Redfin (RDFN) 10-K 27 Feb 25 2024 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2024	Feb. 19, 2025	Jun. 30, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
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	576-8610
Title of 12(b) Security	Common Stock, $0.001 par value per share
Trading Symbol	RDFN
Security Exchange Name	NASDAQ
Entity Well Known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 706,662,982
Entity Common Stock, Shares Outstanding		126,389,290
Documents Incorporated by Reference	The portions of the registrant's proxy statement to be filed in connection with the registrant’s 2025 Annual Meeting of Stockholders that are responsive to the disclosure required by Part III of Form 10-K are incorporated by reference into Part III of this Form 10-K.
Entity Central Index Key	0001382821
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2024
Auditor Information [Abstract]
Auditor Name	Deloitte & Touche LLP
Auditor Location	Seattle, Washington
Auditor Firm ID	34

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 124,743	$ 149,759
Restricted cash	229	1,241
Short-term investments	0	41,952
Accounts receivable, net of allowances for credit losses of $4,571 and $3,234	48,730	51,738
Loans held for sale	152,426	159,587
Prepaid expenses	26,853	33,296
Other current assets	22,457	7,472
Total current assets	375,438	445,045
Property and equipment, net	41,302	46,431
Right-of-use assets, net	23,713	31,763
Mortgage servicing rights, at fair value	2,736	32,171
Long-term investments	0	3,149
Goodwill	461,349	461,349
Intangible assets, net	99,543	123,284
Other assets, noncurrent	8,376	10,456
Total assets	1,012,457	1,153,648
Current liabilities
Accounts payable	16,847	10,507
Accrued and other liabilities	82,709	90,360
Warehouse credit facilities	146,629	151,964
Convertible senior notes, net	73,516	0
Lease liabilities	12,862	15,609
Total current liabilities	332,563	268,440
Lease liabilities, noncurrent	19,855	29,084
Convertible senior notes, net, noncurrent	498,691	688,737
Term loan	243,344	124,416
Deferred tax liabilities	672	264
Total liabilities	1,095,125	1,110,941
Commitments and contingencies (Note 7)
Series A convertible preferred stock—par value $0.001 per share; 10,000,000 shares authorized; 0 and 40,000 shares issued and outstanding at December 31, 2024 and 2023, respectively	0	39,959
Stockholders’ (deficit) equity
Common stock—par value $0.001 per share; 500,000,000 shares authorized; 126,389,289 and 117,372,171 shares issued and outstanding at December 31, 2024 and 2023, respectively	126	117
Additional paid-in capital	905,506	826,146
Accumulated other comprehensive loss	(166)	(182)
Accumulated deficit	(988,134)	(823,333)
Total stockholders’ (deficit) equity	(82,668)	2,748
Total liabilities, mezzanine equity, and stockholders’ (deficit) equity	$ 1,012,457	$ 1,153,648

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowances for credit losses	$ 4,571,000	$ 3,234,000
Redeemable convertible preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Redeemable convertible preferred stock, authorized (in shares)	10,000,000	10,000,000
Redeemable convertible preferred stock, issued (in shares)	0	40,000
Redeemable convertible preferred stock, outstanding (in shares)	0	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)	126,389,289	117,372,171
Common stock, outstanding (in shares)	126,389,289	117,372,171

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Revenue	$ 1,042,979	$ 976,672	$ 1,099,574
Cost of revenue	678,778	646,853	790,455
Gross profit	364,201	329,819	309,119
Operating expenses
Technology and development	163,927	183,294	178,924
Marketing	114,481	117,863	155,309
General and administrative	235,364	238,790	243,390
Employee termination costs	5,684	7,927	32,353
Total operating expenses	519,456	547,874	609,976
Loss from continuing operations	(155,255)	(218,055)	(300,857)
Interest income	6,348	10,532	6,639
Interest expense	(27,780)	(9,524)	(8,886)
Income tax benefit (expense)	530	(979)	(116)
Gain on extinguishment of convertible senior notes	12,000	94,019	57,193
Other expense, net	(644)	(2,385)	(3,770)
Net loss from continuing operations	(164,801)	(126,392)	(249,797)
Net loss from discontinued operations	0	(3,634)	(71,346)
Net loss	(164,801)	(130,026)	(321,143)
Dividends on convertible preferred stock	(1,073)	(1,074)	(1,560)
Net loss from continuing operations attributable to common stock—diluted	(165,874)	(127,466)	(251,357)
Net loss from continuing operations attributable to common stock—basic	(165,874)	(127,466)	(251,357)
Net loss	$ (165,874)	$ (131,100)	$ (322,703)
Income (Loss) from Continuing Operations, Per Basic Share	$ (1.36)	$ (1.13)	$ (2.33)
Income (Loss) from Continuing Operations, Per Diluted Share	$ (1.36)	$ (1.13)	$ (2.33)
Net loss attributable to common stock—diluted	$ (165,874)	$ (131,100)	$ (322,703)
Net loss per share attributable to common stock—basic (in dollars per share)	$ (1.36)	$ (1.16)	$ (2.99)
Net loss per share attributable to common stock— diluted (in dollars per share)	$ (1.36)	$ (1.16)	$ (2.99)
Weighted average shares of common stock— basic (in shares)	121,677,971	113,152,752	107,927,464
Weighted average shares of common stock— diluted (in shares)	121,677,971	113,152,752	107,927,464
Other comprehensive income
Foreign currency translation adjustments	$ (24)	$ (71)	$ 94
Unrealized gain on available-for-sale securities	40	690	533
Comprehensive loss	$ (164,785)	$ (129,407)	$ (320,516)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating Activities
Net loss	$ (164,801)	$ (130,026)	$ (321,143)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	42,768	62,851	64,907
Stock-based compensation	71,159	70,935	68,257
Amortization of debt discount and issuance costs	3,116	3,620	6,137
Non-cash lease expense	11,815	16,269	16,234
Impairment costs	0	1,948	1,136
Net (gain) loss on IRLCs, forward sales commitments, and loans held for sale	(19)	(1,992)	14,427
Change in fair value of mortgage servicing rights, net	(892)	3,198	(801)
Gain on extinguishment of convertible senior notes	(12,000)	(94,019)	(57,193)
Other	644	(2,113)	3,791
Change in assets and liabilities:
Accounts receivable, net	2,864	3,286	24,411
Inventory	0	114,232	243,948
Prepaid expenses and other assets	(8,229)	6,004	(5,904)
Accounts payable	6,371	(1,323)	(2,472)
Accrued and other liabilities, deferred tax liabilities, and payroll tax liabilities, noncurrent	(5,401)	(19,085)	(46,454)
Lease liabilities	(15,682)	(18,998)	(18,452)
Origination of mortgage servicing rights	(255)	(565)	(3,140)
Proceeds from sale of mortgage servicing rights	30,582	1,457	1,662
Origination of loans held for sale	(3,979,765)	(3,525,987)	(3,949,442)
Proceeds from sale of loans originated as held for sale	3,985,418	3,567,066	4,000,582
Net cash (used in) provided by operating activities	(32,307)	56,758	40,491
Investing activities
Purchases of property and equipment	(11,209)	(12,056)	(21,531)
Purchases of investments	0	(76,866)	(182,466)
Sales of investments	39,225	124,681	17,545
Maturities of investments	6,395	61,723	99,455
Cash paid for acquisition, net of cash, cash equivalents, and restricted cash acquired	0	0	(97,341)
Net cash provided by (used in) investing activities	34,411	97,482	(184,338)
Financing activities
Redemption of convertible preferred stock, net of issuance costs	(40,000)	0	0
Payment of dividends on convertible preferred stock	(367)	0	0
Proceeds from the issuance of common stock pursuant to employee equity plans	6,558	9,613	11,528
Tax payments related to net share settlements on restricted stock units	(2,284)	(16,348)	(7,498)
Borrowings from warehouse credit facilities	4,016,909	3,532,119	3,938,265
Repayments to warehouse credit facilities	(4,022,245)	(3,570,664)	(3,989,407)
Borrowings from secured revolving credit facility	0	0	565,334
Repayments to secured revolving credit facility	0	0	(765,114)
Cash paid for secured revolving credit facility issuance costs	0	0	733
Principal payments under finance lease obligations	(56)	(89)	(855)
Repurchases of convertible senior notes	(106,953)	(241,808)	(83,614)
Repayments of convertible senior notes	0	(23,512)	0
Repayment of term loan principal	2,188	313	0
Extinguishment of convertible senior notes associated with closing of term loan	0	(57,075)	0
Payments of debt issuance costs	(2,482)	(2,338)	0
Proceeds from term loan	125,000	125,000	0
Net cash used in financing activities	(28,108)	(245,415)	(332,094)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(24)	(71)	(94)
Net change in cash, cash equivalents, and restricted cash	(26,028)	(91,246)	(476,035)
Beginning of period	151,000	242,246	718,281
End of period	124,972	151,000	242,246
Supplemental disclosure of cash flow information
Cash paid for interest	36,121	15,589	20,107
Non-cash transactions
Stock-based compensation capitalized in property and equipment	4,302	4,003	3,660
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents	124,972	151,000	242,246
Continuing operations
Cash and cash equivalents	124,743	149,759	232,200
Restricted cash	229	1,241	2,406
Total	124,972	151,000	234,606
Discontinued operations
Total cash, cash equivalents, and restricted cash	124,972	151,000	242,246
Properties Segment | Discontinued Operations, Disposed of by Means Other than Sale
Supplemental disclosure of cash flow information
Cash paid for interest	0	0	7,863
Non-cash transactions
Property and equipment additions in accounts payable and accrued liabilities	0	0	1,213
Discontinued operations
Cash and cash equivalents	0	0	7,640
Restricted cash	0	0	0
Total	$ 0	$ 0	$ 7,640

Consolidated Statements of Chan

Consolidated Statements of Changes in Mezzanine Equity and Stockholders’ Equity - USD ($) $ in Thousands	Total	Series A Convertible Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss
Redeemable convertible preferred stock beginning balance (in shares) at Dec. 31, 2021		40,000
Redeemable convertible preferred stock beginning balance at Dec. 31, 2021		$ 39,868
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of convertible preferred stock, net (in shares)		0
Issuance of convertible preferred stock, net		$ 46
Redeemable convertible preferred stock ending balance (in shares) at Dec. 31, 2022		40,000
Redeemable convertible preferred stock ending balance at Dec. 31, 2022		$ 39,914
Balance, beginning of period (in shares) at Dec. 31, 2021			106,308,767
Balance, beginning of period at Dec. 31, 2021	$ 309,852		$ 106	$ 682,084	$ (372,164)	$ (174)
Increase (Decrease) in Stockholders' Equity
Issuance of common stock as dividend on convertible preferred stock (in shares)			122,560
Issuance of common stock pursuant to employee stock purchase plan (in shares)			1,170,106
Issuance of common stock pursuant to employee stock purchase program	6,465			6,464
Issuance of common stock pursuant to exercise of stock options (in shares)			700,333
Issuance of common stock pursuant to exercise of stock options	4,987		$ 1	4,986
Issuance of common stock pursuant to settlement restricted stock units (in shares)			1,972,441
Issuance of common stock pursuant to settlement of restricted stock units	0		$ 2	(2)
Common stock surrendered for employees' tax liability upon settlement of restricted stock units (in shares)			(578,029)
Common stock surrendered for employees' tax liability upon settlement of restricted stock units	(7,498)		$ 0	(7,498)
Stock-based compensation	71,917			71,917
Other comprehensive income	(627)					(627)
Net loss	(321,143)				(321,143)
Balance, end of period (in shares) at Dec. 31, 2022			109,696,178
Balance, end of period at Dec. 31, 2022	$ 63,953		$ 110	757,951	(693,307)	(801)
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of convertible preferred stock, net		$ 45
Redeemable convertible preferred stock ending balance (in shares) at Dec. 31, 2023	40,000	40,000
Redeemable convertible preferred stock ending balance at Dec. 31, 2023	$ 39,959	$ 39,959
Increase (Decrease) in Stockholders' Equity
Issuance of common stock as dividend on convertible preferred stock (in shares)			122,560
Issuance of common stock pursuant to employee stock purchase plan (in shares)			1,491,040
Issuance of common stock pursuant to employee stock purchase program	7,201		$ 1	7,200
Issuance of common stock pursuant to exercise of stock options (in shares)			801,866
Issuance of common stock pursuant to exercise of stock options	2,412		$ 1	2,411
Issuance of common stock pursuant to settlement restricted stock units (in shares)			6,955,493
Issuance of common stock pursuant to settlement of restricted stock units	0		$ 7	(7)
Common stock surrendered for employees' tax liability upon settlement of restricted stock units (in shares)			(1,694,966)
Common stock surrendered for employees' tax liability upon settlement of restricted stock units	(16,349)		$ (2)	(16,347)
Stock-based compensation	74,938			74,938
Other comprehensive income	619					619
Net loss	$ (130,026)				(130,026)
Balance, end of period (in shares) at Dec. 31, 2023	117,372,171		117,372,171
Balance, end of period at Dec. 31, 2023	$ 2,748		$ 117	826,146	(823,333)	(182)
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of convertible preferred stock, net		41
Redemption of convertible preferred stock, net of issuance costs		$ (40,000)
Redeemable convertible preferred stock ending balance (in shares) at Dec. 31, 2024	0	0
Redeemable convertible preferred stock ending balance at Dec. 31, 2024	$ 0	$ 0
Increase (Decrease) in Stockholders' Equity
Dividends on convertible preferred stock	(367)			(367)
Issuance of common stock as dividend on convertible preferred stock (in shares)			122,560
Issuance of common stock pursuant to employee stock purchase plan (in shares)			734,406
Issuance of common stock pursuant to employee stock purchase program	$ 3,705		$ 1	3,704
Issuance of common stock pursuant to exercise of stock options (in shares)	319,612		319,612
Issuance of common stock pursuant to exercise of stock options	$ 2,853		$ 0	2,853
Issuance of common stock pursuant to settlement restricted stock units (in shares)			8,136,878
Issuance of common stock pursuant to settlement of restricted stock units	0		$ 8	(8)
Common stock surrendered for employees' tax liability upon settlement of restricted stock units (in shares)			(296,338)
Common stock surrendered for employees' tax liability upon settlement of restricted stock units	(2,283)		$ 0	(2,283)
Stock-based compensation	75,461			75,461
Other comprehensive income	16					16
Net loss	$ (164,801)				(164,801)
Balance, end of period (in shares) at Dec. 31, 2024	126,389,289		126,389,289
Balance, end of period at Dec. 31, 2024	$ (82,668)		$ 126	$ 905,506	$ (988,134)	$ (166)
Increase (Decrease) in Temporary Equity [Roll Forward]
Redemption of convertible preferred stock, net of issuance costs (in shares)		(40,000)

