued liabilities	$ 102,345	$ 69,460

Other Payables (Details)

Other Payables (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Customer deposits	$ 15,269	$ 11,183
Miscellaneous payables	2,098	2,001
Total other payables	$ 17,367	$ 13,184

Mezzanine Equity (Details)

Mezzanine Equity (Details)	Apr. 01, 2020USD ($)$ / sharesshares	Jun. 30, 2021USD ($)shares	Jun. 30, 2020USD ($)shares	Jun. 30, 2021USD ($)tradingDay$ / sharesshares	Jun. 30, 2020USD ($)shares	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Temporary Equity [Line Items]
Issuance of common stock, net	$ 110,000,000		$ 69,701,000		$ 69,701,000
Carrying value of convertible preferred stock		$ 39,846,000		$ 39,846,000			$ 39,823,000
Temporary equity, dividends (in shares) | shares		30,640
Convertible preferred stock, shares issued upon conversion (in shares) | shares	2,622,177
Preferred stock, dividend rate (percent)				0.055%
Preferred stock, dividend rate (in dollars per share) | $ / shares				$ 17.95
Conversion price ratio denominator		$ 19.51		$ 19.51
Conversion stock price trigger (in dollars per share) | $ / shares				$ 27.32
Threshold consecutive trading days | tradingDay				30
Common Stock
Temporary Equity [Line Items]
Stock issued during period shares new issues (in shares) | shares	4,484,305		4,484,305		4,484,305
Shares issued price per share (in dollar per share) | $ / shares	$ 15.61
Issuance of common stock, net			$ 4,000		$ 4,000
Series A Convertible Preferred Stock
Temporary Equity [Line Items]
Stock issued during period shares new issues (in shares) | shares	40,000
Shares issued price per share (in dollar per share) | $ / shares	$ 1,000
Issuance of common stock, net	$ 40,000,000
Carrying value of convertible preferred stock		$ 39,846,000	$ 39,801,000	$ 39,846,000	$ 39,801,000	$ 39,834,000	$ 39,823,000	$ 0	$ 0
Converted preferred stock (in shares) | shares				0

Equity and Equity Compensatio_3

Equity and Equity Compensation Plans - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 01, 2019	Jul. 27, 2017	Jun. 30, 2021	Dec. 31, 2020	Jul. 26, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, authorized (in shares)			500,000,000	500,000,000
Common stock, par value (in dollars per share)			$ 0.001	$ 0.001
Temporary equity, shares authorized (in shares)			10,000,000	10,000,000
Temporary equity, par value (in dollars per share)			$ 0.001	$ 0.001
Unrecognized stock-based compensation, options			$ 189
Restricted stock units outstanding (in shares)			3,699,318
2004 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life (years)			10 years
Award vesting period (years)			4 years
2017 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved (in shares)			25,049,696	21,502,858	7,898,159
Expected life (years)			10 years
Percentage of common stock, outstanding			5.00%
Restricted stock units outstanding (in shares)			3,699,318	4,459,743
2017 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved (in shares)			3,904,241	3,009,662
Employee stock | 2004 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved (in shares)			0
Employee stock | 2017 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved (in shares)		1,600,000
Percentage of common stock, outstanding		1.00%
Purchase price of common stock, percentage of market price of common stock			85.00%
Performance Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units outstanding (in shares)			331,759
Achievement percentage of performance conditions			100.00%
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation			$ 104,984
Unrecognized compensation expense, period for recognition (years)			2 years 4 months 9 days
Restricted stock units outstanding (in shares)				4,459,743
Share-based Payment Arrangement, Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense, period for recognition (years)			6 months
Chief Executive Officer | Performance Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (in shares)	150,000		150,000
Options granted (in dollars per share)	$ 27.50
Maximum | 2017 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (years)			4 years
Maximum | Performance Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target amount			200.00%
Maximum | Chief Executive Officer | Performance Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (in shares)	300,000
Options vested (in shares)			0
Minimum | 2017 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (years)			2 years
Minimum | Performance Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target amount			0.00%

Equity and Equity Compensatio_4

Equity and Equity Compensation Plans - Summary of Common Stock Reserved for Future Issuance: 2017 EIP (Details) - shares	Jun. 30, 2021	Dec. 31, 2020	Jul. 26, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options issued and outstanding options (in shares)	4,639,132	5,733,738
Restricted stock units issued and outstanding or deferred (in shares)	3,699,318
Equity Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options issued and outstanding options (in shares)	4,639,132	5,733,738
Restricted stock units issued and outstanding or deferred (in shares)	3,699,318	4,459,743
Shares available for future equity grants (in shares)	16,711,246	11,309,377
Total shares reserved for future issuance (in shares)	25,049,696	21,502,858	7,898,159