Description of Business and Sum

Description of Business and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Summary of Significant Accounting Policies	Description of Business and Summary of Significant Accounting Policies Description of Business —Redfin Corporation was incorporated in October 2002 and is headquartered in Seattle, Washington. We operate an online real estate marketplace and provide real estate services, including assisting individuals in the purchase or sale of their home. We also provide title and settlement services, and originate, service, and sell mortgages. In addition, we use digital platforms to connect consumers with rental properties. We have operations located in multiple states across the United States and certain provinces in Canada. 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”). Certain amounts presented in the prior period consolidated statements of comprehensive loss have been reclassified to conform to the current period financial statement presentation. The change in classification does not affect previously reported total revenue or expenses in the consolidated statements of comprehensive loss. Principles of Consolidation —The consolidated financial statements include the accounts of Redfin and its wholly owned subsidiaries. Intercompany transactions and balances have been eliminated. Certain Significant Risks and Business Uncertainties —We operate in the residential real estate industry and are a technology-focused company. Accordingly, we are affected by a variety of factors that could have a significant negative effect on our future financial position, results of operations, and cash flows. These factors include: negative macroeconomic factors affecting the health of the U.S. residential real estate industry, negative factors disproportionately affecting markets where we derive most of our revenue, intense competition in the U.S. residential real estate industry, industry changes as the result of certain class action lawsuits or government investigations, our inability to maintain or improve our technology offerings, our failure to obtain and provide comprehensive and accurate real estate listings, errors or inaccuracies in the business data that we rely on to make decisions, and our inability to attract homebuyers and home sellers to our website and mobile application. To enhance our liquidity position and strengthen future cash flows, we entered into Content License Agreement (the “Content License”) and Partnership Agreement (the “Partnership Agreement”) with Zillow Group, Inc. (“Zillow”) in February 2025, which provided for an upfront payment of $100,000 and additional revenue sharing opportunities, as further described in Note 15 to the consolidated financial statements. 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, valuation of deferred income taxes, stock-based compensation, 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 (“LHFS”) and mortgage servicing rights, estimated useful life of intangible assets, fair value of reporting units for purposes of allocating and evaluating goodwill for impairment, and current expected credit losses on certain financial assets. 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. Cash and Cash Equivalents —We consider all highly liquid investments originally purchased by us with original maturities of three months or less at the date of purchase to be cash equivalents. Restricted Cash —Restricted cash primarily consists of cash that is specifically designated to repay borrowings under warehouse credit facilities. Accounts Receivable, Net and Allowance for Credit Losses —We have two material classes of receivables: (i) real estate services receivables and (ii) receivables from customers in relation to our rentals business. Accounts receivable related to these classes represent closed transactions for which cash has not yet been received. The majority of our transactions are processed through escrow and collectibility is not a significant risk. For transactions not directly processed through escrow, we establish an allowance for expected credit losses based on historical experience of collectibility, current external economic conditions that may affect collectibility, and current or expected changes to the regulatory environment in which we operate our businesses. We evaluate for changes in credit quality indicators on an annual basis or in the event of a material economic event or material change in the regulatory environment in which we operate. Investments —There were no short-term or long-term investments on our consolidated balance sheets as of December 31, 2024. Prior to 2024, we had investments in marketable securities that were available to support our operational needs, which were included in our consolidated balance sheets as short-term and long-term investments. Our short-term and long-term investments consisted primarily of U.S. treasury securities, including inflation protected securities, and other federal or local government issued securities. Available-for-sale debt securities were recorded at fair value, and unrealized holding gains and losses were recorded as a component of accumulated other comprehensive loss. Securities with maturities of one year or less and those identified by management at the time of purchase to be used to fund operations within one year were classified as short-term. All other securities were classified as long-term. We evaluated our available-for-sale debt securities, both ones classified as cash equivalents and as investments, for expected credit losses on a quarterly basis. An expected credit loss reserve was charged against the fair value of an available-for-sale debt security when it was identified, with a credit loss charged against net earnings. We reviewed factors to determine whether an expected credit loss existed based on credit quality indicators, such as the extent to which the fair value as of the reporting date was less than the amortized cost basis, present value of cash flows expected to be collected, the financial condition and prospects of the issuer, adverse conditions specifically related to the security, and any changes to the credit rating of the security by a rating agency. Realized gains and losses were accounted for using the specific identification method. Purchases and sales were recorded on a trade date basis. Fair Value —We account for certain assets and liabilities at fair value. Fair value is defined as the exchange price that would be received for an asset or an exit price paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The current accounting guidance for fair value measurements defines a three-level valuation hierarchy for disclosures as follows: Level 1 —Unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 —Inputs other than quoted prices included within Level 1 that are observable, unadjusted quoted prices in markets that are not active, or other inputs that are observable such as quoted prices for similar assets or liabilities in active markets or can be corroborated by observable market data. Level 3 —Unobservable inputs that are supported by little or no market activity and require us to develop our own assumptions. The categorization of a financial instrument within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Our financial instruments consist of Level 1, Level 2, and Level 3 assets and liabilities. Concentration of Credit Risk —Financial instruments that potentially subject us to concentrations of credit risk are primarily cash and cash equivalents. We generally place our cash and cash equivalents with major financial institutions we deem to be of high-credit-quality in order to limit our credit exposure. We maintain our cash accounts with financial institutions where deposits exceed federal insurance limits. Credit risk in regard to accounts receivable is spread across a large number of customers. At December 31, 2024 and 2023, no single customer had an accounts receivable balance greater than 10% of total accounts receivable. Loans Held for Sale —Our mortgage segment originates residential mortgage loans. We have elected the fair value option for all loans held for sale and record these loans at fair value. Gains and losses from changes in fair value and direct loan origination fees and costs are recognized in net gain on loans held for sale. The fair value of loans held for sale is in excess of the contractual principal amounts by $2,204 and $3,712, respectively, as of December 31, 2024 and December 31, 2023. The mortgage loans we originate are intended to be sold in the secondary mortgage market within a short period of time following origination. Mortgage loans held for sale primarily consist of single-family residential loans collateralized by the underlying home. Mortgage loans held for sale are recorded at fair value based on either sale commitments or current market quotes for mortgage loans with similar characteristics. Interest income earned or expense incurred on loans held for sale is captured as a component of income from operations. Other Current Assets —Other current assets consist primarily of a legal settlement held in a qualified settlement fund, miscellaneous non-trade receivables, interest receivable, and interest rate lock commitments from mortgage origination operations (see Derivative Instruments below). See Note 7 for further details about our legal settlement fund. Derivative Instruments —Our mortgage segment is party to interest rate lock commitments (“IRLCs”) with customers resulting from mortgage origination operations. IRLCs for single-family mortgage loans we intend to sell are considered free-standing derivatives. All free-standing derivatives are required to be recorded on our consolidated balance sheets at fair value. Since we can terminate a loan commitment if the borrower does not comply with the terms of the contract, and some loan commitments may expire without being drawn upon, these commitments do not necessarily represent future cash requirements. Interest rate risk related to the residential mortgage loans held for sale and IRLCs is offset using forward sales commitments. We manage this interest rate risk through the use of forward sales commitments on both a best efforts whole loans basis and on a mandatory basis. Forward sales commitments entered into on a mandatory basis are done through the use of commitments to sell mortgage-backed securities. We do not enter into or hold derivatives for trading or speculative purposes. Changes in the fair value of IRLCs and forward sales commitments are recognized as revenue, and the fair values are reflected in other current assets and accrued and other liabilities, as applicable. We estimate the fair value of an IRLC based on current market quotes for mortgage loans with similar characteristics, net of origination costs and fees adjusting for the probability that the mortgage loan will not fund according to the terms of commitment (referred to as a pull-through factor). The fair value measurements of our forward sales commitments use prices quoted directly to us from our counterparties. Cash flows related to our IRLCs and forward sales commitments are presented under changes in assets and liabilities, other current assets and accrued and other liabilities on our consolidated statements of cash flows. The associated gains and losses are presented in net (gain) loss on IRLCs, forward sales commitments, and loans held for sale on our consolidated statements of cash flows. Property and Equipment —Property and equipment is recorded at cost and depreciated using the straight-line method over the estimated useful lives. Depreciation and amortization is included in cost of revenue, marketing, technology and development, and general and administrative and is allocated based on estimated usage for each class of asset. Leasehold improvements are amortized over the shorter of the lease term or the estimated useful life of the related asset. Upon retirement or sale, the cost of assets disposed of and the related accumulated depreciation are removed from the accounts, and any resulting gain or loss is reflected in our consolidated statements of operations. Repair and maintenance costs are expensed as incurred. Costs incurred in the preliminary stages of website and software development are expensed as incurred. Once an application has reached the development stage, direct internal and external costs relating to upgrades or enhancements that meet the capitalization criteria are capitalized in property and equipment and amortized on a straight-line basis over their estimated useful lives. Maintenance and enhancement costs (including those costs in the post-implementation stages) are typically expensed as incurred, unless such costs relate to substantial upgrades and enhancements to the websites (or software) that result in added functionality, in which case the costs are capitalized. Capitalized software development activities placed in service are amortized over the expected useful lives of those releases. We view capitalized software costs as either internal use or market and product expansion. Estimated useful lives of website and software development activities are reviewed annually, or whenever events or changes in circumstances indicate that intangible assets may be impaired, and adjusted as appropriate to reflect upcoming development activities that may include significant upgrades or enhancements to the existing functionality. Intangible Assets —Intangible assets are finite lived and mainly consist of trade names, developed technology, and customer relationships and are amortized over their estimated useful lives ranging from three Impairment of Long-Lived Assets —Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Recoverability of assets to be held and used is measured first by a comparison of the carrying amount of an asset to future undiscounted net cash flows expected to be generated by the asset. If such asset were considered to be impaired, an impairment loss would be recognized in the amount by which the carrying value of the asset exceeds its fair value. To date, no such impairment has occurred. Goodwill —Goodwill represents the excess of the purchase price over the fair value of the net tangible assets and identifiable intangible assets acquired in a business combination. Goodwill is not amortized, but is subject to impairment testing. We assess the impairment of goodwill on an annual basis, during the fourth quarter, or whenever events or changes in circumstances indicate that goodwill may be impaired. Based on our annual goodwill impairment test performed in the fourth quarter of 2024, the estimated fair values of all reporting units substantially exceeded their carrying values. We perform an impairment assessment of goodwill at our reporting unit level. To test for goodwill impairment, we have the option to perform a qualitative assessment of goodwill rather than completing the quantitative assessment. We consider macroeconomic conditions, industry and market considerations, cost factors, overall financial performance, other relevant entity-specific events, potential events affecting the reporting units, and changes in the fair value of our common stock. We must assess whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount. If we conclude this is not the case, we do not need to perform any further assessment. Otherwise, we must perform a quantitative assessment and compare the fair value of the reporting unit to its carrying value, including goodwill. If the fair value of the reporting unit is less than its carrying amount, goodwill is written down for the amount by which the carrying amount exceeds the reporting unit's fair value. However, the loss recognized cannot exceed the carrying amount of goodwill. To determine the fair value of a reporting unit, we consider discounted cash flow models and market data of comparable guideline companies. The assumptions used in these models are consistent with those we believe a market participant would use and adjusted for the specific size and risk profile of the reporting units. For Rent., we incorporated our expectations regarding the Zillow partnership deal and estimated economic impacts on the business into our valuation model (see Note 15). The aggregate carrying value of goodwill was $461,349 at each of December 31, 2024 and 2023. For the years ended December 31, 2024 and 2023, we performed a quantitative assessment and concluded that there was no impairment. There were no cumulative impairment losses for the years ended December 31, 2024 and 2023. See Note 8 for more information. Other Assets, Noncurrent —Other assets consists primarily of leased building security deposits and the noncurrent portion of prepaid assets. Leases —The extent of our lease commitments consists of operating leases for physical office locations with original terms ranging from one When available, the rate implicit in the lease to discount lease payments to present value would be used; however, none of our significant leases as of December 31, 2024 provide a readily determinable implicit rate. Therefore, we must estimate our incremental borrowing rate for each portfolio of leases to discount the lease payments based on information available at lease commencement. We have evaluated the performance of existing leases in relation to our leasing strategy and have determined that most renewal options would not be reasonably certain to be exercised. The right-of-use asset and related lease liability are determined based on the lease component of the consideration in each lease contract. We have evaluated our lease portfolio for appropriate allocation of the consideration in the lease contracts between lease and non-lease components based on standalone prices and determined the allocation per the contracts to be appropriate. Mezzanine Equity —We previously issued convertible preferred stock that we determined was a financial instrument with both equity and debt characteristics and was classified as mezzanine equity in our consolidated financial statements. The instrument was initially recognized at fair value net of issuance costs. On November 30, 2024, all shares of our convertible preferred stock were redeemed in cash. We paid the full issue price of $40,000 plus a final cash payment of $367 in accrued dividends. See Note 10 for more information. Foreign Currency Translation —Our international operations generally use their local currency as their functional currency. Assets and liabilities are translated at exchange rates in effect at the balance sheet date. Income and expense accounts are translated at the average monthly exchange rates during the year. Resulting translation adjustments are reported as a component of other comprehensive income and recorded in accumulated other comprehensive loss on our consolidated balance sheets. Income Taxes —Income taxes are accounted for using an asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the consolidated balance sheets and tax bases of assets and liabilities at the applicable enacted tax rates. We establish a valuation allowance for deferred tax assets if it is more likely than not that these items will expire before we are able to realize their benefits or if future deductibility is uncertain. We account for uncertainty in income taxes in accordance with ASC 740, Income Taxes . Tax positions are evaluated utilizing a two-step process, whereby we first determine whether it is more likely than not that a tax position will be sustained upon examination by the tax authority, including resolutions of any related appeals or litigation processes, based on technical merit. If a tax position meets the more-likely-than-not recognition threshold, it is then measured to determine the amount of benefit to recognize in the financial statements. The tax position is measured as the largest amount of benefit that is greater than 50% likely to be realized upon ultimate settlement. Subsequent adjustments to amounts previously recorded impact the financial statements in the period during which the changes are identified. We recognize interest and penalties related to unrecognized tax benefits as income tax expense. 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 amortized to expense over the respective term of the convertible senior notes using the expected interest method. 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. When we repurchase a portion of our convertible senior notes, we derecognize the liability, accelerate the amortization of debt issuance costs, and record on our consolidated statements of comprehensive loss a gain or loss on extinguishment dependent on the repurchase price. See Note 14 for information regarding repurchases for the years ended December 31, 2024 and 2023. Revenue Recognition —We generate revenue primarily from commissions and fees charged on each real estate services transaction closed by our lead agents or partner agents, from subscription-based product offerings for our rentals business, and from the origination, sales, and servicing of mortgages. Our key revenue components are brokerage revenue, partner revenue, rentals revenue, mortgage revenue, title revenue, and monetization revenue. We have utilized the allowable practical expedient in the accounting guidance and elected not to capitalize costs related to obtaining contracts with customers with durations of less than one year. We do not have significant remaining performance obligations. Revenue earned but not received is recorded as accrued revenue in accounts receivable on our consolidated balance sheets, net of an allowance for credit losses. Accrued revenue consisting of commission revenue is known and is clearing escrow, and therefore it is not estimated. Nature and Disaggregation of Revenue Real Estate Services Revenue Brokerage Revenue —Brokerage revenue includes our offer and listing services, where our lead agents represent homebuyers and home sellers. We recognize commission-based brokerage revenue upon closing of a brokerage transaction, less the amount of any commission refunds, closing-cost reductions, or promotional offers that may result in a material right. The transaction price is generally calculated by taking the agreed upon commission rate and applying that to the home's selling price. Brokerage revenue primarily contains a single performance obligation that is satisfied upon the closing of a transaction, at which point the entire transaction price is earned. We are not entitled to any commission until the performance obligation is satisfied and are not owed any commission for unsuccessful transactions, even if services have been provided. In conjunction with providing offering and listing services to our customers, we may offer promotional pricing or additional discounts on future services. This results in a material right to our customers and represents an additional performance obligation, for which the transaction price is allocated based on standalone selling prices. Amounts allocated to a promise to provide future listing or offering services at a significant discount are initially recorded as contract liabilities. Our promotional pricing and additional discounts have not resulted in a material impact to timing of revenue recognition. The balance of the corresponding contract liabilities are included in accrued and other liabilities on our consolidated balance sheets. See Note 9 for more information. Partner Revenue —Partner revenue consists of fees paid to us from partner agents or under other referral agreements, less the amount of any payments we make to homebuyers and home sellers. We recognize these fees as revenue on the closing of a transaction. We earn a fixed percentage of the partner agent's commission based on the terms of our referral agreements. Due to variability in factors outside our control, including final sale prices and actual commission rates, we recognize revenue only upon closing of the underlying real estate transaction when such variability has been resolved. Rentals Revenue Rentals Revenue —Rentals revenue is primarily composed of subscription-based product offerings for internet listing services, as well as lead management and digital marketing solutions. Rentals revenue is recorded as a component of service revenue in our consolidated statements of comprehensive 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. We allocate the transaction price to each performance obligation in the contract on a relative stand-alone selling price basis. 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. Mortgage Revenue Mortgage Revenue —Mortgage revenue includes fees from the origination and subsequent sale of loans, loan servicing income, interest income on loans held for sale, origination of IRLCs, and the changes in fair value of our IRLCs, forward sales commitments, loans held for sale, and MSRs. Title Revenue Title Revenue —Title revenue includes fees earned from title settlement services. Substantially all fees and revenue from title services are recognized when the service is provided. Monetization Revenue Monetization Revenue —Monetization revenue includes advertising and Walk Score data services. Substantially all fees and revenue from monetization services are recognized when the service is provided. Cost of Revenue —Cost of revenue consists primarily of personnel costs (including base pay, benefits, and stock-based compensation), transaction bonuses, home-touring and field expenses, listing expenses, customer fulfillment costs related to our rentals segment, office and occupancy expenses, interest expense on our mortgage related warehouse facilities, and depreciation and amortization related to fixed assets and acquired intangible assets. Technology and Development —Technology and development expenses primarily include personnel costs (including base pay, bonuses, benefits, and stock-based compensation), data licenses, software and equipment, and infrastructure such as for data centers and hosted services. The expenses also include amortization of acquired intangible assets, capitalized internal-use software and website and mobile application development costs. We expense research and development costs as incurred and record them in technology and development expenses. Restructuring and Reorganization —Restructuring and reorganization costs primarily include severance pay and retention bonuses related to workforce reductions and operational efficiency initiatives. As of December 31, 2024, there were no significant outstanding liabilities associated with these restructuring and reorganization activities. Advertising and Advertising Production Costs —We expense advertising costs as they are incurred and production costs as of the first date the advertisement takes place. Advertising costs and advertising production costs are included in marketing expenses. The following table summarizes total advertising and advertising production costs for the periods listed: Year Ended December 31, 2024 2023 2022 Advertising costs $ 103,707 $ 100,321 $ 133,593 Advertising production costs 2,853 2,983 3,425 Stock-based Compensation —We account for stock-based compensation by measuring and recognizing as compensation expense the fair value of all share-based payment awards made to employees, including restricted stock unit awards and shares forecasted to be issued pursuant to our ESPP, in each case based on estimated grant date fair values. Stock-based compensation expense is recognized over the requisite service period on a straight-line basis. We recognize forfeitures when they occur. The Black-Scholes-Merton option-pricing model is used to determine the fair value of shares forecasted to be issued pursuant to our ESPP. For restricted stock unit awards and restricted stock unit awards with performance conditions, we use the market value of our common stock on the date of grant to determine the fair value of the award. For restricted stock unit awards with market conditions, the market condition is reflected in the grant date fair value of the award using a Monte Carlo simulation. In valuing shares forecasted to be issued pursuant to our ESPP, we make assumptions about expected life, stock price volatility, risk-free interest rates, and expected dividends. Expected Life —The expected term was estimated using the ESPP offering period which is six months. Volatility —The expected stock price volatility for our common stock was estimated by taking the average historical price volatility of Redfin stock over the preceding six months. Risk-Free Rate —The risk-free interest rate is based on the yields of U.S. treasury securities with maturities similar to the expected term, or six months. Dividend Yield —We have never declared or paid any cash dividends and do not presently plan to pay cash dividends in the foreseeable future. Consequently, an expected dividend yield of zero was used. Business Combinations —The results of businesses acquired in a business combination are included in our consolidated financial statements from the date of acquisition. We record assets and liabilities of an acquired business at their estimated fair values on the acquisition date. Any excess consideration over the fair value of assets ac

Discontinued Operations

Discontinued Operations	12 Months Ended
	Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	In November 2022, our management and board of directors made the decision to wind down RedfinNow. The financial results of RedfinNow have historically been included in our properties segment. Winding-down RedfinNow was a strategic decision we made in order to focus our resources on our core businesses in the face of the rising cost of capital. The wind-down of our properties segment was complete as of June 30, 2023, at which time it met the criteria for discontinued operations in our consolidated financial statements. As of December 31, 2024 and December 31, 2023 there were no major classes of assets and liabilities of our discontinued operations remaining. The major classes of line items of the discontinued operations included in our consolidated statement of comprehensive loss were as follows: Year Ended December 31, 2024 2023 2022 Revenue $ — $ 122,576 $ 1,184,868 Cost of revenue (1) — 124,422 1,207,933 Gross profit — (1,846) (23,065) Operating expenses Technology and development (1) — 552 17,326 Marketing (1) — 523 2,762 General and administrative (1) — 638 11,204 Restructuring and reorganization — 75 8,116 Total operating expenses — 1,788 39,408 Loss from discontinued operations — (3,634) (62,473) Interest expense — — (8,859) Income tax expense — — (10) Other expense, net — — (4) Net loss from discontinued operations $ — $ (3,634) $ (71,346) Net loss from discontinued operations per share—basic and diluted $ 0.00 $ (0.03) $ (0.66) (1) Includes stock-based compensation as follows: Year Ended December 31, 2024 2023 2022 Cost of revenue $ — $ 46 $ 813 Technology and development — 86 3,243 Marketing — 19 102 General and administrative — 83 1,080 Total stock-based compensation $ — $ 234 $ 5,238 Significant non-cash items and capital expenditures of the discontinued operations were as follows: Year Ended December 31, 2024 2023 2022 Amortization of debt discount and debt issuance costs $ — $ — $ 996 Stock-based compensation — 234 5,238 Depreciation and amortization — 89 2,337 Capital expenditures — — 1,213 Cash paid for interest — — 7,863 Charges specifically relating to the wind-down of our properties segment were as follows: Cost type Financial statement line item Year Ended December 31, 2023 Cumulative amount recognized Employee termination costs Restructuring and reorganization $ 539 $ 8,587 Asset write-offs Restructuring and reorganization — 493 Other Restructuring and reorganization (465) (890) Acceleration of debt issuance costs Interest expense — 481 Total $ 74 $ 8,671

Segment Reporting and Revenue

Segment Reporting and Revenue	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Segment Reporting and Revenue	Segment Reporting and Revenue In its operation of our 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 our statement of operations results, inclusive of net loss. We do not analyze discrete segment balance sheet information related to long-term assets, substantially all of which are located in the United States. We have five operating segments and five reportable segments: real estate services, rentals, mortgage, title, and monetization. We generate revenue primarily from commissions and fees charged on each real estate services transaction closed by our lead agents or partner agents, from subscription-based product offerings for our rentals business, and from the origination, sales, and servicing of mortgages. Our key revenue components are brokerage revenue, partner revenue, rentals revenue, mortgage revenue, title revenue, and monetization revenue. Our CODM utilizes the segment financial information presented to assess trends in our segments and make resource allocation and business direction decisions. Some examples include determining whether we need to decrease spending in particular segments to help achieve profit targets, determining whether staffing levels and pay are appropriate for each segment, or considering different customer pricing strategies. These decisions are typically made in consultation with business leaders for each segment, who evaluate the output and recommend changes to our CODM. Information on each of our reportable and other segments and reconciliation to consolidated net (loss) income from continuing operations is presented in the tables below. We have assigned certain previously reported expenses to each segment to conform to the way we internally manage and monitor our business. We allocated indirect costs to each segment based on a reasonable allocation methodology, when such costs are significant to the performance measures of the segments. Year Ended December 31, 2024 Real estate services Rentals Mortgage Title Monetization Corporate overhead Total Revenue $ 642,867 $ 203,739 $ 139,829 $ 37,509 $ 19,035 $ — $ 1,042,979 Cost of revenue 487,513 47,724 115,556 27,024 961 — 678,778 Gross profit 155,354 156,015 24,273 10,485 18,074 — 364,201 Operating expenses Technology and development 105,268 48,015 2,727 448 3,107 4,362 163,927 Marketing 57,961 53,490 2,988 37 4 1 114,481 General and administrative 74,794 88,447 25,428 3,215 1,520 41,960 235,364 Restructuring and reorganization — — — — — 5,684 5,684 Total operating expenses 238,023 189,952 31,143 3,700 4,631 52,007 519,456 (Loss) income from continuing operations (82,669) (33,937) (6,870) 6,785 13,443 (52,007) (155,255) Interest income, interest expense, income tax benefit, gain on extinguishment of convertible senior notes, and other expense, net (25) 197 (2,968) 690 283 (7,723) (9,546) Net (loss) income from continuing operations $ (82,694) $ (33,740) $ (9,838) $ 7,475 $ 13,726 $ (59,730) $ (164,801) Year Ended December 31, 2023 Real estate services Rentals Mortgage Title Monetization Corporate overhead Total Revenue (1) $ 618,577 $ 184,812 $ 134,108 $ 25,095 $ 14,080 $ — $ 976,672 Cost of revenue 462,625 42,086 118,178 23,335 629 — 646,853 Gross profit 155,952 142,726 15,930 1,760 13,451 — 329,819 Operating expenses Technology and development 108,201 63,934 2,871 510 3,994 3,784 183,294 Marketing 59,746 53,952 4,064 54 6 41 117,863 General and administrative 76,851 94,252 25,012 2,776 1,241 38,658 238,790 Restructuring and reorganization — 503 — — — 7,424 7,927 Total operating expenses 244,798 212,641 31,947 3,340 5,241 49,907 547,874 (Loss) income from continuing operations (88,846) (69,915) (16,017) (1,580) 8,210 (49,907) (218,055) Interest income, interest expense, income tax expense, gain on extinguishment of convertible senior notes, and other expense, net 59 215 (392) 348 364 91,069 91,663 Net (loss) income from continuing operations $ (88,787) $ (69,700) $ (16,409) $ (1,232) $ 8,574 $ 41,162 $ (126,392) (1) Included in revenue is $1,244 from providing services to our discontinued properties segment. Year Ended December 31, 2022 Real estate services Rentals Mortgage Title Monetization Corporate overhead Total Revenue (1) $ 787,076 $ 155,910 $ 132,904 $ 17,425 $ 6,259 $ — $ 1,099,574 Cost of revenue 608,027 33,416 126,552 21,694 766 — 790,455 Gross profit 179,049 122,494 6,352 (4,269) 5,493 — 309,119 Operating expenses Technology and development 105,196 59,899 6,034 1,728 1,863 4,204 178,924 Marketing 98,673 51,064 4,889 194 5 484 155,309 General and administrative 88,171 92,728 25,680 2,751 556 33,504 243,390 Restructuring and reorganization — — — — — 32,353 32,353 Total operating expenses 292,040 203,691 36,603 4,673 2,424 70,545 609,976 Loss from continuing operations (112,991) (81,197) (30,251) (8,942) 3,069 (70,545) (300,857) Interest income, interest expense, income tax expense (benefit) and other income, net (123) 1,389 (114) 47 93 49,768 51,060 Net loss from continuing operations $ (113,114) $ (79,808) $ (30,365) $ (8,895) $ 3,162 $ (20,777) $ (249,797) (1) Included in revenue is $17,783 from providing services to our discontinued properties segment. Effective December 31, 2024, we determined that our monetization operating segment, previously included within our other segment, meets the quantitative thresholds for separate reporting under ASC 280. This determination was based on monetization’s segment profit exceeding 10% of the combined reported segment profit. Accordingly, monetization is now reported as a separate reportable segment. We have recast our segment information for all prior periods to conform to the current segment structure. This change in segment reporting has no impact on our historical consolidated balance sheets, results of operations, or cash flows. Segment information for the years ended 2023 and 2022, as previously reported and as recast, is presented below: Year Ended December 31, 2023 Previously reported Recast Other Title Monetization Revenue $ 39,175 $ 25,095 $ 14,080 Cost of revenue 23,964 23,335 629 Gross profit 15,211 1,760 13,451 Operating expenses Technology and development 4,504 510 3,994 Marketing 60 54 6 General and administrative 4,017 2,776 1,241 Restructuring and reorganization — — — Total operating expenses 8,581 3,340 5,241 Income (loss) from continuing operations 6,630 (1,580) 8,210 Interest income, interest expense, income tax expense, gain on extinguishment of convertible senior notes, and other expense, net 712 348 364 Net income (loss) from continuing operations $ 7,342 $ (1,232) $ 8,574 Year Ended December 31, 2022 Previously reported Recast Other Title Monetization Revenue $ 23,684 $ 17,425 $ 6,259 Cost of revenue 22,460 21,694 766 Gross profit 1,224 (4,269) 5,493 Operating expenses Technology and development 3,591 1,728 1,863 Marketing 199 194 5 General and administrative 3,307 2,751 556 Restructuring and reorganization — — — Total operating expenses 7,097 4,673 2,424 (Loss) income from continuing operations (5,873) (8,942) 3,069 Interest income, interest expense, income tax expense, gain on extinguishment of convertible senior notes, and other expense, net 140 47 93 Net (loss) income from continuing operations $ (5,733) $ (8,895) $ 3,162