Equity and Equity Compensatio_5

Equity and Equity Compensation Plans - Summary of Common Stock Reserved for Future Issuance: 2017 ESPP (Details) - 2017 Employee Stock Purchase Plan - shares	Jun. 30, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance at beginning of period (in shares)	4,039,667	3,330,271
Shares issued during the period (in shares)	(135,426)	(320,609)
Total shares reserved for future issuance (in shares)	3,904,241	3,009,662

Equity and Equity Compensatio_6

Equity and Equity Compensation Plans - Schedule of Stock Option Activity (Details) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021USD ($)$ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares
Number of Options
Outstanding, beginning balance (in shares) | shares	5,733,738
Options exercised (in shares) | shares	(1,089,203)
Options forfeited (in shares) | shares	(290)
Options canceled (in shares) | shares	(5,113)
Outstanding, ending balance (in shares) | shares	4,639,132	5,733,738
Options exercisable at period end (in shares) | shares	4,489,132
Weighted-Average Exercise Price
Outstanding, beginning balance (in dollars per share) | $ / shares	$ 7.23
Options exercised (in dollars per share) | $ / shares	4.77
Options forfeited (in dollars per share) | $ / shares	10.80
Options canceled (in dollars per share) | $ / shares	10.80
Outstanding, ending balance (in dollars per share) | $ / shares	7.80	$ 7.23
Options exercisable at period end (in dollars per share) | $ / shares	$ 7.14
Weighted-Average Remaining Contractual Life (Years)
Weighted average remaining contractual life outstanding	4 years 2 months 4 days	4 years 4 months 20 days
Weighted average remaining contractual life exercisable	4 years 18 days
Aggregate Intrinsic Value
Options outstanding, Aggregate intrinsic value | $	$ 257,994	$ 352,076
Options exercisable, Aggregate intrinsic value | $	$ 252,608

Equity and Equity Compensatio_7

Equity and Equity Compensation Plans - Schedule of Restricted Stock Unit Activity (Details)	6 Months Ended
	Jun. 30, 2021$ / sharesshares
Restricted Stock Units
Unvested outstanding at end of period (in shares) | shares	3,699,318
Restricted Stock Units (RSUs)
Restricted Stock Units
Unvested outstanding at beginning of period (in shares) | shares	4,459,743
Granted (in shares) | shares	407,853
Vested (in shares) | shares	(737,403)
Forfeited or canceled (in shares) | shares	(430,875)
Weighted-Average Grant-Date Fair Value
Unvested outstanding at beginning of period (in dollars per share) | $ / shares	$ 27.44
Granted (in dollars per share) | $ / shares	59.67
Vested (in dollars per share) | $ / shares	22.04
Forfeited or canceled (in dollars per share) | $ / shares	24.82
Unvested outstanding at end of period (in dollars per share) | $ / shares	$ 32.38

Equity and Equity Compensatio_8

Equity and Equity Compensation Plans - Compensation Costs for PSU's (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense	$ 13,743	$ 7,205	$ 26,327	$ 14,416
Performance Restricted Stock Units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense			2,621	(158)
Performance Restricted Stock Units | Current Period
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense			2,621	336
Performance Restricted Stock Units | Prior Periods
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense			$ 0	$ (494)

Equity and Equity Compensatio_9

Equity and Equity Compensation Plans - Allocation of Stock-based Compensation Expense (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 13,743,000	$ 7,205,000	$ 26,327,000	$ 14,416,000
Stock-based compensation capitalized in property and equipment	985,000	647,000	1,717,000	1,151,000
Cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	3,758,000	1,769,000	6,736,000	3,407,000
Technology and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	5,771,000	3,124,000	11,532,000	6,772,000
Marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	535,000	352,000	1,078,000	727,000
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 3,679,000	$ 1,960,000	$ 6,981,000	$ 3,510,000

Net Loss per Share Attributab_3

Net Loss per Share Attributable to Common Stock - Computation of Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Numerator:
Net loss	$ (27,878)	$ (6,611)	$ (63,662)	$ (66,728)
Dividends on convertible preferred stock	(1,878)	(1,284)	(4,214)	(1,284)
Net loss attributable to common stock - basic	(29,756)	(7,895)	(67,876)	(68,012)
Net loss attributable to common stock - diluted	$ (29,756)	$ (7,895)	$ (67,876)	$ (68,012)
Denominator:
Weighted average shares - basic (in shares)	104,391,337	98,785,318	103,912,212	96,114,012
Weighted averages shares - diluted (in shares)	104,391,337	98,785,318	103,912,212	96,114,012
Earnings Per Share, Basic and Diluted [Abstract]
Net loss per share attributable to common stock - basic (in dollars per share)	$ (0.29)	$ (0.08)	$ (0.65)	$ (0.71)
Net loss per share attributable to common stock - diluted (in dollars per share)	$ (0.29)	$ (0.08)	$ (0.65)	$ (0.71)