Financial Instruments

Financial Instruments	12 Months Ended
	Dec. 31, 2024
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 —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. December 31, Notional Amounts 2024 2023 Forward sales commitments $ 270,050 $ 274,400 IRLCs 197,336 188,554 The locations and amounts of gains (losses) recognized in revenue related to our derivatives are as follows: Year Ended December 31, Instrument Classification 2024 2023 2022 Forward sales commitments Revenue $ 3,116 $ (2,226) $ (11,336) IRLCs Revenue (1,589) 3,156 (4,184) 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 on our consolidated balance sheets, is set forth below: Balance at December 31, 2024 Quoted Prices in Active Markets for Identical Assets Significant Significant Assets Cash equivalents Money market funds $ 65,599 $ 65,599 $ — $ — Total cash equivalents 65,599 65,599 — — Loans held for sale 152,426 — 152,426 — Other current assets Forward sales commitments 1,063 — 1,063 — IRLCs 3,359 — — 3,359 Total other current assets 4,422 — 1,063 3,359 Mortgage servicing rights, at fair value 2,736 — — 2,736 Total assets $ 225,183 $ 65,599 $ 153,489 $ 6,095 Liabilities Accrued liabilities Forward sales commitments $ 377 $ — $ 377 $ — IRLCs 496 — — 496 Total liabilities $ 873 $ — $ 377 $ 496 Balance at December 31, 2023 Quoted Prices in Active Markets for Identical Assets Significant Significant Assets Cash equivalents Money market funds $ 115,276 $ 115,276 $ — $ — Total cash equivalents 115,276 115,276 — — Short-term investments U.S. treasury securities 10,720 10,720 — — Agency bonds 31,232 31,232 — — Total short-term investments 41,952 41,952 — — Loans held for sale 159,587 — 159,587 — Other current assets IRLCs 4,600 — — 4,600 Total other current assets 4,600 — — 4,600 Mortgage servicing rights, at fair value 32,171 — — 32,171 Long-term investments U.S. treasury securities 3,149 3,149 — — Total assets $ 356,735 $ 160,377 $ 159,587 $ 36,771 Liabilities Accrued liabilities Forward sales commitments $ 2,429 $ — $ 2,429 $ — IRLCs 147 — — 147 Total liabilities $ 2,576 $ — $ 2,429 $ 147 There were no transfers into or out of Level 3 financial instruments during the years ended December 31, 2024 and 2023. 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 following is a quantitative summary of key unobservable inputs used in the valuation of IRLCs and mortgage servicing rights (“MSRs”): December 31, 2024 December 31, 2023 Key Inputs Valuation Technique Range Weighted-Average Range Weighted-Average IRLCs Pull-through rate Market pricing 74.2% - 100.0% 92.4% 67.2% - 100.0% 87.7% MSRs Prepayment speed Discounted cash flow 6.0% - 23.0% 8.0% 6.0% - 19.0% 6.8% Default rates Discounted cash flow 0.1% - 1.2% 0.2% 0.1% - 1.2% 0.2% Discount rate Discounted cash flow 10.0% - 18.0% 10.3% 10.0% - 17.0% 10.2% The following is a summary of changes in the fair value of IRLCs: Year Ended December 31, 2024 2023 2022 Balance, net—beginning of period $ 4,453 $ 1,297 $ 1,131 IRLCs acquired in business combination — — 4,326 Issuances of IRLCs 53,579 51,089 51,453 Settlements of IRLCs (55,205) (48,902) (54,784) Fair value changes recognized in earnings 36 969 (829) Balance, net—end of period $ 2,863 $ 4,453 $ 1,297 The following is a summary of changes in the fair value of MSRs: Year Ended December 31, 2024 2023 2022 Balance—beginning of period $ 32,171 $ 36,261 $ — MSRs acquired in business combination — — 33,982 MSRs originated 255 565 3,140 MSRs sales (1) (30,582) (1,457) (1,662) Fair value changes recognized in earnings 892 (3,198) 801 Balance, net—end of period $ 2,736 $ 32,171 $ 36,261 (1) On May 31, 2024 we sold $30,038 of our MSRs to Freedom Mortgage Corporation. The following table presents the estimated fair values of our convertible senior notes that are not recorded at fair value on our consolidated balance sheets: December 31, 2024 December 31, 2023 2025 notes 69,933 164,113 2027 notes 388,594 325,927 The estimated fair value of our 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. See Note 14 for additional details on our convertible senior notes. 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: December 31, 2024 Fair Value Hierarchy Cost or Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Cash, Cash Equivalents, and Restricted Cash Short-term Investments Long-term Investments Cash N/A $ 59,144 $ — $ — $ 59,144 $ 59,144 $ — $ — Money markets funds Level 1 65,599 — — 65,599 65,599 — — Restricted cash N/A 229 — — 229 229 — — Total $ 124,972 $ — $ — $ 124,972 $ 124,972 $ — $ — December 31, 2023 Fair Value Hierarchy Cost or Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Cash, Cash Equivalents, and Restricted Cash Short-term Investments Long-term Investments Cash N/A $ 34,483 $ — $ — $ 34,483 $ 34,483 $ — $ — Money markets funds Level 1 115,276 — — 115,276 115,276 — — Restricted cash N/A 1,241 — — 1,241 1,241 — — U.S. treasury securities Level 1 13,895 1 (27) 13,869 — 10,720 3,149 Agency bonds Level 1 31,246 — (14) 31,232 — 31,232 — Total $ 196,141 $ 1 $ (41) $ 196,101 $ 151,000 $ 41,952 $ 3,149 As of December 31, 2024, we do not have any investments. As of December 31, 2023, the aggregate fair value of available-for-sale debt securities in an unrealized loss position totaled $38,684, with aggregate unrealized losses of $41. 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. In addition, as of December 31, 2023, we had not made a decision to sell any of our debt securities held, nor did we consider it more likely than not that we would be required to sell such securities before recovery of our amortized cost basis. Our portfolio consisted of U.S. government securities, all with a high quality credit rating issued by various credit agencies. As of December 31, 2024 and 2023, we had accrued interest of $0 and $332, respectively, on our available-for-sale investments, for which we have recorded no expected credit losses. Accrued interest receivable is presented within other current assets in our consolidated balance sheets.

Property and Equipment

Property and Equipment	12 Months Ended
	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment The components of property and equipment were as follows: Useful Lives (years) December 31, 2024 2023 Leasehold improvements Shorter of lease term or economic life $ 25,195 $ 28,789 Website and software development costs 3 - 5 88,948 75,573 Computer and office equipment 3 - 5 14,032 16,175 Software 3 1,607 1,869 Furniture 7 6,688 7,754 Property and equipment, gross 136,470 130,160 Accumulated depreciation and amortization (99,679) (89,275) Construction in progress 4,511 5,546 Property and equipment, net $ 41,302 $ 46,431 The following table summarizes depreciation and amortization and capitalized software development costs: Year Ended December 31, 2024 2023 2022 Depreciation and amortization for property and equipment $ 19,027 $ 23,774 $ 24,403 Capitalized software development costs, including stock-based compensation 14,729 16,131 18,738

Leases

Leases	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Leases	Leases The components of lease expense were as follows: Year Ended December 31, Lease Cost 2024 2023 Operating lease cost: Operating lease cost (cost of revenue) $ 8,592 $ 10,874 Operating lease cost (operating expenses) 4,847 7,499 Short-term lease cost 2,572 3,025 Sublease income (1,757) (1,408) Total operating lease cost $ 14,254 $ 19,990 Finance lease cost: Amortization of right-of-use assets $ 59 $ 67 Interest on lease liabilities 6 6 Total finance lease cost $ 65 $ 73 Operating Total Lease Obligations Maturity of Lease Liabilities Lease Liabilities (2) Other Leases 2025 $ 14,078 $ 1,709 $ 15,787 2026 11,457 495 11,952 2027 6,487 385 6,872 2028 1,859 370 2,229 2029 646 374 1,020 Thereafter 234 101 335 Total lease payments $ 34,761 $ 3,434 $ 38,195 Less: Interest (1) 2,044 Present value of lease liabilities $ 32,717 (1) Includes interest on operating leases of $1,131 due within the next 12 months. (2) Excludes sublease income. As of December 31, 2024, we expect sublease income of approximately $979 to be received for the year ended December 31, 2025. December 31, Lease Term and Discount Rate 2024 2023 Weighted-average remaining operating lease term (years) 2.8 3.2 Weighted-average remaining finance lease term (years) N/A 2.5 Weighted-average discount rate for operating leases 4.5 % 4.5 % Weighted-average discount rate for finance leases N/A 5.4 % Year Ended December 31, Supplemental Cash Flow Information 2024 2023 Cash paid for amounts included in the measurement of lease liabilities Operating cash outflows from operating leases $ 17,290 $ 21,292 Operating cash outflows from finance leases 6 6 Financing cash outflows from finance leases 49 55 Right-of-use assets obtained in exchange for lease liabilities Operating leases $ 4,536 $ 8,597 Finance leases 69 62
Leases	Leases The components of lease expense were as follows: Year Ended December 31, Lease Cost 2024 2023 Operating lease cost: Operating lease cost (cost of revenue) $ 8,592 $ 10,874 Operating lease cost (operating expenses) 4,847 7,499 Short-term lease cost 2,572 3,025 Sublease income (1,757) (1,408) Total operating lease cost $ 14,254 $ 19,990 Finance lease cost: Amortization of right-of-use assets $ 59 $ 67 Interest on lease liabilities 6 6 Total finance lease cost $ 65 $ 73 Operating Total Lease Obligations Maturity of Lease Liabilities Lease Liabilities (2) Other Leases 2025 $ 14,078 $ 1,709 $ 15,787 2026 11,457 495 11,952 2027 6,487 385 6,872 2028 1,859 370 2,229 2029 646 374 1,020 Thereafter 234 101 335 Total lease payments $ 34,761 $ 3,434 $ 38,195 Less: Interest (1) 2,044 Present value of lease liabilities $ 32,717 (1) Includes interest on operating leases of $1,131 due within the next 12 months. (2) Excludes sublease income. As of December 31, 2024, we expect sublease income of approximately $979 to be received for the year ended December 31, 2025. December 31, Lease Term and Discount Rate 2024 2023 Weighted-average remaining operating lease term (years) 2.8 3.2 Weighted-average remaining finance lease term (years) N/A 2.5 Weighted-average discount rate for operating leases 4.5 % 4.5 % Weighted-average discount rate for finance leases N/A 5.4 % Year Ended December 31, Supplemental Cash Flow Information 2024 2023 Cash paid for amounts included in the measurement of lease liabilities Operating cash outflows from operating leases $ 17,290 $ 21,292 Operating cash outflows from finance leases 6 6 Financing cash outflows from finance leases 49 55 Right-of-use assets obtained in exchange for lease liabilities Operating leases $ 4,536 $ 8,597 Finance leases 69 62

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2024
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 otherwise indicated, given the preliminary stage of these proceedings and the claims and issues presented, we cannot estimate a range of reasonably possible losses. In addition, we are regularly subject to claims, litigation, and other proceedings, including potential regulatory proceedings, involving employment, intellectual property, privacy and data protection, consumer protection, competition and antitrust laws, and commercial or contractual disputes, and other matters. The outcomes of our legal proceedings and other contingencies are inherently unpredictable, subject to significant uncertainties, and could be material to our operating results and cash flows for a particular period. We evaluate, on a regular basis, developments in our legal proceedings and other contingencies that could affect the amount of liability, including amounts in excess of any previous accruals and reasonably possible losses disclosed, and make adjustments and changes to our accruals and disclosures as appropriate. For the matters we disclose that do not include an estimate of the amount of loss or range of losses, such an estimate is not possible or is immaterial, and we may be unable to estimate the possible loss or range of losses that could potentially result from the application of non-monetary remedies. Until the final resolution of such matters, if any of our estimates and assumptions change or prove to have been incorrect, we may experience losses in excess of the amounts recorded, which could have a material effect on our business, consolidated financial position, results of operations, or cash flows. Except for the matters discussed below, we do not believe that any of our pending litigation, claims, and other proceedings are 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 alleged that we were infringing four patents claimed to be owned by Surefield without its authorization or license. Surefield sought an unspecified amount of damages and an injunction against us offering products and services that allegedly infringe the patents at issue. On May 17, 2022, the jury returned a verdict in our favor, finding that we did not infringe any of the asserted claims of the patents claimed to be owned by Surefield, and accordingly, we do not owe any damages to Surefield. The jury also found that all asserted claims of Surefield’s claimed patents were invalid. The court entered final judgment on August 15, 2022. On September 12, 2022, Surefield filed a motion for judgment as a matter of law and a motion for a new trial. In the motions, Surefield asserts that no jury could have found non-infringement based on the trial record, among other things. We filed oppositions to the motions on October 3, 2022 and Surefield filed replies on October 21, 2022. On October 7, 2024, the court appointed a technical advisor to assist the court with the pending post-trial motions. On February 20, 2025, the court issued an order denying Surefield’s motion for judgment as a matter of law and motion for a new trial. Surefield has until March 21, 2025 to file a notice of appeal. Lawsuits Alleging Antitrust Violations —Since October 2023, a number of class action lawsuits have been filed on behalf of putative classes of home buyers and home sellers against the National Association of Realtors, local real estate associations, multiple listing services, and various residential real estate brokerages in various federal districts in the United States. Some of these lawsuits name Redfin as a defendant, including: • Don Gibson, et al. v. National Association of Realtors, et al. , Case no. 4:23-cv-00788-SRB, filed on October 31, 2023 in United States District Court for the Western District of Missouri (the “Gibson Action”). • Mya Batton et al. v. Compass, Inc., et al. , Case no. 1:23-cv-15618, filed on November 2, 2023 in United States District Court for the Northern District of Illinois. • 1925 Hooper LLC, et al. v. The National Association of Realtors, et al. , Case no. 1:23-cv-05392-SEG, filed on December 6, 2023 in the United States District Court for the Northern District of Georgia. This matter was dismissed with prejudice following a consent motion on November 21, 2024. • Daniel Umpa v. The National Association of Realtors, et al. , Case no. 4:23-cv-00945-FJG, filed on December 27, 2023 in the United States District Court for the Western District of Missouri (the “Umpa Action”). • Nathaniel Whaley v. National Association of Realtors, et al. , Case no. 2:24-cv-00105-GMN-MDC, filed on January 25, 2024 in the United States District Court for the District of Nevada. • Angela Boykin v. National Association of Realtors, et al. , Case No. 2:24-cv-00340, filed on February 16, 2024 in the United States District Court for the District of Nevada. • Freedlund v. Redfin Corporation, et al. , Case No. 2:24-cv-01561, filed on February 26, 2024 in the United States District Court for the Central District of California. This matter was voluntarily dismissed without prejudice on May 30, 2024. • Rajninder (Raven) Jutla, et al. v. Redfin Corporation, et al. , Case No. 2:24-cv-00464, filed on April 1, 2024 in the United States District Court for the Eastern District of California and transferred to the United States District Court for the Western District of Washington on April 5, 2024. These lawsuits variously allege a conspiracy to fix prices stemming from a National Association of Realtors rule, which allegedly requires brokers to make a blanket, non-negotiable offer of buyer broker compensation when listing a property on a multiple listing service. The plaintiffs generally seek injunctive relief, unspecified damages under federal antitrust law, and unspecified damages under various state laws. The Judicial Panel on Multidistrict Litigation denied a motion to consolidate some of these cases as In re Real Estate Commission Antitrust Litigation , MDL No. 3100 on April 12, 2024. At this time, except as set forth below, we are unable to predict the potential outcome of these lawsuits. On May 3, 2024, we entered into a settlement term sheet (the “Proposed Settlement”) and on June 26, 2024, we executed a settlement agreement (the “Settlement Agreement”) to resolve, on a nationwide basis, all claims asserted in the Gibson Action and the Umpa Action, each pending in the United States District Court for the Western District of Missouri. These two cases are collectively referred to as “the Lawsuits.” The Settlement Agreement resolves all claims in the Lawsuits and similar claims on behalf of home sellers (including those who sold and bought homes) (subject to opt-outs and objections) on a nationwide basis against Redfin (the “Claims”) and releases Redfin, its subsidiaries and its employees and contractors from the Claims. Neither the Proposed Settlement nor the Settlement Agreement include any admissions of liability. Under the Settlement Agreement, Redfin paid $9,250 (the “Settlement Amount”) into a qualified settlement fund on August 26, 2024. The Settlement Amount is included in other current assets and accrued and other liabilities in our consolidated balance sheets as of December 31, 2024. In the first quarter of 2024, we recorded the Settlement Amount to general and administrative in our consolidated statements of comprehensive loss. Redfin also agreed to implement or continue certain practices outlined in the Settlement Agreement. On July 15, 2024, the United States District Court for the Western District of Missouri issued an Order Granting Preliminary Approval of the Settlement Agreement and the court entered an Order granting final approval of the Settlement Agreement on November 4, 2024. On December 3, 2024, a member of the proposed settlement class filed a notice of appeal, appealing the court’s order granting final approval of the Settlement Agreement. On December 16, 2024, additional members of the settlement class separately appealed. The appeals are currently pending before the United States Court of Appeals for the Eighth Circuit. Lawsuit Alleging Privacy Violations —We use evolving tools and technology, such as pixels, in the operation of our websites. We are from time to time involved in, and may in the future be subject to third-party claims alleging consumer data privacy violations. On June 25, 2024, Redfin was named in a putative class action lawsuit, Mata v. Redfin , Case No. 24-cv-1094L, filed in the United States District Court for the Southern District of California. The complaint alleges that Redfin has used tracking technologies on its website that shares information about visitors’ activity on the site and guided tour videos they watch with third parties, in violation of the federal Video Privacy Protection Act (VPPA) and the California Invasion of Privacy Act (CIPA). The complaint demands a jury trial and seeks: (i) an order certifying the class and subclass outlined in the complaint; (ii) an order declaring that our alleged conduct violates the VPAA and the CIPA; (iii) an award of statutory damages under the VPAA to the class and under CPAA to the subclass; (iv) for punitive damages; (v) for prejudgment interest; and (vi) for injunctive relief. On October 30, 2024, the court entered an order granting a joint motion to stay the case pending completion of Plaintiff’s individual arbitration. Redfin reached a settlement with the plaintiff on January 15, 2025. Lawsuit Alleging Violations of Pay Transparency Law —On July 24, 2024, Redfin was named in a putative class action lawsuit, Hancock v. Redfin , Case No. 24-2-16685-8 SEA in the Superior Court of the State of Washington, County of King. The complaint alleges Redfin failed to comply with Washington’s pay transparency law by failing to disclose the wage scale or salary range in each job posting. Plaintiff, individually and on behalf of the class seeks, (i) statutory damages of $5 to Plaintiff and each class member, (ii) costs and attorneys’ fees, (iii) preliminary and permanent injunctive relief, (iv) declaratory relief, and (v) pre-and post-judgment interest. On September 6, 2024, the Court granted Plaintiff and Redfin’s stipulation for a stay. The action has been stayed pending a ruling by the Washington Supreme Court on whether to accept a certified question impacting the merits of this action. At this time we are unable to predict the potential outcome of this lawsuit. Commitments Purchase Commitments —Purchase commitments primarily relate to network infrastructure for our data operations. Future payments due under these agreements as of December 31, 2024 are as follows: Purchase Commitments 2025 $ 39,749 2026 34,125 2027 34,931 2028 36,099 2029 36,000 Thereafter 68,000 Total future minimum payments $ 248,904 Other Commitments

Acquired Intangible Assets and

Acquired Intangible Assets and Goodwill	12 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Acquired Intangible Assets and Goodwill	Acquired Intangible Assets and Goodwill Acquired Intangible Assets —The following table presents the gross carrying amount and accumulated amortization of intangible assets: December 31, 2024 December 31, 2023 Weighted-Average Useful Gross Accumulated Net Gross Accumulated Net Trade names 9.3 $ 82,690 $ (33,698) $ 48,992 $ 82,690 $ (24,290) $ 58,400 Developed technology 3.3 66,340 (66,102) 238 66,340 (59,883) 6,457 Customer relationship 10 81,360 (31,047) 50,313 81,360 (22,933) 58,427 $ 230,390 $ (130,847) $ 99,543 $ 230,390 $ (107,106) $ 123,284 Our intangible assets are amortized on a straight-line basis over their respective estimated useful lives to a split between general and administrative and cost of revenue for customer relationships and trade names; and developed technology intangible assets are split between general and administrative expense, cost of revenue, and technology and development expense in our consolidated statements of comprehensive loss. Amortization expense amounted to $23,741 and $38,988 for the years ended December 31, 2024 and 2023, respectively. The following table presents our estimate of remaining amortization expense for intangible assets that existed as of December 31, 2024: 2025 $ 17,618 2026 17,380 2027 15,633 2028 15,050 2029 15,050 Thereafter 18,812 Estimated remaining amortization expense $ 99,543 Goodwill— The carrying amounts of goodwill by reportable segment were as follows: Real Estate Services Rentals Mortgage Total Balance as of December 31, 2024 and 2023 $ 250,231 $ 159,151 $ 51,967 $ 461,349 We did not recognize any goodwill impairment charges during the years ended December 31, 2024 or 2023.

Accrued and Other Liabilities

Accrued and Other Liabilities	12 Months Ended
	Dec. 31, 2024
Payables and Accruals [Abstract]
Accrued and Other Liabilities	Accrued and Other Liabilities The components of accrued and other liabilities were as follows: December 31, 2024 2023 Accrued compensation and benefits $ 51,842 $ 58,836 Miscellaneous accrued and other liabilities 15,577 26,037 Legal contingencies 9,250 — Customer contract liabilities 6,040 5,487 Total accrued and other liabilities $ 82,709 $ 90,360

Mezzanine Equity

Mezzanine Equity	12 Months Ended
	Dec. 31, 2024
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"). 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 was also the value of the mandatory redemption amount. Redemption

Equity and Equity Compensation

Equity and Equity Compensation Plans	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Equity and Equity Compensation Plans	Equity and Equity Compensation Plans Common Stock —As of December 31, 2024 and 2023, 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 December 31, 2024 and 2023, 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 per share. Amended and Restated 2004 Equity Incentive Plan —We granted stock options under our 2004 Equity Incentive Plan, as amended ("2004 Plan"), until July 26, 2017, when we terminated it in connection with our IPO. Accordingly, no shares are available for future issuance under our 2004 Plan. Our 2004 Plan continues to govern outstanding equity awards granted thereunder, all of which are fully vested. 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 ("2017 EIP") became effective on July 26, 2017 and provides for issuance of incentive and nonqualified common stock options and restricted stock units to employees, directors, officers, 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: December 31, 2024 2023 Stock options issued and outstanding 2,023,675 2,406,453 Restricted stock units outstanding 13,794,056 15,947,173 Shares available for future equity grants 8,252,747 7,991,532 Total shares reserved for future issuance 24,070,478 26,345,158 2017 Employee Stock Purchase Plan —Our 2017 Employee Stock Purchase Plan ("ESPP") was approved by the 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: December 31, 2024 2023 Shares available for issuance at beginning of period 4,378,042 4,695,361 Shares issued during the period (734,406) (1,491,040) Total shares available for issuance at end of period 3,643,636 3,204,321 The weighted-average grant date fair value and the assumptions used in calculating fair values of shares forecasted to be issued pursuant to our ESPP are as follows: For the Offering Period beginning July 1, 2024 For the Offering Period beginning January 1, 2024 Expected life 0.5 years 0.5 years Volatility 70.01% 90.94% Risk-free interest rate 5.37% 5.24% Dividend yield —% —% Weighted-average grant date fair value $1.9 $3.69 Stock Options —Option activity for the year ended December 31, 2024 was as follows: Number Of Options Weighted-Average Exercise Price Weighted-Average Remaining Contractual Life (years) Aggregate Intrinsic Value Outstanding at January 1, 2024 2,406,453 $ 11.14 2.63 $ 3,355 Options exercised (319,612) 8.81 Options expired (63,166) 7.91 Outstanding at December 31, 2024 2,023,675 $ 11.60 1.73 $ 94 Options exercisable at December 31, 2024 2,023,675 $ 11.60 1.73 $ 94 The grant date fair value of our stock options was recorded as stock-based compensation over the stock options' vesting period. All outstanding options were fully vested as of December 31, 2024. We did not recognize any option-related expense during the year ended December 31, 2024. The fair value of stock options vested and the intrinsic value of stock options exercised are as follows: Year Ended December 31, 2024 2023 2022 Fair value of options vested $ — $ — $ 484 Intrinsic value of options exercised 283 4,160 5,588 Restricted Stock Units —Restricted stock unit activity for the year ended December 31, 2024 was as follows: Restricted Stock Units Weighted-Average Grant Date Fair Value Outstanding at January 1, 2024 15,947,173 $ 9.64 Granted 8,492,751 7.82 Vested (8,136,878) 9.06 Forfeited or canceled (2,508,990) 10.63 Outstanding or deferred at December 31, 2024 (1) 13,794,056 $ 8.68 (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 December 31, 2024 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 the 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 December 31, 2024, there was $90,894 of total unrecognized stock-based compensation expense related to restricted stock units, which is expected to be recognized over a weighted-average period of 2.03 years. As of December 31, 2024, there were 2,484,058 restricted stock units subject to performance and market conditions ("PSUs") outstanding 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 PSUs' related performance or market conditions. Stock-based compensation expense for PSUs with performance conditions will be 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: Year Ended December 31, 2024 2023 2022 Expense associated with the current period $ 3,991 $ 2,994 $ 5,341 Expense due to reassessment of achievement related to prior periods (759) (553) (267) Total expense $ 3,232 $ 2,441 $ 5,074 Compensation Cost —The following table details, for each period indicated, (i) our stock-based compensation net of forfeitures, and the amount capitalized in internally developed software and (ii) includes changes to the probability of achieving outstanding performance-based equity awards, each as included in our consolidated statements of comprehensive loss: Year Ended December 31, 2024 2023 2022 Cost of revenue $ 11,180 $ 12,914 $ 15,137 Technology and development (1) 34,339 33,111 26,365 Marketing 5,027 5,148 3,991 General and administrative 20,613 19,528 17,526 Stock-based compensation from continuing operations 71,159 70,701 63,019 Stock-based compensation from discontinued operations — 234 5,238 Total stock-based compensation $ 71,159 $ 70,935 $ 68,257 (1) Net of $4,302, $4,003, and $3,660 of stock-based compensation expense capitalized for internally developed software for the years ended December 31, 2024, 2023, and 2022, respectively.

Net Loss per Share Attributable

Net Loss per Share Attributable to Common Stock	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Net Loss per Share Attributable to Common Stock	Net Loss from Continuing Operations per Share Attributable to Common Stock Net loss from continuing operations per share attributable to common stock is computed by dividing the net loss from continuing operations 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 loss from continuing operations per share whenever doing so would be dilutive. We calculate basic and diluted net loss from continuing operations 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 a participating security. Under the two-class method, net loss from continuing operations 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 10. The calculation of basic and diluted net loss per share attributable to common stock was as follows: Year Ended December 31, 2024 2023 2022 Numerator: Net loss from continuing operations $ (164,801) $ (126,392) $ (249,797) Dividends on convertible preferred stock (2) (1,073) (1,074) (1,560) Net loss from continuing operations attributable to common stock—basic and diluted $ (165,874) $ (127,466) $ (251,357) Denominator: Weighted-average shares—basic and diluted (1) 121,677,971 113,152,752 107,927,464 Net loss from continuing operations per share attributable to common stock—basic and diluted $ (1.36) $ (1.13) $ (2.33) (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 whose settlement into common stock were deferred at the option of certain non-employee directors. (2) Includes $367 cash dividend paid as part of redemption of the convertible preferred notes in November 2024. The following outstanding shares of common stock equivalents were excluded from the computation of the diluted net loss from continuing operations per share attributable to common stock for the periods presented because their effect would have been anti-dilutive. Year Ended December 31, 2024 2023 2022 2023 notes as if converted — — 769,623 2025 notes as if converted 1,017,284 2,667,993 7,154,297 2027 notes as if converted 5,379,209 5,379,209 6,147,900 Convertible preferred stock as if converted — 2,040,000 2,040,000 Stock options outstanding (1) 2,023,675 2,406,453 3,282,789 Restricted stock units outstanding (1)(2) 13,702,613 15,908,735 15,710,223 Total 22,122,781 28,402,390 35,104,832 (1) Excludes 2,484,058 incremental PSUs that could vest, assuming applicable performance criteria and market conditions are achieved at 200% of target, which is the maximum achievement level. See Note 11 for additional information regarding PSUs. (2) Excludes 91,443 restricted stock units whose settlement into common stock were deferred at the option of certain non-employee directors as of December 31, 2024.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Our deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The following table represents the significant components of our deferred tax assets and liabilities for the periods presented: December 31, 2024 2023 Deferred income tax assets Net operating loss carryforwards $ 159,914 $ 160,329 Business interest limitation carryforwards 39,343 35,402 Tax credit carryforwards 27,136 23,968 Lease liabilities 8,128 11,472 Capitalized research and development costs 63,012 50,780 Other 15,136 15,108 Gross deferred income tax assets 312,669 297,059 Valuation allowance (281,769) (257,563) Total deferred income tax assets, net of valuation allowance 30,900 39,496 Deferred income tax liabilities Intangible assets (24,151) (29,608) Right-of-use assets (5,892) (8,155) Other (1,530) (1,997) Total deferred income tax liabilities (31,573) (39,760) Net deferred income tax assets and liabilities $ (673) $ (264) 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 all periods presented. 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. The following table represents our net operating loss ("NOL") carryforwards as of December 31, 2024 and 2023: December 31, 2024 2023 Federal $ 630,060 $ 642,212 Various states 34,939 32,234 Foreign 4,515 5,363 Federal NOL carryforwards are available to offset federal taxable income with NOL carryforwards of $506,157 generated after 2017 available to offset future U.S. federal taxable income over an indefinite period, and the remainder expiring between 2025 and 2037. State NOL carryforwards are available to offset future taxable income and begin to expire in 2025. NOL carryforward periods for the various states jurisdictions generally range from 5 to 20 years. Foreign NOL carryforward periods for foreign federal and provincial jurisdictions are generally 20 years and will begin to expire in 2039. Net research and development credit carryforwards of $27,136 and $23,968 are available as of December 31, 2024 and 2023, respectively, to reduce future tax liabilities. The research and development credit carryforwards begin to expire in 2026. Deductible but limited federal business interest expense carryforwards of $167,417 and $149,464 are available as of December 31, 2024 and 2023, respectively, to offset future U.S. federal taxable over an indefinite period. Under Sections 382 and 383 of the Internal Revenue Code of 1986, as amended, substantial changes in our ownership may limit the amount of NOL and income tax credit carryforwards that could be utilized annually in the future to offset taxable income and income tax liabilities. Any such annual limitation may significantly reduce the utilization of the NOLs and income tax credits before they expire. A Section 382 limitation study performed as of March 31, 2017 determined that we experienced an ownership change in 2006 with $1,506 of the 2006 NOL, and $32 of the 2006 research and development tax credit unavailable for future use. Furthermore, in connection with the acquisition of Rent., Rent. experienced an ownership change that triggered Section 382. As of September 30, 2021, Rent. completed a Section 382 limitation study and, based on this analysis, we do not expect a reduction in our ability to fully utilize Rent.’s pre-change NOLs. The components of loss from continuing operations before benefit for income taxes for the years ended December 31, 2024, 2023, and 2022 were $(165,235), $(125,110), and $(246,880), for federal purposes, respectively, and $(96), $(303), and $(2,801), for foreign purposes, respectively. The following table is a reconciliation of the U.S. federal income tax at statutory rate to our effective income tax rate: December 31, 2024 2023 2022 U.S. federal income tax at statutory rate 21.00 % 21.00 % 21.00 % State taxes (net of federal benefit) 2.84 3.26 5.02 Stock-based compensation (1.48) (5.18) (3.24) Permanent differences (0.24) (0.36) (0.18) Federal research and development credit 1.92 0.58 1.77 Change in valuation allowance (14.62) (11.62) (20.12) Other (0.35) (0.82) 0.26 Acquisition costs — — (0.02) Expiration of tax attribute carryforwards (8.75) (7.63) (4.54) Effective income tax rate 0.32 % (0.77) % (0.05) % The difference between the U.S. federal income tax at statutory rate of 21% for the years ended December 31, 2024, 2023, and 2022, and our effective tax rate in all periods is primarily due to a full valuation allowance related to our U.S. deferred tax assets and the impact of U.S. states where we incur current income tax expense. We recorded an income tax benefit of $530 for the year ended December 31, 2024 and income tax expense of $979 and $116 for the years ended December 31, 2023 and 2022. The income tax benefit recorded for the year ended December 31, 2024 primarily consists of current state income tax expense offset by accruals for certain non-recurring state tax refunds. The income tax expense recorded for the years ended December 31, 2023 and 2022 primarily consisted of current state income tax expense. Income tax (benefit) expense for the years ended December 31, 2024, 2023, and 2022 also includes federal and state deferred income tax expense generated by an increase to indefinite-lived deferred tax liabilities created through our April 2, 2021 acquisition of Rent. and our April 1, 2022 acquisition of Bay Equity which can be used to realize certain deferred tax assets against which we had previously recorded a full valuation allowance. The following table summarizes the components of our income tax benefit (expense) from continuing operations for the periods presented: December 31, 2024 2023 2022 Current income tax benefit (expense): U.S. - State $ 863 $ (959) $ (1,074) Total current income tax benefit (expense) 863 (959) (1,074) Deferred income tax benefit (expense): U.S. - Federal (180) (16) (97) U.S. - State (153) (4) 1,055 Total deferred income tax benefit (expense) (333) (20) 958 Total income tax benefit (expense) $ 530 $ (979) $ (116) We account for uncertainty in income taxes in accordance with ASC 740. Tax positions are evaluated utilizing a two-step process, whereby we first determine whether it is more likely than not that a tax position will be sustained upon examination by the tax authority, including resolutions of any related appeals or litigation processes, based on technical merit. If a tax position meets the more-likely-than-not recognition threshold, it is then measured to determine the amount of benefit to recognize in the financial statements. The tax position is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. The following table summarizes the activity related to unrecognized tax benefits: December 31, 2024 2023 2022 Unrecognized benefit—beginning of year $ 5,991 $ 5,809 $ 4,692 Gross (decreases)—prior year tax positions — (527) (210) Gross increases—current year tax positions 792 709 1,327 Unrecognized benefit—end of year $ 6,783 $ 5,991 $ 5,809 All of the unrecognized tax benefits as of December 31, 2024 and 2023 are accounted for as a reduction in our deferred tax assets. Due to our valuation allowance, none of the $6,783 and $5,991 of unrecognized tax benefits would affect our effective tax rate, if recognized. We do not believe it is reasonably possible that our unrecognized tax benefits will significantly change in the next 12 months. We recognize interest and penalties related to unrecognized tax benefits as income tax expense. There was no interest or penalties accrued related to unrecognized tax benefits for each year ended December 31, 2024 and 2023 and no liability for accrued interest or penalties related to unrecognized tax benefits as of December 31, 2024. Our material income tax jurisdictions are the United States (federal) and Canada (foreign). As a result of NOL carryforwards, we are subject to audit for all tax years for federal and foreign purposes. All tax years remain subject to examination in various other jurisdictions that are not material to our consolidated financial statements.