Net Loss per Share Attributab_4

Net Loss per Share Attributable to Common Stock - Summary of Anti-dilutive Stock Equivalents (Details) - USD ($) $ in Thousands	Jun. 01, 2019	Aug. 05, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from earnings per share (in shares)			26,395,602	12,873,233	26,395,602	12,873,233
Restricted stock units issued and outstanding or deferred (in shares)			3,699,318		3,699,318
Performance Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Restricted stock units issued and outstanding or deferred (in shares)			331,759		331,759
Performance Restricted Stock Units | Maximum
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Percentage of target amount					200.00%
Chief Executive Officer | Performance Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Options granted (in shares)	150,000				150,000
Chief Executive Officer | Performance Restricted Stock Units | Maximum
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Options granted (in shares)	300,000
Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from earnings per share (in shares)			2,040,000	2,040,000	2,040,000	2,040,000
Share-based Payment Arrangement, Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from earnings per share (in shares)			4,639,132	6,493,269	4,639,132	6,493,269
Restricted Stock Units (RSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from earnings per share (in shares)			3,671,589	4,339,964	3,671,589	4,339,964
Restricted Stock Units (RSUs) | Non-employee Directors
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from earnings per share (in shares)					27,729
1.75% Convertible Senior Notes due 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from earnings per share (in shares)			777,021	0	777,021	0
Debt conversion					$ 39
1.75% Convertible Senior Notes due 2023 | Subsequent Event
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Debt conversion		$ 226
0% Convertible Senior Notes due 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from earnings per share (in shares)			9,119,960	0	9,119,960	0
0.5% Convertible Senior Notes Due 2027
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from earnings per share (in shares)			6,147,900	0	6,147,900	0

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	Apr. 02, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Mar. 31, 2017
Operating Loss Carryforwards [Line Items]
Income tax benefit		$ 5,052	$ 0	$ 5,052	$ 0
Effective tax rate (percent)				(7.35%)	0.00%
Operating loss unavailable for carryforward							$ 1,538
Federal Jurisdiction
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards						$ 227,751
Operating loss carryforwards, not subject to expiration						142,420
Federal Jurisdiction | RentPath Holdings
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 114,082
Federal deductible	142,632
Operating loss carryforwards, not subject to expiration	$ 42,911
State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards						12,576
Foreign Tax Authority
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards						$ 2,050

Debt - Warehouse Lines of Credi

Debt - Warehouse Lines of Credit (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Outstanding Borrowings	$ 46,425,000	$ 39,029,000
Warehouse Agreement Borrowings
Debt Instrument [Line Items]
Borrowing Capacity	105,000,000	105,000,000
Outstanding Borrowings	$ 46,425,000	$ 39,029,000
Weighted-Average Interest Rate on Outstanding Borrowings	0.00%	0.00%
Western Alliance Bank | Warehouse Agreement Borrowings
Debt Instrument [Line Items]
Borrowing Capacity	$ 50,000,000	$ 50,000,000
Outstanding Borrowings	$ 17,825,000	$ 18,277,000
Weighted-Average Interest Rate on Outstanding Borrowings	3.25%	3.25%
Texas Capital Bank, N.A. | Warehouse Agreement Borrowings
Debt Instrument [Line Items]
Borrowing Capacity	$ 40,000,000	$ 40,000,000
Outstanding Borrowings	$ 17,398,000	$ 12,903,000
Weighted-Average Interest Rate on Outstanding Borrowings	3.35%	3.35%
Flagstar Bank, FSB | Warehouse Agreement Borrowings
Debt Instrument [Line Items]
Borrowing Capacity	$ 15,000,000	$ 15,000,000
Outstanding Borrowings	$ 11,202,000	$ 7,849,000
Weighted-Average Interest Rate on Outstanding Borrowings	3.00%	3.00%

Debt - Narrative (Details)