Debt

Debt	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Debt	Debt As of December 31, 2024, outstanding borrowings of our debt are as follows: Maturity of Debt Lender 2025 2026 2027 2028 2029 Thereafter Warehouse Credit Facilities City National Bank $ 36,734 $ — $ — $ — $ — $ — Origin Bank 28,920 — — — — — M&T Bank 21,969 — — — — — Prosperity Bank 59,006 — — — — — Term Loan — — — 243,344 — — Convertible Senior Notes 2025 notes 73,516 — — — — — 2027 notes — — 498,691 — — — Total borrowings $ 220,145 $ — $ 498,691 $ 243,344 $ — $ — Warehouse Credit Facilities —To provide capital for the mortgage loans that it originates, our mortgage segment utilizes warehouse credit facilities that are classified as current liabilities on our consolidated balance sheets. Borrowings under each warehouse credit facility are secured by the related mortgage loan, and rights and income related to the loans. Each warehouse credit facility contains various restrictive and financial covenants and provides that a breach or failure to satisfy these covenants constitutes an event of default. The following table summarizes borrowings under these facilities as of the periods presented: December 31, 2024 December 31, 2023 Lender Borrowing Capacity Outstanding Borrowings Weighted-Average Interest Rate on Outstanding Borrowings Borrowing Capacity Outstanding Borrowings Weighted-Average Interest Rate on Outstanding Borrowings City National Bank $ 75,000 $ 36,734 6.26 % $ 50,000 $ 20,046 7.24 % Origin Bank 100,000 28,920 6.45 % 75,000 30,110 7.25 % M&T Bank 75,000 21,969 6.46 % 50,000 18,870 7.39 % Prosperity Bank 100,000 59,006 5.98 % 75,000 29,358 7.23 % Republic Bank & Trust Company N/A N/A N/A 45,000 23,415 7.28 % Wells Fargo Bank, N.A. N/A N/A N/A 100,000 30,165 7.36 % Total $ 350,000 $ 146,629 $ 395,000 $ 151,964 Term Loan —On October 20, 2023, we entered into a definitive agreement with Apollo Capital Management, L.P. and its affiliates (“Apollo”) whereby Apollo agreed to commit up to $250,000 of financing for us in the form of a first lien term loan facility (the “facility”). We borrowed half of the loan on October 20, 2023 and the remaining $125,000 was available as a delayed draw term loan. On May 31, 2024, we drew down the remaining $125,000 of the facility. The facility is pre-payable at par, after 12 months of call protection (during which prepayment would be at 101% of par), or with respect to prepayments made with respect to a change of control, at 101% of par, and carries a five-year term, maturing October 20, 2028. Interest will be charged at the Secured Overnight Financing Rate (“SOFR”) +575 basis points for the first five full fiscal quarters after closing, with step-downs to SOFR +550 basis points and SOFR +525 basis points thereafter upon achieving agreed performance metrics. The facility requires that we maintain cash and cash equivalents of $75,000 which is tested on a quarterly basis. The negative covenants include restrictions on the incurrence of liens and indebtedness, investments, certain merger transactions, and other matters, all subject to certain exceptions. The effective interest rate for our term loan is 11.43%. The facility includes customary events of default that, include among other things, non-payment of principal, interest or fees, inaccuracy of representations and warranties, violation of certain covenants, cross default to certain other indebtedness, bankruptcy and insolvency events, material judgments, change of control, and certain material ERISA events. The occurrence of an event of default could result in the acceleration of the obligations under the facility. In addition, the facility prohibits us from making any cash payments on the conversion or repurchase of our notes if an event of default exists under our term loan facility, or if, after giving effect to such conversion or repurchase, we would not be in compliance with the financial covenants under our term loan facility. As security for our obligations under the facility, we granted Apollo a first priority security interest on substantially all of our assets and the assets of our material subsidiaries, subject to certain exceptions. Therefore, in a bankruptcy, Apollo first, and the holders of our convertible senior notes second, would have a claim to our assets senior to the claims of holders of our common stock. As part of the transaction, we repurchased $5,000 principal amount of our 2025 convertible notes held by Apollo and $71,894 principal amount of 2027 convertible notes held by Apollo for an aggregate repurchase price of $57,075. During the year ended December 31, 2023, we recorded $2,471 in prepaid expenses related to debt issuance costs in connection with the delayed draw portion of the term loan. Upon drawing down the remaining $125,000 available under the facility in May 2024, we reclassified the previously capitalized costs from prepaid expenses and recorded them, along with additional debt issuance costs, as debt discount and issuance costs against the term loan. As of December 31, 2024, all debt issuance and debt discount costs associated with the term loan were recorded as a debt discount, with no remaining balance in prepaid expenses. Total debt discount and debt issuance costs recorded against the term loan amounted to $4,820. The components of the term loan were as follows: December 31, 2024 Aggregate Principal Amount Unamortized Debt Discount Unamortized Debt Issuance Costs Net Carrying Amount 247,500 2,571 1,585 243,344 December 31, 2023 Aggregate Principal Amount Unamortized Debt Discount Unamortized Debt Issuance Costs Net Carrying Amount 124,688 — 272 124,416 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 2025 notes October 15, 2025 — % 0.42 % — — 13.7920 2027 notes April 1, 2027 0.50 % 0.87 % October 1, 2021 April 1; October 1 10.6920 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 and April 5, 2021, with an aggregate principal amount of $575,000. The following table describes repurchase activity for the years ended December 31, 2024 and 2023: Repurchase Program Repurchases in Conjunction with Apollo Term Loan Period Issuance Principal Cash Paid Gain on Extinguishment Principal Cash Paid Gain on Extinguishment Year ended December 31, 2024 2025 notes $ 119,686 $ 106,953 $ 12,000 $ — $ — $ — Total $ 119,686 $ 106,953 $ 12,000 $ — $ — $ — Year ended December 31, 2023 2025 notes $ 320,283 $ 241,808 $ 75,204 $ 5,000 $ 4,075 $ 664 2027 notes — — — 71,894 46,754 18,151 Total $ 320,283 $ 241,808 $ 75,204 $ 76,894 $ 50,829 $ 18,815 The components of the convertible senior notes are as follows: December 31, 2024 Issuance Aggregate Principal Amount Unamortized Debt Issuance Costs Net Carrying Amount 2025 notes $ 73,759 $ 243 $ 73,516 2027 notes 503,106 4,415 498,691 December 31, 2023 Issuance Aggregate Principal Amount Unamortized Debt Issuance Costs Net Carrying Amount 2025 notes $ 193,445 $ 1,443 $ 192,002 2027 notes 503,106 6,371 496,735 Year End December 31, 2024 2023 2022 2023 notes Contractual interest expense $ — $ 223 $ 411 Amortization of debt issuance costs — 81 150 Total interest expense $ — $ 304 $ 561 2025 notes Contractual interest expense — — — Amortization of debt issuance costs 1,200 4,602 2,706 Total interest expense $ 1,200 $ 4,602 $ 2,706 2027 notes Contractual interest expense 2,516 2,785 2,875 Amortization of debt issuance costs 1,960 3,151 2,240 Total interest expense $ 4,476 $ 5,936 $ 5,115 Total Contractual interest expense 2,516 3,008 3,286 Amortization of debt issuance costs 3,160 7,834 5,096 Total interest expense $ 5,676 $ 10,842 $ 8,382 Conversion of Our Convertible Senior Notes Prior to the free 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. On or after the free conversion date, a holder may convert its notes in such multiples without any conditions. The free conversion date is 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; • 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. 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. None of the above conditions were satisfied during the year ended December 31, 2024. Classification of Our Convertible Senior Notes The difference between the principal amount of the notes and the net carrying amount represents the unamortized 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. Cross-acceleration and Cross-default Provisions of our Convertible Senior Notes, Term Loan, and Warehouse Credit Facilities —The indentures governing our 2025 and 2027 convertible senior notes contain cross-acceleration and cross-default provisions. These provisions could have the effect of creating an event of default under the indenture for either our 2025 or 2027 convertible senior notes, despite our compliance with that agreement, due solely to an event of default or failure to pay amounts owed under the indenture for the other tranche of convertible senior notes. Accordingly, all or a significant portion of our outstanding convertible senior notes could become immediately payable due solely to our failure to comply with the terms of a single agreement governing either our 2025 or 2027 convertible senior notes. In addition, each of our warehouse credit facilities and term loan facility contain cross-acceleration and cross-default provisions. These provisions could have the effect of creating an event of default under the agreement for any such facility, despite our compliance with that agreement, due solely to an event of default or failure to pay amounts owed under the agreement for another facility. Accordingly, all or a significant portion of our outstanding warehouse indebtedness or outstanding term loan indebtedness could become immediately payable due solely to our failure to comply with the terms of a single agreement governing one of our facilities. While the cross-default provisions in our existing warehouse credit facilities do not pick up defaults under our convertible senior notes and our existing warehouse credit facilities are carved out of the cross-payment default provisions in our 2025 and 2027 senior notes given that they constitute non-recourse debt, any default under our convertible senior notes would trigger an event of default under our term loan facility and, similarly, any default under our term loan facility would trigger the cross-payment default provisions in our 2025 and 2027 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, 6,147,900 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 $62,647 incurred in connection with the 2027 capped calls was recorded as a reduction to additional paid-in capital on our consolidated balance sheets.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On February 6, 2025, we entered into a Content License Agreement and Partnership Agreement with Zillow, Inc. ("Zillow"). Under the Content License, Zillow will become the exclusive provider of multifamily rental property listings with more than 25 units ("Rental Listings") on our websites, including Redfin.com, Rent.com, and ApartmentGuide.com. The Content License has an initial five-year term beginning on the date Zillow's Rental Listings first become viewable on our sites, with automatic renewal options for two additional two-year terms unless terminated with twelve months' notice prior to the end of the current term. Zillow will pay us on a per-lead basis. The agreement includes provisions for termination in cases of material breach, insolvency, or certain change of control events, with a maximum one-year wind-down period. Under the Partnership Agreement, Zillow will make an upfront payment of $100,000 to us. We will facilitate Zillow's entry into advertising agreements with property management companies that currently advertise Rental Listings on our websites. In connection with these agreements, we plan to restructure our rentals segment between February and July 2025, primarily through the elimination of certain employee roles within or supporting the rentals segment.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net loss	$ (164,801)	$ (130,026)	$ (321,143)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	12 Months Ended
	Dec. 31, 2024 shares	Dec. 31, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		Those representations were made as of the date of adoption of each 10b5-1 Plan. Name Title Action Date Adopted Expiration Date Aggregate # of Securities to be Bought/Sold Anthony Kappus (1) Chief of Legal Affairs and Digital Revenue Adoption November 27, 2024 June 26, 2025 112,130 Bridget Frey (2) Chief Technology Officer Adoption November 27, 2024 December 31, 2025 135,333 (1) Anthony Kappus, our Chief of Legal Affairs and Digital Revenue Officer, entered into a Rule 10b5-1 Plan on November 27, 2024. Mr. Kappus’s plan provides for the potential sale of up to 7,251 shares of our common stock underlying previously vested Restricted Stock Units. Mr. Kappus’s 10b5-1 Plan also provides for the potential sale of 41,428 shares of our common stock underlying future-vesting Restricted Stock Units and 63,451 shares of our common stock underlying future-vesting Performance Stock Units. For purposes of calculating the Aggregate # of Securities to be Sold under Mr. Kappus’s 10b5-1 Plan, we have not removed the number of shares to be withheld for income taxes.
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Anthony Kappus [Member]
Trading Arrangements, by Individual
Name	Anthony Kappus
Title	Chief of Legal Affairs and Digital Revenue
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	November 27, 2024
Expiration Date	June 26, 2025
Arrangement Duration	211 days
Aggregate Available	112,130	112,130
Bridget Frey [Member]
Trading Arrangements, by Individual
Name	Bridget Frey
Title	Chief Technology Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	November 27, 2024
Expiration Date	December 31, 2025
Arrangement Duration	399 days
Aggregate Available	135,333	135,333

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	As one of the critical elements of our overall ERM approach, our cybersecurity program is focused on the following key areas: Governance —Our audit committee oversees our ERM program, including the management of risks arising from cybersecurity threats, and are supported by the Information Security Steering Committee (the “ISSC”), the Cybersecurity Incident Response Team (the “CSIRT”), and our information security (“InfoSec”) team. Our audit committee receives presentations and reports on cybersecurity risks, which address a wide range of topics including recent developments, evolving standards, vulnerability assessments, third-party and independent reviews, the threat environment, technological trends and information security considerations arising with respect to our peers and third parties. The ISSC oversees the frameworks the InfoSec team uses to benchmark the controls and maturity of our security program. The ISSC is a cross-functional group that has oversight and input into the roadmap and projects reflecting the maturity benchmarks of the frameworks upon which we base our program, and receives monthly updates as to the status of the roadmap projects. The CSIRT monitors the prevention, detection, mitigation and remediation of cybersecurity threats and incidents in real time, and reports such threats and incidents to the ISSC, who then reports up to our audit committee when appropriate. The audit committee is responsible for escalating cybersecurity threats and incidents to the Board if and when appropriate. We have established frameworks so that our ISSC, audit committee, and board of directors also receive prompt and timely information regarding any cybersecurity incident that meets established reporting thresholds, as well as ongoing updates regarding any such incident until it has been addressed. To facilitate the success of our cybersecurity risk management program, the CSIRT is composed of multidisciplinary teams throughout Redfin who are deployed to address cybersecurity threats and to respond to cybersecurity incidents. The audit committee consists of at least three members of the Board. The ISSC includes our chief financial officer (“CFO”), our chief legal officer (“CLO”), and other key leaders across the company. Our chief technology officer (“CTO”) oversees our security team. Our CFO has over 30 years of experience managing risks at Redfin, Zappos, Amazon (Home and Garden), Bain & Company and Accenture, including risks arising from cybersecurity threats. Our CLO has 16 years of experience managing risks, including risks arising from cybersecurity threats. Our CTO has over 24 years of experience, including experience managing risks arising from cybersecurity threats across several industries to include health care and business solutions. Our Director of Security has 17 years of experience building and leading cybersecurity teams at Microsoft, Ubisoft, and Citrix Systems.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	As one of the critical elements of our overall ERM approach, our cybersecurity program is focused on the following key areas: Governance —Our audit committee oversees our ERM program, including the management of risks arising from cybersecurity threats, and are supported by the Information Security Steering Committee (the “ISSC”), the Cybersecurity Incident Response Team (the “CSIRT”), and our information security (“InfoSec”) team. Our audit committee receives presentations and reports on cybersecurity risks, which address a wide range of topics including recent developments, evolving standards, vulnerability assessments, third-party and independent reviews, the threat environment, technological trends and information security considerations arising with respect to our peers and third parties. The ISSC oversees the frameworks the InfoSec team uses to benchmark the controls and maturity of our security program. The ISSC is a cross-functional group that has oversight and input into the roadmap and projects reflecting the maturity benchmarks of the frameworks upon which we base our program, and receives monthly updates as to the status of the roadmap projects. The CSIRT monitors the prevention, detection, mitigation and remediation of cybersecurity threats and incidents in real time, and reports such threats and incidents to the ISSC, who then reports up to our audit committee when appropriate. The audit committee is responsible for escalating cybersecurity threats and incidents to the Board if and when appropriate. We have established frameworks so that our ISSC, audit committee, and board of directors also receive prompt and timely information regarding any cybersecurity incident that meets established reporting thresholds, as well as ongoing updates regarding any such incident until it has been addressed. To facilitate the success of our cybersecurity risk management program, the CSIRT is composed of multidisciplinary teams throughout Redfin who are deployed to address cybersecurity threats and to respond to cybersecurity incidents. The audit committee consists of at least three members of the Board. The ISSC includes our chief financial officer (“CFO”), our chief legal officer (“CLO”), and other key leaders across the company. Our chief technology officer (“CTO”) oversees our security team. Our CFO has over 30 years of experience managing risks at Redfin, Zappos, Amazon (Home and Garden), Bain & Company and Accenture, including risks arising from cybersecurity threats. Our CLO has 16 years of experience managing risks, including risks arising from cybersecurity threats. Our CTO has over 24 years of experience, including experience managing risks arising from cybersecurity threats across several industries to include health care and business solutions. Our Director of Security has 17 years of experience building and leading cybersecurity teams at Microsoft, Ubisoft, and Citrix Systems.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Governance
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our audit committee oversees our ERM program, including the management of risks arising from cybersecurity threats, and are supported by the Information Security Steering Committee (the “ISSC”), the Cybersecurity Incident Response Team (the “CSIRT”), and our information security (“InfoSec”) team. Our audit committee receives presentations and reports on cybersecurity risks, which address a wide range of topics including recent developments, evolving standards, vulnerability assessments, third-party and independent reviews, the threat environment, technological trends and information security considerations arising with respect to our peers and third parties.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	To facilitate the success of our cybersecurity risk management program, the CSIRT is composed of multidisciplinary teams throughout Redfin who are deployed to address cybersecurity threats and to respond to cybersecurity incidents. The audit committee consists of at least three members of the Board. The ISSC includes our chief financial officer (“CFO”), our chief legal officer (“CLO”), and other key leaders across the company. Our chief technology officer (“CTO”) oversees our security team. Our CFO has over 30 years of experience managing risks at Redfin, Zappos, Amazon (Home and Garden), Bain & Company and Accenture, including risks arising from cybersecurity threats. Our CLO has 16 years of experience managing risks, including risks arising from cybersecurity threats. Our CTO has over 24 years of experience, including experience managing risks arising from cybersecurity threats across several industries to include health care and business solutions. Our Director of Security has 17 years of experience building and leading cybersecurity teams at Microsoft, Ubisoft, and Citrix Systems.
Cybersecurity Risk Role of Management [Text Block]	To facilitate the success of our cybersecurity risk management program, the CSIRT is composed of multidisciplinary teams throughout Redfin who are deployed to address cybersecurity threats and to respond to cybersecurity incidents. The audit committee consists of at least three members of the Board. The ISSC includes our chief financial officer (“CFO”), our chief legal officer (“CLO”), and other key leaders across the company. Our chief technology officer (“CTO”) oversees our security team. Our CFO has over 30 years of experience managing risks at Redfin, Zappos, Amazon (Home and Garden), Bain & Company and Accenture, including risks arising from cybersecurity threats. Our CLO has 16 years of experience managing risks, including risks arising from cybersecurity threats. Our CTO has over 24 years of experience, including experience managing risks arising from cybersecurity threats across several industries to include health care and business solutions. Our Director of Security has 17 years of experience building and leading cybersecurity teams at Microsoft, Ubisoft, and Citrix Systems. Collaborative Approach —We have implemented a comprehensive, cross-functional approach to identifying, preventing and mitigating cybersecurity threats and incidents, while also implementing controls and procedures that provide for the prompt escalation of certain cybersecurity incidents, so that decisions regarding the public disclosure and reporting of such incidents can be made in a timely manner. The ISSC and the CSIRT work collaboratively to build and implement a program designed to protect our information systems from cybersecurity threats and to promptly respond to any cybersecurity incidents in accordance with our incident response and recovery plans. Technical Safeguards —We deploy technical safeguards that are designed to protect our information systems from cybersecurity threats, including rate-limiting and web application firewalls, anti-malware and anti-phishing technology, access controls, and threat detection systems including posture management tooling. We conduct regular security reviews of our technical components, code, libraries, and environments. Incident Response and Recovery Planning —We maintain incident response and recovery plans that address our response to a cybersecurity incident. These plans are tested and evaluated on a regular basis. Third-Party Risk Management —We maintain a risk-based approach to identifying and overseeing cybersecurity risks presented by third parties, including vendors, service providers and other external users of our systems, as well as the systems of third parties that could adversely impact our business in the event of a cybersecurity incident affecting those third-party systems. Education and Awareness —We provide mandatory training for our personnel regarding cybersecurity threats as a means to equip our employees with effective tools to address cybersecurity threats, and to communicate our evolving information security policies, standards, processes and practices. We engage in the periodic assessment and testing of our policies, standards, processes and practices that are designed to address cybersecurity threats and incidents. These efforts include a wide range of activities, including audits, assessments, tabletop exercises, threat modeling, vulnerability testing and other exercises focused on evaluating the effectiveness of our cybersecurity measures and planning. We regularly engage third parties to perform assessments on our cybersecurity measures, including information security maturity assessments, audits and independent reviews of our information security control environment and operating effectiveness. We report the results of these assessments, audits and reviews to the ISSC, the audit committee, and the Board, and we adjust our cybersecurity policies, standards, processes and practices as necessary based on the information provided by these assessments, audits and reviews.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The audit committee consists of at least three members of the Board. The ISSC includes our chief financial officer (“CFO”), our chief legal officer (“CLO”), and other key leaders across the company. Our chief technology officer (“CTO”) oversees our security team. Our CFO has over 30 years of experience managing risks at Redfin, Zappos, Amazon (Home and Garden), Bain & Company and Accenture, including risks arising from cybersecurity threats. Our CLO has 16 years of experience managing risks, including risks arising from cybersecurity threats. Our CTO has over 24 years of experience, including experience managing risks arising from cybersecurity threats across several industries to include health care and business solutions. Our Director of Security has 17 years of experience building and leading cybersecurity teams at Microsoft, Ubisoft, and Citrix Systems.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	. Our chief technology officer (“CTO”) oversees our security team. Our CFO has over 30 years of experience managing risks at Redfin, Zappos, Amazon (Home and Garden), Bain & Company and Accenture, including risks arising from cybersecurity threats. Our CLO has 16 years of experience managing risks, including risks arising from cybersecurity threats. Our CTO has over 24 years of experience, including experience managing risks arising from cybersecurity threats across several industries to include health care and business solutions. Our Director of Security has 17 years of experience building and leading cybersecurity teams at Microsoft, Ubisoft, and Citrix Systems.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Collaborative Approach
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Description of Business and S_2