Debt - Narrative (Details) $ / shares in Units, $ in Thousands	Apr. 05, 2021USD ($)shares	Mar. 25, 2021USD ($)$ / sharesshares	Jan. 12, 2021	Aug. 05, 2021USD ($)	Jun. 30, 2021USD ($)shares	Mar. 31, 2021	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)tradingDaybusinessDay	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)	Oct. 20, 2020USD ($)	Dec. 31, 2019USD ($)	Jul. 23, 2018USD ($)
Debt Instrument [Line Items]
Inventory					$ 249,003			$ 249,003		$ 49,158
Cash, cash equivalents, restricted cash and restricted cash equivalents					787,682		$ 360,454	787,682	$ 360,454	945,820		$ 247,448
Proceeds from issuance of convertible senior notes, net of issuance costs								561,529	0
Adjustments to additional paid in capital, convertible debt, capped call transaction					54,450			$ 54,450
Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Conversion price, percentage								98.00%
1.75% Convertible Senior Notes due 2023
Debt Instrument [Line Items]
Aggregated principal amount					23,738			$ 23,738
Debt conversion								39
Converted instrument					$ 39
Common stock (in shares) | shares					624
1.75% Convertible Senior Notes due 2023 | Subsequent Event
Debt Instrument [Line Items]
Debt conversion				$ 226
0% Convertible Senior Notes due 2025
Debt Instrument [Line Items]
Aggregated principal amount					$ 661,250			661,250
0.5% Convertible Senior Notes Due 2027
Debt Instrument [Line Items]
Aggregated principal amount					575,000			575,000
Revolving Credit Facility
Debt Instrument [Line Items]
Net assets					329,224			329,224		65,191
Inventory					240,357			240,357		47,620
Cash, cash equivalents, restricted cash and restricted cash equivalents					48,177			48,177		11,818
Amortization of debt issuance costs					50		155	136	309
Interest expense, debt					$ 613		251	$ 953	331
Western Alliance Bank | Warehouse Agreement Borrowings
Debt Instrument [Line Items]
Stated Cash Interest Rate					3.25%			3.25%
Western Alliance Bank | Warehouse Agreement Borrowings | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate								2.00%
Texas Capital Bank, N.A. | Warehouse Agreement Borrowings
Debt Instrument [Line Items]
Stated Cash Interest Rate					3.35%			3.35%
Decrease in rate of interest accruing on outstanding principal								0.25%
Flagstar Bank, FSB | Warehouse Agreement Borrowings
Debt Instrument [Line Items]
Stated Cash Interest Rate					3.00%			3.00%
Facility termination period								30 days
Flagstar Bank, FSB | Warehouse Agreement Borrowings | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate								2.00%
Goldman Sachs Bank USA | Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, term								6 months
Minimum | Goldman Sachs Bank USA | Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, floor rate of basis spread on variable rate			0.50%			0.30%
Maximum | Goldman Sachs Bank USA | Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate						3.00%
Senior Notes
Debt Instrument [Line Items]
Amortization of debt issuance costs					$ 1,286		187	$ 2,075	373
Interest expense, debt					$ 819		629	$ 957	1,258
Senior Notes | 1.75% Convertible Senior Notes due 2023
Debt Instrument [Line Items]
Stated Cash Interest Rate					1.75%			1.75%
Amortization of debt issuance costs					$ 39		187	$ 110	373
Interest expense, debt					104		629	208	1,258
Aggregated principal amount					23,738			23,738		25,626			$ 143,750
Repurchased face amount					120,012			120,012
Senior Notes | 0% Convertible Senior Notes due 2025
Debt Instrument [Line Items]
Amortization of debt issuance costs					690		0	1,380	0
Interest expense, debt					0		0	0	0
Aggregated principal amount					$ 661,250			$ 661,250		$ 661,250	$ 661,250
Senior Notes | 0.5% Convertible Senior Notes Due 2027
Debt Instrument [Line Items]
Stated Cash Interest Rate					0.50%			0.50%
Amortization of debt issuance costs					$ 557		0	$ 585	0
Interest expense, debt					715		$ 0	749	$ 0
Aggregated principal amount	$ 75,000	$ 500,000			$ 575,000			$ 575,000
Proceeds from issuance of convertible senior notes, net of issuance costs	$ 73,296	$ 488,234
Common stock covered under capped calls (in shares) | shares	801,900	5,346,000
Adjustments to additional paid in capital, convertible debt, capped call transaction	$ 8,168
Senior Notes | Convertible Senior Notes | Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Threshold trading days | tradingDay								20
Threshold consecutive trading days | tradingDay								30
Threshold percentage of stock price trigger								130.00%
Senior Notes | Convertible Senior Notes | Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Threshold trading days | businessDay								5
Threshold consecutive trading days | tradingDay								5
Senior Notes | Minimum | 0.5% Convertible Senior Notes Due 2027 | Call Option | Capped Call Transaction
Debt Instrument [Line Items]
Capped call price (in dollars per share) | $ / shares		$ 93.53
Senior Notes | Maximum | 0.5% Convertible Senior Notes Due 2027 | Call Option | Capped Call Transaction
Debt Instrument [Line Items]
Capped call price (in dollars per share) | $ / shares		$ 138.56

Debt - Secured Revolving Credit

Debt - Secured Revolving Credit Facility (Details) - Goldman Sachs Bank USA - Revolving Credit Facility - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Borrowing Capacity	$ 125,000,000	$ 100,000,000
Outstanding Borrowings	$ 123,770,000	$ 23,949,000
Weighted-Average Interest Rate on Outstanding Borrowings	3.30%	4.40%

Debt - Convertible Senior Notes

Debt - Convertible Senior Notes (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)	Apr. 05, 2021USD ($)	Mar. 25, 2021USD ($)	Dec. 31, 2020USD ($)	Oct. 20, 2020USD ($)	Jul. 23, 2018USD ($)
1.75% Convertible Senior Notes due 2023
Debt Instrument [Line Items]
Aggregate Principal Amount	$ 23,738
Net Carrying Amount	$ 23,428			$ 22,482
1.75% Convertible Senior Notes due 2023 | Senior Notes
Debt Instrument [Line Items]
Stated Cash Interest Rate	1.75%
Effective Interest Rate	2.45%
Conversion Rate	32.7332
Aggregate Principal Amount	$ 23,738			25,626		$ 143,750
Unamortized Debt Discount	0			2,776
Unamortized Debt Issuance Costs	310			368
Net Carrying Amount	23,428			22,482
0% Convertible Senior Notes due 2025
Debt Instrument [Line Items]
Aggregate Principal Amount	661,250
Net Carrying Amount	$ 649,403			488,268
0% Convertible Senior Notes due 2025 | Senior Notes
Debt Instrument [Line Items]
Effective Interest Rate	0.42%
Conversion Rate	13.7920
Aggregate Principal Amount	$ 661,250			661,250	$ 661,250
Unamortized Debt Discount	0			163,077
Unamortized Debt Issuance Costs	11,847			9,905
Net Carrying Amount	649,403			488,268
0.5% Convertible Senior Notes Due 2027
Debt Instrument [Line Items]
Aggregate Principal Amount	575,000
Net Carrying Amount	$ 562,114			$ 0
0.5% Convertible Senior Notes Due 2027 | Senior Notes
Debt Instrument [Line Items]
Stated Cash Interest Rate	0.50%
Effective Interest Rate	0.90%
Conversion Rate	10.6920
Aggregate Principal Amount	$ 575,000	$ 75,000	$ 500,000
Unamortized Debt Discount	0
Unamortized Debt Issuance Costs	12,886
Net Carrying Amount	$ 562,114

Debt - Interest Expense (Detail

Debt - Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Debt Instrument [Line Items]
Total interest expense	$ 2,813	$ 2,665	$ 4,151	$ 5,109
Senior Notes
Debt Instrument [Line Items]
Contractual interest expense	819	629	957	1,258
Amortization of debt discount	0	1,405	0	2,796
Amortization of debt issuance costs	1,286	187	2,075	373
Total interest expense	2,105	2,221	3,032	4,427
1.75% Convertible Senior Notes due 2023 | Senior Notes
Debt Instrument [Line Items]
Contractual interest expense	104	629	208	1,258
Amortization of debt discount	0	1,405	0	2,796
Amortization of debt issuance costs	39	187	110	373
Total interest expense	143	2,221	318	4,427
0% Convertible Senior Notes due 2025 | Senior Notes
Debt Instrument [Line Items]
Contractual interest expense	0	0	0	0
Amortization of debt discount	0	0	0	0
Amortization of debt issuance costs	690	0	1,380	0
Total interest expense	690	0	1,380	0
0.5% Convertible Senior Notes Due 2027 | Senior Notes
Debt Instrument [Line Items]
Contractual interest expense	715	0	749	0
Amortization of debt discount	0	0	0	0
Amortization of debt issuance costs	557	0	585	0
Total interest expense	$ 1,272	$ 0	$ 1,334	$ 0

Subsequent Events (Details)

Subsequent Events (Details) - Revolving Credit Facility - Goldman Sachs Bank USA - USD ($)	Jul. 20, 2021	Jun. 30, 2021	Dec. 31, 2020
Subsequent Event [Line Items]
Borrowing Capacity		$ 125,000,000	$ 100,000,000
Subsequent Event
Subsequent Event [Line Items]
Borrowing Capacity	$ 200,000,000