Description of Business and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation
Reclassification	Certain amounts presented in the prior period consolidated statements of comprehensive loss have been reclassified to conform to the current period financial statement presentation. The change in classification does not affect previously reported total revenue or expenses in the consolidated statements of comprehensive loss.
Principles of Consolidation	Principles of Consolidation —The consolidated financial statements include the accounts of Redfin and its wholly owned subsidiaries. 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, valuation of deferred income taxes, stock-based compensation, 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 (“LHFS”) and mortgage servicing rights, estimated useful life of intangible assets, fair value of reporting units for purposes of allocating and evaluating goodwill for impairment, and current expected credit losses on certain financial assets. 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.
Cash and Cash Equivalents	Cash and Cash Equivalents —We consider all highly liquid investments originally purchased by us with original maturities of three months or less at the date of purchase to be cash equivalents.
Restricted Cash and Other Payables	Restricted Cash —Restricted cash primarily consists of cash that is specifically designated to repay borrowings under warehouse credit facilities.
Accounts Receivable, Net and Allowance for Credit Losses	Accounts Receivable, Net and Allowance for Credit Losses —We have two material classes of receivables: (i) real estate services receivables and (ii) receivables from customers in relation to our rentals business. Accounts receivable related to these classes represent closed transactions for which cash has not yet been received. The majority of our transactions are processed through escrow and collectibility is not a significant risk. For transactions not directly processed through escrow, we establish an allowance for expected credit losses based on historical experience of collectibility, current external economic conditions that may affect collectibility, and current or expected changes to the regulatory environment in which we operate our businesses. We evaluate for changes in credit quality indicators on an annual basis or in the event of a material economic event or material change in the regulatory environment in which we operate.
Investments	Investments —There were no short-term or long-term investments on our consolidated balance sheets as of December 31, 2024. Prior to 2024, we had investments in marketable securities that were available to support our operational needs, which were included in our consolidated balance sheets as short-term and long-term investments. Our short-term and long-term investments consisted primarily of U.S. treasury securities, including inflation protected securities, and other federal or local government issued securities. Available-for-sale debt securities were recorded at fair value, and unrealized holding gains and losses were recorded as a component of accumulated other comprehensive loss. Securities with maturities of one year or less and those identified by management at the time of purchase to be used to fund operations within one year were classified as short-term. All other securities were classified as long-term. We evaluated our available-for-sale debt securities, both ones classified as cash equivalents and as investments, for expected credit losses on a quarterly basis. An expected credit loss reserve was charged against the fair value of an available-for-sale debt security when it was identified, with a credit loss charged against net earnings. We reviewed factors to determine whether an expected credit loss existed based on credit quality indicators, such as the extent to which the fair value as of the reporting date was less than the amortized cost basis, present value of cash flows expected to be collected, the financial condition and prospects of the issuer, adverse conditions specifically related to the security, and any changes to the credit rating of the security by a rating agency. Realized gains and losses were accounted for using the specific identification method. Purchases and sales were recorded on a trade date basis.
Fair Value	Fair Value —We account for certain assets and liabilities at fair value. Fair value is defined as the exchange price that would be received for an asset or an exit price paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The current accounting guidance for fair value measurements defines a three-level valuation hierarchy for disclosures as follows: Level 1 —Unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 —Inputs other than quoted prices included within Level 1 that are observable, unadjusted quoted prices in markets that are not active, or other inputs that are observable such as quoted prices for similar assets or liabilities in active markets or can be corroborated by observable market data. Level 3 —Unobservable inputs that are supported by little or no market activity and require us to develop our own assumptions. The categorization of a financial instrument within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Our financial instruments consist of Level 1, Level 2, and Level 3 assets and liabilities.
Concentration of Credit Risk	Concentration of Credit Risk —Financial instruments that potentially subject us to concentrations of credit risk are primarily cash and cash equivalents. We generally place our cash and cash equivalents with major financial institutions we deem to be of high-credit-quality in order to limit our credit exposure. We maintain our cash accounts with financial institutions where deposits exceed federal insurance limits. Credit risk in regard to accounts receivable is spread across a large number of customers. At December 31, 2024 and 2023, no single customer had an accounts receivable balance greater than 10% of total accounts receivable.
Loans Held for Sale	Loans Held for Sale —Our mortgage segment originates residential mortgage loans. We have elected the fair value option for all loans held for sale and record these loans at fair value. Gains and losses from changes in fair value and direct loan origination fees and costs are recognized in net gain on loans held for sale. The fair value of loans held for sale is in excess of the contractual principal amounts by $2,204 and $3,712, respectively, as of December 31, 2024 and December 31, 2023. The mortgage loans we originate are intended to be sold in the secondary mortgage market within a short period of time following origination. Mortgage loans held for sale primarily consist of single-family residential loans collateralized by the underlying home. Mortgage loans held for sale are recorded at fair value based on either sale commitments or current market quotes for mortgage loans with similar characteristics. Interest income earned or expense incurred on loans held for sale is captured as a component of income from operations.
Other Current Assets	Other Current Assets —Other current assets consist primarily of a legal settlement held in a qualified settlement fund, miscellaneous non-trade receivables, interest receivable, and interest rate lock commitments from mortgage origination operations (see Derivative Instruments below). See Note 7 for further details about our legal settlement fund.
Derivatives Instruments	Derivative Instruments —Our mortgage segment is party to interest rate lock commitments (“IRLCs”) with customers resulting from mortgage origination operations. IRLCs for single-family mortgage loans we intend to sell are considered free-standing derivatives. All free-standing derivatives are required to be recorded on our consolidated balance sheets at fair value. Since we can terminate a loan commitment if the borrower does not comply with the terms of the contract, and some loan commitments may expire without being drawn upon, these commitments do not necessarily represent future cash requirements. Interest rate risk related to the residential mortgage loans held for sale and IRLCs is offset using forward sales commitments. We manage this interest rate risk through the use of forward sales commitments on both a best efforts whole loans basis and on a mandatory basis. Forward sales commitments entered into on a mandatory basis are done through the use of commitments to sell mortgage-backed securities. We do not enter into or hold derivatives for trading or speculative purposes. Changes in the fair value of IRLCs and forward sales commitments are recognized as revenue, and the fair values are reflected in other current assets and accrued and other liabilities, as applicable. We estimate the fair value of an IRLC based on current market quotes for mortgage loans with similar characteristics, net of origination costs and fees adjusting for the probability that the mortgage loan will not fund according to the terms of commitment (referred to as a pull-through factor). The fair value measurements of our forward sales commitments use prices quoted directly to us from our counterparties. Cash flows related to our IRLCs and forward sales commitments are presented under changes in assets and liabilities, other current assets and accrued and other liabilities on our consolidated statements of cash flows. The associated gains and losses are presented in net (gain) loss on IRLCs, forward sales commitments, and loans held for sale on our consolidated statements of cash flows.
Property and Equipment	Property and Equipment —Property and equipment is recorded at cost and depreciated using the straight-line method over the estimated useful lives. Depreciation and amortization is included in cost of revenue, marketing, technology and development, and general and administrative and is allocated based on estimated usage for each class of asset. Leasehold improvements are amortized over the shorter of the lease term or the estimated useful life of the related asset. Upon retirement or sale, the cost of assets disposed of and the related accumulated depreciation are removed from the accounts, and any resulting gain or loss is reflected in our consolidated statements of operations. Repair and maintenance costs are expensed as incurred. Costs incurred in the preliminary stages of website and software development are expensed as incurred. Once an application has reached the development stage, direct internal and external costs relating to upgrades or enhancements that meet the capitalization criteria are capitalized in property and equipment and amortized on a straight-line basis over their estimated useful lives. Maintenance and enhancement costs (including those costs in the post-implementation stages) are typically expensed as incurred, unless such costs relate to substantial upgrades and enhancements to the websites (or software) that result in added functionality, in which case the costs are capitalized. Capitalized software development activities placed in service are amortized over the expected useful lives of those releases. We view capitalized software costs as either internal use or market and product expansion. Estimated useful lives of website and software development activities are reviewed annually, or whenever events or changes in circumstances indicate that intangible assets may be impaired, and adjusted as appropriate to reflect upcoming development activities that may include significant upgrades or enhancements to the existing functionality.
Intangible Assets	Intangible Assets —Intangible assets are finite lived and mainly consist of trade names, developed technology, and customer relationships and are amortized over their estimated useful lives ranging from three
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets —Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Recoverability of assets to be held and used is measured first by a comparison of the carrying amount of an asset to future undiscounted net cash flows expected to be generated by the asset. If such asset were considered to be impaired, an impairment loss would be recognized in the amount by which the carrying value of the asset exceeds its fair value. To date, no such impairment has occurred.
Goodwill	Goodwill —Goodwill represents the excess of the purchase price over the fair value of the net tangible assets and identifiable intangible assets acquired in a business combination. Goodwill is not amortized, but is subject to impairment testing. We assess the impairment of goodwill on an annual basis, during the fourth quarter, or whenever events or changes in circumstances indicate that goodwill may be impaired. Based on our annual goodwill impairment test performed in the fourth quarter of 2024, the estimated fair values of all reporting units substantially exceeded their carrying values.
Other Assets, Noncurrent	Other Assets, Noncurrent —Other assets consists primarily of leased building security deposits and the noncurrent portion of prepaid assets.
Leases	Leases —The extent of our lease commitments consists of operating leases for physical office locations with original terms ranging from one When available, the rate implicit in the lease to discount lease payments to present value would be used; however, none of our significant leases as of December 31, 2024 provide a readily determinable implicit rate. Therefore, we must estimate our incremental borrowing rate for each portfolio of leases to discount the lease payments based on information available at lease commencement. We have evaluated the performance of existing leases in relation to our leasing strategy and have determined that most renewal options would not be reasonably certain to be exercised. The right-of-use asset and related lease liability are determined based on the lease component of the consideration in each lease contract. We have evaluated our lease portfolio for appropriate allocation of the consideration in the lease contracts between lease and non-lease components based on standalone prices and determined the allocation per the contracts to be appropriate.
Mezzanine Equity	Mezzanine Equity —We previously issued convertible preferred stock that we determined was a financial instrument with both equity and debt characteristics and was classified as mezzanine equity in our consolidated financial statements. The instrument was initially recognized at fair value net of issuance costs. On November 30, 2024, all shares of our convertible preferred stock were redeemed in cash. We paid the full issue price of $40,000 plus a final cash payment of $367 in accrued dividends. See Note 10 for more information.
Foreign Currency Translation	Foreign Currency Translation —Our international operations generally use their local currency as their functional currency. Assets and liabilities are translated at exchange rates in effect at the balance sheet date. Income and expense accounts are translated at the average monthly exchange rates during the year. Resulting translation adjustments are reported as a component of other comprehensive income and recorded in accumulated other comprehensive loss on our consolidated balance sheets.
Income Taxes	Income Taxes —Income taxes are accounted for using an asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the consolidated balance sheets and tax bases of assets and liabilities at the applicable enacted tax rates. We establish a valuation allowance for deferred tax assets if it is more likely than not that these items will expire before we are able to realize their benefits or if future deductibility is uncertain. We account for uncertainty in income taxes in accordance with ASC 740, Income Taxes . Tax positions are evaluated utilizing a two-step process, whereby we first determine whether it is more likely than not that a tax position will be sustained upon examination by the tax authority, including resolutions of any related appeals or litigation processes, based on technical merit. If a tax position meets the more-likely-than-not recognition threshold, it is then measured to determine the amount of benefit to recognize in the financial statements. The tax position is measured as the largest amount of benefit that is greater than 50% likely to be realized upon ultimate settlement. Subsequent adjustments to amounts previously recorded impact the financial statements in the period during which the changes are identified. We recognize interest and penalties related to unrecognized tax benefits as income tax expense.
Convertible Senior Notes	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 amortized to expense over the respective term of the convertible senior notes using the expected interest method. 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. When we repurchase a portion of our convertible senior notes, we derecognize the liability, accelerate the amortization of debt issuance costs, and record on our consolidated statements of comprehensive loss a gain or loss on extinguishment dependent on the repurchase price. See Note 14 for information regarding repurchases for the years ended December 31, 2024 and 2023.
Revenue Recognition, Nature and Disaggregation of Revenue	Revenue Recognition —We generate revenue primarily from commissions and fees charged on each real estate services transaction closed by our lead agents or partner agents, from subscription-based product offerings for our rentals business, and from the origination, sales, and servicing of mortgages. Our key revenue components are brokerage revenue, partner revenue, rentals revenue, mortgage revenue, title revenue, and monetization revenue. We have utilized the allowable practical expedient in the accounting guidance and elected not to capitalize costs related to obtaining contracts with customers with durations of less than one year. We do not have significant remaining performance obligations. Revenue earned but not received is recorded as accrued revenue in accounts receivable on our consolidated balance sheets, net of an allowance for credit losses. Accrued revenue consisting of commission revenue is known and is clearing escrow, and therefore it is not estimated. Nature and Disaggregation of Revenue Real Estate Services Revenue Brokerage Revenue —Brokerage revenue includes our offer and listing services, where our lead agents represent homebuyers and home sellers. We recognize commission-based brokerage revenue upon closing of a brokerage transaction, less the amount of any commission refunds, closing-cost reductions, or promotional offers that may result in a material right. The transaction price is generally calculated by taking the agreed upon commission rate and applying that to the home's selling price. Brokerage revenue primarily contains a single performance obligation that is satisfied upon the closing of a transaction, at which point the entire transaction price is earned. We are not entitled to any commission until the performance obligation is satisfied and are not owed any commission for unsuccessful transactions, even if services have been provided. In conjunction with providing offering and listing services to our customers, we may offer promotional pricing or additional discounts on future services. This results in a material right to our customers and represents an additional performance obligation, for which the transaction price is allocated based on standalone selling prices. Amounts allocated to a promise to provide future listing or offering services at a significant discount are initially recorded as contract liabilities. Our promotional pricing and additional discounts have not resulted in a material impact to timing of revenue recognition. The balance of the corresponding contract liabilities are included in accrued and other liabilities on our consolidated balance sheets. See Note 9 for more information. Partner Revenue —Partner revenue consists of fees paid to us from partner agents or under other referral agreements, less the amount of any payments we make to homebuyers and home sellers. We recognize these fees as revenue on the closing of a transaction. We earn a fixed percentage of the partner agent's commission based on the terms of our referral agreements. Due to variability in factors outside our control, including final sale prices and actual commission rates, we recognize revenue only upon closing of the underlying real estate transaction when such variability has been resolved. Rentals Revenue Rentals Revenue —Rentals revenue is primarily composed of subscription-based product offerings for internet listing services, as well as lead management and digital marketing solutions. Rentals revenue is recorded as a component of service revenue in our consolidated statements of comprehensive 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. We allocate the transaction price to each performance obligation in the contract on a relative stand-alone selling price basis. 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. Mortgage Revenue Mortgage Revenue —Mortgage revenue includes fees from the origination and subsequent sale of loans, loan servicing income, interest income on loans held for sale, origination of IRLCs, and the changes in fair value of our IRLCs, forward sales commitments, loans held for sale, and MSRs. Title Revenue Title Revenue —Title revenue includes fees earned from title settlement services. Substantially all fees and revenue from title services are recognized when the service is provided. Monetization Revenue Monetization Revenue —Monetization revenue includes advertising and Walk Score data services. Substantially all fees and revenue from monetization services are recognized when the service is provided.
Cost of Revenue	Cost of Revenue —Cost of revenue consists primarily of personnel costs (including base pay, benefits, and stock-based compensation), transaction bonuses, home-touring and field expenses, listing expenses, customer fulfillment costs related to our rentals segment, office and occupancy expenses, interest expense on our mortgage related warehouse facilities, and depreciation and amortization related to fixed assets and acquired intangible assets.
Technology and Development	Technology and Development
Advertising and Advertising Production Costs	Advertising and Advertising Production Costs
Stock-based Compensation	Stock-based Compensation —We account for stock-based compensation by measuring and recognizing as compensation expense the fair value of all share-based payment awards made to employees, including restricted stock unit awards and shares forecasted to be issued pursuant to our ESPP, in each case based on estimated grant date fair values. Stock-based compensation expense is recognized over the requisite service period on a straight-line basis. We recognize forfeitures when they occur. The Black-Scholes-Merton option-pricing model is used to determine the fair value of shares forecasted to be issued pursuant to our ESPP. For restricted stock unit awards and restricted stock unit awards with performance conditions, we use the market value of our common stock on the date of grant to determine the fair value of the award. For restricted stock unit awards with market conditions, the market condition is reflected in the grant date fair value of the award using a Monte Carlo simulation. In valuing shares forecasted to be issued pursuant to our ESPP, we make assumptions about expected life, stock price volatility, risk-free interest rates, and expected dividends. Expected Life —The expected term was estimated using the ESPP offering period which is six months. Volatility —The expected stock price volatility for our common stock was estimated by taking the average historical price volatility of Redfin stock over the preceding six months. Risk-Free Rate —The risk-free interest rate is based on the yields of U.S. treasury securities with maturities similar to the expected term, or six months. Dividend Yield —We have never declared or paid any cash dividends and do not presently plan to pay cash dividends in the foreseeable future. Consequently, an expected dividend yield of zero was used. Business Combinations —The results of businesses acquired in a business combination are included in our consolidated financial statements from the date of acquisition. We record assets and liabilities of an acquired business at their estimated fair values on the acquisition date. Any excess consideration over the fair value of assets acquired and liabilities assumed is recognized as goodwill. During the measurement period, which may be up to one year from the acquisition date, we may record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Mortgage Servicing Rights (“MSRs”) —We determine the fair value of MSRs using a valuation model that calculates the net present value of estimated future cash flows. Key estimates of future cash flows include prepayment speeds, default rates, discount rates, cost of servicing, objective portfolio characteristics, and other factors. Changes in these estimates could change the estimated fair value. Lease Impairment
Recently Adopted and Issued Accounting Pronouncements	Recently Adopted Accounting Pronouncements —In September 2023, the Financial Accounting Standards Board (“FASB”) issued authoritative guidance under ASU 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures. The ASU improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in this ASU are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. We adopted this guidance for the year ended December 31, 2024 and the adoption did not have a material impact on our financial statement disclosures. See Note 3 for further details. Recently Issued Accounting Pronouncements —In December 2023, the FASB issued authoritative guidance under ASU 2023-09, Income Taxes - Improvements to Income Tax Disclosures. The ASU enhances annual income tax disclosures to address investor requests for more information about the tax risks and opportunities present in an entity’s worldwide operations. The two primary enhancements disaggregate existing income tax disclosures related to the effective tax rate reconciliation and income taxes paid. The amendments in this ASU are effective for annual periods beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the potential impact of the guidance on our financial statement disclosures.

Organization, Consolidation and

Organization, Consolidation and Presentation of Financial Statements (Tables)	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of New Accounting Pronouncements and Changes in Accounting Principles	Advertising costs and advertising production costs are included in marketing expenses. The following table summarizes total advertising and advertising production costs for the periods listed: Year Ended December 31, 2024 2023 2022 Advertising costs $ 103,707 $ 100,321 $ 133,593 Advertising production costs 2,853 2,983 3,425

Discontinued Operations and Dis

Discontinued Operations and Disposal Groups (Tables) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Properties Segment | Discontinued Operations, Disposed of by Means Other than Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and cash equivalents	$ 0	$ 0	$ 7,640

Segment Reporting and Revenue -

Segment Reporting and Revenue - (Tables)	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Reconciliation of Operating Profit (Loss) from Segments to Consolidated	Information on each of our reportable and other segments and reconciliation to consolidated net (loss) income from continuing operations is presented in the tables below. We have assigned certain previously reported expenses to each segment to conform to the way we internally manage and monitor our business. We allocated indirect costs to each segment based on a reasonable allocation methodology, when such costs are significant to the performance measures of the segments. Year Ended December 31, 2024 Real estate services Rentals Mortgage Title Monetization Corporate overhead Total Revenue $ 642,867 $ 203,739 $ 139,829 $ 37,509 $ 19,035 $ — $ 1,042,979 Cost of revenue 487,513 47,724 115,556 27,024 961 — 678,778 Gross profit 155,354 156,015 24,273 10,485 18,074 — 364,201 Operating expenses Technology and development 105,268 48,015 2,727 448 3,107 4,362 163,927 Marketing 57,961 53,490 2,988 37 4 1 114,481 General and administrative 74,794 88,447 25,428 3,215 1,520 41,960 235,364 Restructuring and reorganization — — — — — 5,684 5,684 Total operating expenses 238,023 189,952 31,143 3,700 4,631 52,007 519,456 (Loss) income from continuing operations (82,669) (33,937) (6,870) 6,785 13,443 (52,007) (155,255) Interest income, interest expense, income tax benefit, gain on extinguishment of convertible senior notes, and other expense, net (25) 197 (2,968) 690 283 (7,723) (9,546) Net (loss) income from continuing operations $ (82,694) $ (33,740) $ (9,838) $ 7,475 $ 13,726 $ (59,730) $ (164,801) Year Ended December 31, 2023 Real estate services Rentals Mortgage Title Monetization Corporate overhead Total Revenue (1) $ 618,577 $ 184,812 $ 134,108 $ 25,095 $ 14,080 $ — $ 976,672 Cost of revenue 462,625 42,086 118,178 23,335 629 — 646,853 Gross profit 155,952 142,726 15,930 1,760 13,451 — 329,819 Operating expenses Technology and development 108,201 63,934 2,871 510 3,994 3,784 183,294 Marketing 59,746 53,952 4,064 54 6 41 117,863 General and administrative 76,851 94,252 25,012 2,776 1,241 38,658 238,790 Restructuring and reorganization — 503 — — — 7,424 7,927 Total operating expenses 244,798 212,641 31,947 3,340 5,241 49,907 547,874 (Loss) income from continuing operations (88,846) (69,915) (16,017) (1,580) 8,210 (49,907) (218,055) Interest income, interest expense, income tax expense, gain on extinguishment of convertible senior notes, and other expense, net 59 215 (392) 348 364 91,069 91,663 Net (loss) income from continuing operations $ (88,787) $ (69,700) $ (16,409) $ (1,232) $ 8,574 $ 41,162 $ (126,392) (1) Included in revenue is $1,244 from providing services to our discontinued properties segment. Year Ended December 31, 2022 Real estate services Rentals Mortgage Title Monetization Corporate overhead Total Revenue (1) $ 787,076 $ 155,910 $ 132,904 $ 17,425 $ 6,259 $ — $ 1,099,574 Cost of revenue 608,027 33,416 126,552 21,694 766 — 790,455 Gross profit 179,049 122,494 6,352 (4,269) 5,493 — 309,119 Operating expenses Technology and development 105,196 59,899 6,034 1,728 1,863 4,204 178,924 Marketing 98,673 51,064 4,889 194 5 484 155,309 General and administrative 88,171 92,728 25,680 2,751 556 33,504 243,390 Restructuring and reorganization — — — — — 32,353 32,353 Total operating expenses 292,040 203,691 36,603 4,673 2,424 70,545 609,976 Loss from continuing operations (112,991) (81,197) (30,251) (8,942) 3,069 (70,545) (300,857) Interest income, interest expense, income tax expense (benefit) and other income, net (123) 1,389 (114) 47 93 49,768 51,060 Net loss from continuing operations $ (113,114) $ (79,808) $ (30,365) $ (8,895) $ 3,162 $ (20,777) $ (249,797) (1) Included in revenue is $17,783 from providing services to our discontinued properties segment.
Schedule of Segment Reporting Information, by Segment	Segment information for the years ended 2023 and 2022, as previously reported and as recast, is presented below: Year Ended December 31, 2023 Previously reported Recast Other Title Monetization Revenue $ 39,175 $ 25,095 $ 14,080 Cost of revenue 23,964 23,335 629 Gross profit 15,211 1,760 13,451 Operating expenses Technology and development 4,504 510 3,994 Marketing 60 54 6 General and administrative 4,017 2,776 1,241 Restructuring and reorganization — — — Total operating expenses 8,581 3,340 5,241 Income (loss) from continuing operations 6,630 (1,580) 8,210 Interest income, interest expense, income tax expense, gain on extinguishment of convertible senior notes, and other expense, net 712 348 364 Net income (loss) from continuing operations $ 7,342 $ (1,232) $ 8,574 Year Ended December 31, 2022 Previously reported Recast Other Title Monetization Revenue $ 23,684 $ 17,425 $ 6,259 Cost of revenue 22,460 21,694 766 Gross profit 1,224 (4,269) 5,493 Operating expenses Technology and development 3,591 1,728 1,863 Marketing 199 194 5 General and administrative 3,307 2,751 556 Restructuring and reorganization — — — Total operating expenses 7,097 4,673 2,424 (Loss) income from continuing operations (5,873) (8,942) 3,069 Interest income, interest expense, income tax expense, gain on extinguishment of convertible senior notes, and other expense, net 140 47 93 Net (loss) income from continuing operations $ (5,733) $ (8,895) $ 3,162

Financial Instruments (Tables)

Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Notional Amounts of Outstanding Derivative Positions	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. December 31, Notional Amounts 2024 2023 Forward sales commitments $ 270,050 $ 274,400 IRLCs 197,336 188,554
Derivative Instruments, Gain (Loss)	The locations and amounts of gains (losses) recognized in revenue related to our derivatives are as follows: Year Ended December 31, Instrument Classification 2024 2023 2022 Forward sales commitments Revenue $ 3,116 $ (2,226) $ (11,336) IRLCs Revenue (1,589) 3,156 (4,184)
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 on our consolidated balance sheets, is set forth below: Balance at December 31, 2024 Quoted Prices in Active Markets for Identical Assets Significant Significant Assets Cash equivalents Money market funds $ 65,599 $ 65,599 $ — $ — Total cash equivalents 65,599 65,599 — — Loans held for sale 152,426 — 152,426 — Other current assets Forward sales commitments 1,063 — 1,063 — IRLCs 3,359 — — 3,359 Total other current assets 4,422 — 1,063 3,359 Mortgage servicing rights, at fair value 2,736 — — 2,736 Total assets $ 225,183 $ 65,599 $ 153,489 $ 6,095 Liabilities Accrued liabilities Forward sales commitments $ 377 $ — $ 377 $ — IRLCs 496 — — 496 Total liabilities $ 873 $ — $ 377 $ 496 Balance at December 31, 2023 Quoted Prices in Active Markets for Identical Assets Significant Significant Assets Cash equivalents Money market funds $ 115,276 $ 115,276 $ — $ — Total cash equivalents 115,276 115,276 — — Short-term investments U.S. treasury securities 10,720 10,720 — — Agency bonds 31,232 31,232 — — Total short-term investments 41,952 41,952 — — Loans held for sale 159,587 — 159,587 — Other current assets IRLCs 4,600 — — 4,600 Total other current assets 4,600 — — 4,600 Mortgage servicing rights, at fair value 32,171 — — 32,171 Long-term investments U.S. treasury securities 3,149 3,149 — — Total assets $ 356,735 $ 160,377 $ 159,587 $ 36,771 Liabilities Accrued liabilities Forward sales commitments $ 2,429 $ — $ 2,429 $ — IRLCs 147 — — 147 Total liabilities $ 2,576 $ — $ 2,429 $ 147
Fair Value Measurement Inputs and Valuation Techniques	The following is a quantitative summary of key unobservable inputs used in the valuation of IRLCs and mortgage servicing rights (“MSRs”): December 31, 2024 December 31, 2023 Key Inputs Valuation Technique Range Weighted-Average Range Weighted-Average IRLCs Pull-through rate Market pricing 74.2% - 100.0% 92.4% 67.2% - 100.0% 87.7% MSRs Prepayment speed Discounted cash flow 6.0% - 23.0% 8.0% 6.0% - 19.0% 6.8% Default rates Discounted cash flow 0.1% - 1.2% 0.2% 0.1% - 1.2% 0.2% Discount rate Discounted cash flow 10.0% - 18.0% 10.3% 10.0% - 17.0% 10.2%
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	The following is a summary of changes in the fair value of IRLCs: Year Ended December 31, 2024 2023 2022 Balance, net—beginning of period $ 4,453 $ 1,297 $ 1,131 IRLCs acquired in business combination — — 4,326 Issuances of IRLCs 53,579 51,089 51,453 Settlements of IRLCs (55,205) (48,902) (54,784) Fair value changes recognized in earnings 36 969 (829) Balance, net—end of period $ 2,863 $ 4,453 $ 1,297 The following is a summary of changes in the fair value of MSRs: Year Ended December 31, 2024 2023 2022 Balance—beginning of period $ 32,171 $ 36,261 $ — MSRs acquired in business combination — — 33,982 MSRs originated 255 565 3,140 MSRs sales (1) (30,582) (1,457) (1,662) Fair value changes recognized in earnings 892 (3,198) 801 Balance, net—end of period $ 2,736 $ 32,171 $ 36,261
Schedule of Long-term Debt Instruments	The following table presents the estimated fair values of our convertible senior notes that are not recorded at fair value on our consolidated balance sheets: December 31, 2024 December 31, 2023 2025 notes 69,933 164,113 2027 notes 388,594 325,927 As of December 31, 2024, outstanding borrowings of our debt are as follows: Maturity of Debt Lender 2025 2026 2027 2028 2029 Thereafter Warehouse Credit Facilities City National Bank $ 36,734 $ — $ — $ — $ — $ — Origin Bank 28,920 — — — — — M&T Bank 21,969 — — — — — Prosperity Bank 59,006 — — — — — Term Loan — — — 243,344 — — Convertible Senior Notes 2025 notes 73,516 — — — — — 2027 notes — — 498,691 — — — Total borrowings $ 220,145 $ — $ 498,691 $ 243,344 $ — $ — The following table summarizes borrowings under these facilities as of the periods presented: December 31, 2024 December 31, 2023 Lender Borrowing Capacity Outstanding Borrowings Weighted-Average Interest Rate on Outstanding Borrowings Borrowing Capacity Outstanding Borrowings Weighted-Average Interest Rate on Outstanding Borrowings City National Bank $ 75,000 $ 36,734 6.26 % $ 50,000 $ 20,046 7.24 % Origin Bank 100,000 28,920 6.45 % 75,000 30,110 7.25 % M&T Bank 75,000 21,969 6.46 % 50,000 18,870 7.39 % Prosperity Bank 100,000 59,006 5.98 % 75,000 29,358 7.23 % Republic Bank & Trust Company N/A N/A N/A 45,000 23,415 7.28 % Wells Fargo Bank, N.A. N/A N/A N/A 100,000 30,165 7.36 % Total $ 350,000 $ 146,629 $ 395,000 $ 151,964
Marketable Securities	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: December 31, 2024 Fair Value Hierarchy Cost or Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Cash, Cash Equivalents, and Restricted Cash Short-term Investments Long-term Investments Cash N/A $ 59,144 $ — $ — $ 59,144 $ 59,144 $ — $ — Money markets funds Level 1 65,599 — — 65,599 65,599 — — Restricted cash N/A 229 — — 229 229 — — Total $ 124,972 $ — $ — $ 124,972 $ 124,972 $ — $ — December 31, 2023 Fair Value Hierarchy Cost or Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Cash, Cash Equivalents, and Restricted Cash Short-term Investments Long-term Investments Cash N/A $ 34,483 $ — $ — $ 34,483 $ 34,483 $ — $ — Money markets funds Level 1 115,276 — — 115,276 115,276 — — Restricted cash N/A 1,241 — — 1,241 1,241 — — U.S. treasury securities Level 1 13,895 1 (27) 13,869 — 10,720 3,149 Agency bonds Level 1 31,246 — (14) 31,232 — 31,232 — Total $ 196,141 $ 1 $ (41) $ 196,101 $ 151,000 $ 41,952 $ 3,149

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment	The components of property and equipment were as follows: Useful Lives (years) December 31, 2024 2023 Leasehold improvements Shorter of lease term or economic life $ 25,195 $ 28,789 Website and software development costs 3 - 5 88,948 75,573 Computer and office equipment 3 - 5 14,032 16,175 Software 3 1,607 1,869 Furniture 7 6,688 7,754 Property and equipment, gross 136,470 130,160 Accumulated depreciation and amortization (99,679) (89,275) Construction in progress 4,511 5,546 Property and equipment, net $ 41,302 $ 46,431 The following table summarizes depreciation and amortization and capitalized software development costs: Year Ended December 31, 2024 2023 2022 Depreciation and amortization for property and equipment $ 19,027 $ 23,774 $ 24,403 Capitalized software development costs, including stock-based compensation 14,729 16,131 18,738

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Components of Lease Expense	The components of lease expense were as follows: Year Ended December 31, Lease Cost 2024 2023 Operating lease cost: Operating lease cost (cost of revenue) $ 8,592 $ 10,874 Operating lease cost (operating expenses) 4,847 7,499 Short-term lease cost 2,572 3,025 Sublease income (1,757) (1,408) Total operating lease cost $ 14,254 $ 19,990 Finance lease cost: Amortization of right-of-use assets $ 59 $ 67 Interest on lease liabilities 6 6 Total finance lease cost $ 65 $ 73 December 31, Lease Term and Discount Rate 2024 2023 Weighted-average remaining operating lease term (years) 2.8 3.2 Weighted-average remaining finance lease term (years) N/A 2.5 Weighted-average discount rate for operating leases 4.5 % 4.5 % Weighted-average discount rate for finance leases N/A 5.4 % Year Ended December 31, Supplemental Cash Flow Information 2024 2023 Cash paid for amounts included in the measurement of lease liabilities Operating cash outflows from operating leases $ 17,290 $ 21,292 Operating cash outflows from finance leases 6 6 Financing cash outflows from finance leases 49 55 Right-of-use assets obtained in exchange for lease liabilities Operating leases $ 4,536 $ 8,597 Finance leases 69 62
Lessee, Operating Lease, Liability, Maturity	Operating Total Lease Obligations Maturity of Lease Liabilities Lease Liabilities (2) Other Leases 2025 $ 14,078 $ 1,709 $ 15,787 2026 11,457 495 11,952 2027 6,487 385 6,872 2028 1,859 370 2,229 2029 646 374 1,020 Thereafter 234 101 335 Total lease payments $ 34,761 $ 3,434 $ 38,195 Less: Interest (1) 2,044 Present value of lease liabilities $ 32,717 (1) Includes interest on operating leases of $1,131 due within the next 12 months.
Schedule of Maturity of Financing Lease Liabilities	Operating Total Lease Obligations Maturity of Lease Liabilities Lease Liabilities (2) Other Leases 2025 $ 14,078 $ 1,709 $ 15,787 2026 11,457 495 11,952 2027 6,487 385 6,872 2028 1,859 370 2,229 2029 646 374 1,020 Thereafter 234 101 335 Total lease payments $ 34,761 $ 3,434 $ 38,195 Less: Interest (1) 2,044 Present value of lease liabilities $ 32,717 (1) Includes interest on operating leases of $1,131 due within the next 12 months.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Payments	Future payments due under these agreements as of December 31, 2024 are as follows: Purchase Commitments 2025 $ 39,749 2026 34,125 2027 34,931 2028 36,099 2029 36,000 Thereafter 68,000 Total future minimum payments $ 248,904

Acquired Intangible Assets (Tab

Acquired Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	The following table presents the gross carrying amount and accumulated amortization of intangible assets: December 31, 2024 December 31, 2023 Weighted-Average Useful Gross Accumulated Net Gross Accumulated Net Trade names 9.3 $ 82,690 $ (33,698) $ 48,992 $ 82,690 $ (24,290) $ 58,400 Developed technology 3.3 66,340 (66,102) 238 66,340 (59,883) 6,457 Customer relationship 10 81,360 (31,047) 50,313 81,360 (22,933) 58,427 $ 230,390 $ (130,847) $ 99,543 $ 230,390 $ (107,106) $ 123,284
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 December 31, 2024: 2025 $ 17,618 2026 17,380 2027 15,633 2028 15,050 2029 15,050 Thereafter 18,812 Estimated remaining amortization expense $ 99,543
Schedule of Goodwill	The carrying amounts of goodwill by reportable segment were as follows: Real Estate Services Rentals Mortgage Total Balance as of December 31, 2024 and 2023 $ 250,231 $ 159,151 $ 51,967 $ 461,349

Accrued and Other Liabilities (

Accrued and Other Liabilities (Tables)	12 Months Ended
	Dec. 31, 2024
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities	The components of accrued and other liabilities were as follows: December 31, 2024 2023 Accrued compensation and benefits $ 51,842 $ 58,836 Miscellaneous accrued and other liabilities 15,577 26,037 Legal contingencies 9,250 — Customer contract liabilities 6,040 5,487 Total accrued and other liabilities $ 82,709 $ 90,360

Equity and Equity Compensatio_2

Equity and Equity Compensation Plans (Tables)	12 Months Ended
	Dec. 31, 2024
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: December 31, 2024 2023 Stock options issued and outstanding 2,023,675 2,406,453 Restricted stock units outstanding 13,794,056 15,947,173 Shares available for future equity grants 8,252,747 7,991,532 Total shares reserved for future issuance 24,070,478 26,345,158 We have reserved shares of common stock for future issuance under our ESPP as follows: December 31, 2024 2023 Shares available for issuance at beginning of period 4,378,042 4,695,361 Shares issued during the period (734,406) (1,491,040) Total shares available for issuance at end of period 3,643,636 3,204,321
Schedule of Valuation Assumptions	The weighted-average grant date fair value and the assumptions used in calculating fair values of shares forecasted to be issued pursuant to our ESPP are as follows: For the Offering Period beginning July 1, 2024 For the Offering Period beginning January 1, 2024 Expected life 0.5 years 0.5 years Volatility 70.01% 90.94% Risk-free interest rate 5.37% 5.24% Dividend yield —% —% Weighted-average grant date fair value $1.9 $3.69
Schedule of Stock Option Activity	Option activity for the year ended December 31, 2024 was as follows: Number Of Options Weighted-Average Exercise Price Weighted-Average Remaining Contractual Life (years) Aggregate Intrinsic Value Outstanding at January 1, 2024 2,406,453 $ 11.14 2.63 $ 3,355 Options exercised (319,612) 8.81 Options expired (63,166) 7.91 Outstanding at December 31, 2024 2,023,675 $ 11.60 1.73 $ 94 Options exercisable at December 31, 2024 2,023,675 $ 11.60 1.73 $ 94
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award	The fair value of stock options vested and the intrinsic value of stock options exercised are as follows: Year Ended December 31, 2024 2023 2022 Fair value of options vested $ — $ — $ 484 Intrinsic value of options exercised 283 4,160 5,588
Schedule of Share-based Compensation, Restricted Stock Units Award Activity	Restricted stock unit activity for the year ended December 31, 2024 was as follows: Restricted Stock Units Weighted-Average Grant Date Fair Value Outstanding at January 1, 2024 15,947,173 $ 9.64 Granted 8,492,751 7.82 Vested (8,136,878) 9.06 Forfeited or canceled (2,508,990) 10.63 Outstanding or deferred at December 31, 2024 (1) 13,794,056 $ 8.68 (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 December 31, 2024 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 the 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: Year Ended December 31, 2024 2023 2022 Expense associated with the current period $ 3,991 $ 2,994 $ 5,341 Expense due to reassessment of achievement related to prior periods (759) (553) (267) Total expense $ 3,232 $ 2,441 $ 5,074 Year Ended December 31, 2024 2023 2022 Cost of revenue $ 11,180 $ 12,914 $ 15,137 Technology and development (1) 34,339 33,111 26,365 Marketing 5,027 5,148 3,991 General and administrative 20,613 19,528 17,526 Stock-based compensation from continuing operations 71,159 70,701 63,019 Stock-based compensation from discontinued operations — 234 5,238 Total stock-based compensation $ 71,159 $ 70,935 $ 68,257 (1) Net of $4,302, $4,003, and $3,660 of stock-based compensation expense capitalized for internally developed software for the years ended December 31, 2024, 2023, and 2022, respectively.

Net Loss per Share Attributab_2

Net Loss per Share Attributable to Common Stock (Tables)	12 Months Ended
	Dec. 31, 2024
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: Year Ended December 31, 2024 2023 2022 Numerator: Net loss from continuing operations $ (164,801) $ (126,392) $ (249,797) Dividends on convertible preferred stock (2) (1,073) (1,074) (1,560) Net loss from continuing operations attributable to common stock—basic and diluted $ (165,874) $ (127,466) $ (251,357) Denominator: Weighted-average shares—basic and diluted (1) 121,677,971 113,152,752 107,927,464 Net loss from continuing operations per share attributable to common stock—basic and diluted $ (1.36) $ (1.13) $ (2.33) (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 whose settlement into common stock were deferred at the option of certain non-employee directors. (2) Includes $367 cash dividend paid as part of redemption of the convertible preferred notes in November 2024.
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 from continuing operations per share attributable to common stock for the periods presented because their effect would have been anti-dilutive. Year Ended December 31, 2024 2023 2022 2023 notes as if converted — — 769,623 2025 notes as if converted 1,017,284 2,667,993 7,154,297 2027 notes as if converted 5,379,209 5,379,209 6,147,900 Convertible preferred stock as if converted — 2,040,000 2,040,000 Stock options outstanding (1) 2,023,675 2,406,453 3,282,789 Restricted stock units outstanding (1)(2) 13,702,613 15,908,735 15,710,223 Total 22,122,781 28,402,390 35,104,832 (1) Excludes 2,484,058 incremental PSUs that could vest, assuming applicable performance criteria and market conditions are achieved at 200% of target, which is the maximum achievement level. See Note 11 for additional information regarding PSUs. (2) Excludes 91,443 restricted stock units whose settlement into common stock were deferred at the option of certain non-employee directors as of December 31, 2024.

Income Taxes Income Taxes (Tabl

Income Taxes Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of Deferred Tax Assets and Liabilities	December 31, 2024 2023 Deferred income tax assets Net operating loss carryforwards $ 159,914 $ 160,329 Business interest limitation carryforwards 39,343 35,402 Tax credit carryforwards 27,136 23,968 Lease liabilities 8,128 11,472 Capitalized research and development costs 63,012 50,780 Other 15,136 15,108 Gross deferred income tax assets 312,669 297,059 Valuation allowance (281,769) (257,563) Total deferred income tax assets, net of valuation allowance 30,900 39,496 Deferred income tax liabilities Intangible assets (24,151) (29,608) Right-of-use assets (5,892) (8,155) Other (1,530) (1,997) Total deferred income tax liabilities (31,573) (39,760) Net deferred income tax assets and liabilities $ (673) $ (264)
Summary of Operating Loss Carryforwards	The following table represents our net operating loss ("NOL") carryforwards as of December 31, 2024 and 2023: December 31, 2024 2023 Federal $ 630,060 $ 642,212 Various states 34,939 32,234 Foreign 4,515 5,363
Schedule of Effective Income Tax Rate Reconciliation	The following table is a reconciliation of the U.S. federal income tax at statutory rate to our effective income tax rate: December 31, 2024 2023 2022 U.S. federal income tax at statutory rate 21.00 % 21.00 % 21.00 % State taxes (net of federal benefit) 2.84 3.26 5.02 Stock-based compensation (1.48) (5.18) (3.24) Permanent differences (0.24) (0.36) (0.18) Federal research and development credit 1.92 0.58 1.77 Change in valuation allowance (14.62) (11.62) (20.12) Other (0.35) (0.82) 0.26 Acquisition costs — — (0.02) Expiration of tax attribute carryforwards (8.75) (7.63) (4.54) Effective income tax rate 0.32 % (0.77) % (0.05) %
Schedule of Components of Income Tax Benefit	The following table summarizes the components of our income tax benefit (expense) from continuing operations for the periods presented: December 31, 2024 2023 2022 Current income tax benefit (expense): U.S. - State $ 863 $ (959) $ (1,074) Total current income tax benefit (expense) 863 (959) (1,074) Deferred income tax benefit (expense): U.S. - Federal (180) (16) (97) U.S. - State (153) (4) 1,055 Total deferred income tax benefit (expense) (333) (20) 958 Total income tax benefit (expense) $ 530 $ (979) $ (116)
Schedule of Unrecognized Tax Benefits Roll Forward	The following table summarizes the activity related to unrecognized tax benefits: December 31, 2024 2023 2022 Unrecognized benefit—beginning of year $ 5,991 $ 5,809 $ 4,692 Gross (decreases)—prior year tax positions — (527) (210) Gross increases—current year tax positions 792 709 1,327 Unrecognized benefit—end of year $ 6,783 $ 5,991 $ 5,809

Debt - (Tables)

Debt - (Tables)	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The following table presents the estimated fair values of our convertible senior notes that are not recorded at fair value on our consolidated balance sheets: December 31, 2024 December 31, 2023 2025 notes 69,933 164,113 2027 notes 388,594 325,927 As of December 31, 2024, outstanding borrowings of our debt are as follows: Maturity of Debt Lender 2025 2026 2027 2028 2029 Thereafter Warehouse Credit Facilities City National Bank $ 36,734 $ — $ — $ — $ — $ — Origin Bank 28,920 — — — — — M&T Bank 21,969 — — — — — Prosperity Bank 59,006 — — — — — Term Loan — — — 243,344 — — Convertible Senior Notes 2025 notes 73,516 — — — — — 2027 notes — — 498,691 — — — Total borrowings $ 220,145 $ — $ 498,691 $ 243,344 $ — $ — The following table summarizes borrowings under these facilities as of the periods presented: December 31, 2024 December 31, 2023 Lender Borrowing Capacity Outstanding Borrowings Weighted-Average Interest Rate on Outstanding Borrowings Borrowing Capacity Outstanding Borrowings Weighted-Average Interest Rate on Outstanding Borrowings City National Bank $ 75,000 $ 36,734 6.26 % $ 50,000 $ 20,046 7.24 % Origin Bank 100,000 28,920 6.45 % 75,000 30,110 7.25 % M&T Bank 75,000 21,969 6.46 % 50,000 18,870 7.39 % Prosperity Bank 100,000 59,006 5.98 % 75,000 29,358 7.23 % Republic Bank & Trust Company N/A N/A N/A 45,000 23,415 7.28 % Wells Fargo Bank, N.A. N/A N/A N/A 100,000 30,165 7.36 % Total $ 350,000 $ 146,629 $ 395,000 $ 151,964
Schedule of Capitalization	The components of the term loan were as follows: December 31, 2024 Aggregate Principal Amount Unamortized Debt Discount Unamortized Debt Issuance Costs Net Carrying Amount 247,500 2,571 1,585 243,344 December 31, 2023 Aggregate Principal Amount Unamortized Debt Discount Unamortized Debt Issuance Costs Net Carrying Amount 124,688 — 272 124,416
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 2025 notes October 15, 2025 — % 0.42 % — — 13.7920 2027 notes April 1, 2027 0.50 % 0.87 % October 1, 2021 April 1; October 1 10.6920 The following table describes repurchase activity for the years ended December 31, 2024 and 2023: Repurchase Program Repurchases in Conjunction with Apollo Term Loan Period Issuance Principal Cash Paid Gain on Extinguishment Principal Cash Paid Gain on Extinguishment Year ended December 31, 2024 2025 notes $ 119,686 $ 106,953 $ 12,000 $ — $ — $ — Total $ 119,686 $ 106,953 $ 12,000 $ — $ — $ — Year ended December 31, 2023 2025 notes $ 320,283 $ 241,808 $ 75,204 $ 5,000 $ 4,075 $ 664 2027 notes — — — 71,894 46,754 18,151 Total $ 320,283 $ 241,808 $ 75,204 $ 76,894 $ 50,829 $ 18,815
Interest Income and Interest Expense Disclosure	The components of the convertible senior notes are as follows: December 31, 2024 Issuance Aggregate Principal Amount Unamortized Debt Issuance Costs Net Carrying Amount 2025 notes $ 73,759 $ 243 $ 73,516 2027 notes 503,106 4,415 498,691 December 31, 2023 Issuance Aggregate Principal Amount Unamortized Debt Issuance Costs Net Carrying Amount 2025 notes $ 193,445 $ 1,443 $ 192,002 2027 notes 503,106 6,371 496,735 Year End December 31, 2024 2023 2022 2023 notes Contractual interest expense $ — $ 223 $ 411 Amortization of debt issuance costs — 81 150 Total interest expense $ — $ 304 $ 561 2025 notes Contractual interest expense — — — Amortization of debt issuance costs 1,200 4,602 2,706 Total interest expense $ 1,200 $ 4,602 $ 2,706 2027 notes Contractual interest expense 2,516 2,785 2,875 Amortization of debt issuance costs 1,960 3,151 2,240 Total interest expense $ 4,476 $ 5,936 $ 5,115 Total Contractual interest expense 2,516 3,008 3,286 Amortization of debt issuance costs 3,160 7,834 5,096 Total interest expense $ 5,676 $ 10,842 $ 8,382

Description of Business and S_3

Description of Business and Summary of Significant Accounting Policies - Narrative (Details)	12 Months Ended
	Dec. 31, 2024 USD ($) classOfReceivable $ / shares	Dec. 31, 2023 USD ($) $ / shares	Dec. 31, 2022 USD ($) $ / shares	Feb. 06, 2025 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Material classes of receivables | classOfReceivable	2
Fair value of loans held for sale	$ 2,204,000	$ 3,712,000
Goodwill	461,349,000	$ 461,349,000
Accumulated impairments to goodwill	$ 0
Net loss per share attributable to common stock—basic (in dollars per share) | $ / shares	$ (1.36)	$ (1.16)	$ (2.99)
Earnings Per Share, Diluted | $ / shares	$ (1.36)	$ (1.16)	$ (2.99)
Technology and development	$ 163,927,000	$ 183,294,000	$ 178,924,000
Net loss	$ (164,801,000)	$ (130,026,000)	$ (321,143,000)
Subsequent Event
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Partnership agreement, upfront payment				$ 100,000,000
Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Intangible assets, useful life	3 years
Operating lease term	1 year
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Intangible assets, useful life	10 years
Operating lease term	11 years

Description of Business and S_4

Description of Business and Summary of Significant Accounting Policies - Schedule of New Accounting Pronouncement and Changes in Accounting Principles (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Advertising costs	$ 103,707	$ 100,321	$ 133,593
Advertising production costs	$ 2,853	$ 2,983	$ 3,425

Discontinued Operations and D_2

Discontinued Operations and Disposal Groups (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net loss from discontinued operations	$ 0	$ (3,634)	$ (71,346)
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share	$ 0	$ (0.03)	$ (0.66)
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share	$ 0	$ (0.03)	$ (0.66)
Cash paid for interest	$ 36,121	$ 15,589	$ 20,107
Employee termination costs	5,684	7,927	32,353
Discontinued Operations, Disposed of by Means Other than Sale | Properties Segment
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue	0	122,576	1,184,868
Cost of revenue(1)	0	124,422	1,207,933
Gross profit	0	(1,846)	(23,065)
Technology and development(1)	0	552	17,326
Marketing(1)	0	523	2,762
General and administrative(1)	0	638	11,204
Restructuring and reorganization	0	75	8,116
Total operating expenses	0	1,788	39,408
Loss from discontinued operations	0	(3,634)	(62,473)
Interest expense	0	0	(8,859)
Income tax expense	0	0	10
Other expense, net	0	0	(4)
Net loss from discontinued operations	0	(3,634)	(71,346)
Amortization of debt discount and debt issuance costs	0	0	996
Stock-based compensation	0	234	5,238
Depreciation and amortization	0	89	2,337
Capital expenditures	0	0	1,213
Cash paid for interest	0	$ 0	$ 7,863
Employee termination costs	74
Restructuring and Related Cost, Cost Incurred to Date	8,671
Discontinued Operations, Disposed of by Means Other than Sale | Properties Segment | Employee Severance
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Employee termination costs	539
Restructuring and Related Cost, Cost Incurred to Date	8,587
Discontinued Operations, Disposed of by Means Other than Sale | Properties Segment | Asset Write Offs
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Employee termination costs	0
Restructuring and Related Cost, Cost Incurred to Date	493
Discontinued Operations, Disposed of by Means Other than Sale | Properties Segment | Other Restructuring
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Employee termination costs	465
Restructuring and Related Cost, Cost Incurred to Date	890
Discontinued Operations, Disposed of by Means Other than Sale | Properties Segment | Accelerated Amortization of Debt Issuance Costs
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Employee termination costs	0
Restructuring and Related Cost, Cost Incurred to Date	$ 481

Segment Reporting and Revenue_2

Segment Reporting and Revenue - Narrative (Details)	12 Months Ended
	Dec. 31, 2024 segment
Segment Reporting [Abstract]
Number of operating segments	5
Number of reportable segments	5

Segment Reporting and Revenue_3

Segment Reporting and Revenue - Reconciliation of Operating Profit (Loss) from Segments to Consolidated (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue	$ 1,042,979	$ 976,672	$ 1,099,574
Cost of revenue	678,778	646,853	790,455
Gross profit	364,201	329,819	309,119
Technology and development	163,927	183,294	178,924
Marketing	114,481	117,863	155,309
General and administrative	235,364	238,790	243,390
Employee termination costs	5,684	7,927	32,353
Total operating expenses	519,456	547,874	609,976
(Loss) income from continuing operations	(155,255)	(218,055)	(300,857)
Interest income, interest expense, income tax benefit, gain on extinguishment of convertible senior notes, and other expense, net	(9,546)	91,663	51,060
Net income (loss) from continuing operations	(164,801)	(126,392)	(249,797)
Title
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue		25,095	17,425
Cost of revenue		23,335	21,694
Gross profit		1,760	(4,269)
Technology and development		510	1,728
Marketing		54	194
General and administrative		2,776	2,751
Employee termination costs		0	0
Total operating expenses		3,340	4,673
(Loss) income from continuing operations		(1,580)	(8,942)
Net income (loss) from continuing operations		(1,232)	(8,895)
Monetization
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue		14,080	6,259
Cost of revenue		629	766
Gross profit		13,451	5,493
Technology and development		3,994	1,863
Marketing		6	5
General and administrative		1,241	556
Employee termination costs		0	0
Total operating expenses		5,241	2,424
(Loss) income from continuing operations		8,210	3,069
Net income (loss) from continuing operations		8,574	3,162
Operating Segments | Real estate services
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue	642,867	618,577	787,076
Cost of revenue	487,513	462,625	608,027
Gross profit	155,354	155,952	179,049
Technology and development	105,268	108,201	105,196
Marketing	57,961	59,746	98,673
General and administrative	74,794	76,851	88,171
Employee termination costs	0	0	0
Total operating expenses	238,023	244,798	292,040
(Loss) income from continuing operations	(82,669)	(88,846)	(112,991)
Interest income, interest expense, income tax benefit, gain on extinguishment of convertible senior notes, and other expense, net	(25)	59	(123)
Net income (loss) from continuing operations	(82,694)	(88,787)	(113,114)
Operating Segments | Rentals
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue	203,739	184,812	155,910
Cost of revenue	47,724	42,086	33,416
Gross profit	156,015	142,726	122,494
Technology and development	48,015	63,934	59,899
Marketing	53,490	53,952	51,064
General and administrative	88,447	94,252	92,728
Employee termination costs	0	503	0
Total operating expenses	189,952	212,641	203,691
(Loss) income from continuing operations	(33,937)	(69,915)	(81,197)
Interest income, interest expense, income tax benefit, gain on extinguishment of convertible senior notes, and other expense, net	197	215	1,389
Net income (loss) from continuing operations	(33,740)	(69,700)	(79,808)
Operating Segments | Mortgage
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue	139,829	134,108	132,904
Cost of revenue	115,556	118,178	126,552
Gross profit	24,273	15,930	6,352
Technology and development	2,727	2,871	6,034
Marketing	2,988	4,064	4,889
General and administrative	25,428	25,012	25,680
Employee termination costs	0	0	0
Total operating expenses	31,143	31,947	36,603
(Loss) income from continuing operations	(6,870)	(16,017)	(30,251)
Interest income, interest expense, income tax benefit, gain on extinguishment of convertible senior notes, and other expense, net	(2,968)	(392)	(114)
Net income (loss) from continuing operations	(9,838)	(16,409)	(30,365)
Operating Segments | Discontinued Properties Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue		1,244	17,783
Title | Title
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue	37,509	25,095	17,425
Cost of revenue	27,024	23,335	21,694
Gross profit	10,485	1,760	(4,269)
Technology and development	448	510	1,728
Marketing	37	54	194
General and administrative	3,215	2,776	2,751
Employee termination costs	0	0	0
Total operating expenses	3,700	3,340	4,673
(Loss) income from continuing operations	6,785	(1,580)	(8,942)
Interest income, interest expense, income tax benefit, gain on extinguishment of convertible senior notes, and other expense, net	690	348	47
Net income (loss) from continuing operations	7,475	(1,232)	(8,895)
Title | Monetization
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue	19,035	14,080	6,259
Cost of revenue	961	629	766
Gross profit	18,074	13,451	5,493
Technology and development	3,107	3,994	1,863
Marketing	4	6	5
General and administrative	1,520	1,241	556
Employee termination costs	0	0	0
Total operating expenses	4,631	5,241	2,424
(Loss) income from continuing operations	13,443	8,210	3,069
Interest income, interest expense, income tax benefit, gain on extinguishment of convertible senior notes, and other expense, net	283	364	93
Net income (loss) from continuing operations	13,726	8,574	3,162
Corporate overhead
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue	0	0	0
Cost of revenue	0	0	0
Gross profit	0	0	0
Technology and development	4,362	3,784	4,204
Marketing	1	41	484
General and administrative	41,960	38,658	33,504
Employee termination costs	5,684	7,424	32,353
Total operating expenses	52,007	49,907	70,545
(Loss) income from continuing operations	(52,007)	(49,907)	(70,545)
Interest income, interest expense, income tax benefit, gain on extinguishment of convertible senior notes, and other expense, net	(7,723)	91,069	49,768
Net income (loss) from continuing operations	$ (59,730)	$ 41,162	$ (20,777)

Segment Reporting and Revenue_4

Segment Reporting and Revenue - Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Revenue	$ 1,042,979	$ 976,672	$ 1,099,574
Cost of revenue	678,778	646,853	790,455
Gross profit	364,201	329,819	309,119
Technology and development	163,927	183,294	178,924
Marketing	114,481	117,863	155,309
General and administrative	235,364	238,790	243,390
Employee termination costs	5,684	7,927	32,353
Total operating expenses	519,456	547,874	609,976
(Loss) income from continuing operations	(155,255)	(218,055)	(300,857)
Net income (loss) from continuing operations	$ (164,801)	(126,392)	(249,797)
Title
Segment Reporting Information [Line Items]
Revenue		25,095	17,425
Cost of revenue		23,335	21,694
Gross profit		1,760	(4,269)
Technology and development		510	1,728
Marketing		54	194
General and administrative		2,776	2,751
Employee termination costs		0	0
Total operating expenses		3,340	4,673
(Loss) income from continuing operations		(1,580)	(8,942)
Interest income, interest expense, income tax expense, gain on extinguishment of convertible senior notes, and other expense, net		348	47
Net income (loss) from continuing operations		(1,232)	(8,895)
Monetization
Segment Reporting Information [Line Items]
Revenue		14,080	6,259
Cost of revenue		629	766
Gross profit		13,451	5,493
Technology and development		3,994	1,863
Marketing		6	5
General and administrative		1,241	556
Employee termination costs		0	0
Total operating expenses		5,241	2,424
(Loss) income from continuing operations		8,210	3,069
Interest income, interest expense, income tax expense, gain on extinguishment of convertible senior notes, and other expense, net		364	93
Net income (loss) from continuing operations		8,574	3,162
Previously Reported
Segment Reporting Information [Line Items]
Revenue		39,175	23,684
Cost of revenue		23,964	22,460
Gross profit		15,211	1,224
Technology and development		4,504	3,591
Marketing		60	199
General and administrative		4,017	3,307
Employee termination costs		0	0
Total operating expenses		8,581	7,097
(Loss) income from continuing operations		6,630	(5,873)
Interest income, interest expense, income tax expense, gain on extinguishment of convertible senior notes, and other expense, net		712	140
Net income (loss) from continuing operations		$ 7,342	$ (5,733)

Financial Instruments - Schedul

Financial Instruments - Schedule of Notional Amounts of Outstanding Derivative Positions (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Forward sales commitments
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Notional Amounts	$ 270,050	$ 274,400
IRLCs
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Notional Amounts	$ 197,336	$ 188,554

Financial Instruments - Derivat

Financial Instruments - Derivative Instruments, Gain (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Forward sales commitments
Fair Value, Option, Quantitative Disclosures [Line Items]
Gain (loss) on derivative	$ 3,116	$ (2,226)	$ (11,336)
IRLCs
Fair Value, Option, Quantitative Disclosures [Line Items]
Gain (loss) on derivative	$ (1,589)	$ 3,156	$ (4,184)

Financial Instruments - Sched_2

Financial Instruments - Schedule of Assets, Liabilities, and Equity Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Assets
Derivative Asset, Type [Extensible Enumeration]	Other current assets
Mortgage servicing rights, at fair value	$ 2,736	$ 32,171
Fair Value, Measurements, Recurring
Assets
Cash equivalents	65,599	115,276
Short-term investments	0	41,952
Loans held for sale	152,426	159,587
Other current assets	4,422	4,600
Mortgage servicing rights, at fair value	2,736	32,171
Long-term investments	0	3,149
Total assets	225,183	356,735
Liabilities
Total liabilities	873	2,576
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets
Cash equivalents	65,599	115,276
Loans held for sale	0	0
Other current assets	0	0
Mortgage servicing rights, at fair value	0	0
Total assets	65,599	160,377
Liabilities
Total liabilities	0	0
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2)
Assets
Cash equivalents	0	0
Loans held for sale	152,426	159,587
Other current assets	1,063	0
Mortgage servicing rights, at fair value	0	0
Total assets	153,489	159,587
Liabilities
Total liabilities	377	2,429
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3)
Assets
Cash equivalents	0	0
Loans held for sale	0	0
Other current assets	3,359	4,600
Mortgage servicing rights, at fair value	2,736	32,171
Total assets	6,095	36,771
Liabilities
Total liabilities	496	147
Fair Value, Measurements, Recurring | Money market funds
Assets
Cash equivalents	65,599	115,276
Fair Value, Measurements, Recurring | Money market funds | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets
Cash equivalents	65,599	115,276
Fair Value, Measurements, Recurring | Money market funds | Significant Other Observable Inputs (Level 2)
Assets
Cash equivalents	0	0
Fair Value, Measurements, Recurring | Money market funds | Significant Unobservable Inputs (Level 3)
Assets
Cash equivalents	0	0
U.S. treasury securities | Fair Value, Measurements, Recurring
Assets
Short-term investments		10,720
Long-term investments		3,149
U.S. treasury securities | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets
Short-term investments		10,720
Long-term investments		3,149
U.S. treasury securities | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2)
Assets
Short-term investments		0
Long-term investments		0
U.S. treasury securities | Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3)
Assets
Short-term investments		0
Long-term investments		0
Agency bonds | Fair Value, Measurements, Recurring
Assets
Short-term investments		31,232
Long-term investments		0
Agency bonds | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets
Short-term investments		31,232
Agency bonds | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2)
Assets
Short-term investments		0
Agency bonds | Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3)
Assets
Short-term investments		0
Total short-term investments | Fair Value, Measurements, Recurring
Assets
Short-term investments		41,952
Total short-term investments | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets
Short-term investments		41,952
Total short-term investments | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2)
Assets
Short-term investments		0
Total short-term investments | Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3)
Assets
Short-term investments		0
Forward sales commitments | Fair Value, Measurements, Recurring
Assets
Other current assets	1,063
Liabilities
Liabilities	377	2,429
Forward sales commitments | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets
Other current assets	0
Liabilities
Liabilities	0	0
Forward sales commitments | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2)
Assets
Other current assets	1,063
Liabilities
Liabilities	377	2,429
Forward sales commitments | Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3)
Assets
Other current assets	0
Liabilities
Liabilities	0	0
IRLCs | Fair Value, Measurements, Recurring
Assets
Other current assets	3,359	4,600
Liabilities
Liabilities	496	147
IRLCs | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets
Other current assets	0	0
Liabilities
Liabilities	0	0
IRLCs | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2)
Assets
Other current assets	0	0
Liabilities
Liabilities	0	0
IRLCs | Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3)
Assets
Other current assets	3,359	4,600
Liabilities
Liabilities	$ 496	$ 147

Financial Instruments - Narrati

Financial Instruments - Narrative (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized loss position		$ 38,684,000
Aggregate unrealized losses		41,000
Accrued interest	$ 0	332,000
Expected credit losses	$ 0	$ 0

Financial Instruments - Fair Va

Financial Instruments - Fair Value Measurement Inputs and Valuation Techniques (Details)	Dec. 31, 2024	Dec. 31, 2023
IRLCs | Pull-through rate | Market pricing
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative instrument, measurement input	0.924	0.877
IRLCs | Pull-through rate | Market pricing | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative instrument, measurement input	0.742	0.672
IRLCs | Pull-through rate | Market pricing | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative instrument, measurement input	1	1
MSRs | Prepayment speed | Valuation Technique, Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative instrument, measurement input	0.080	0.068
MSRs | Prepayment speed | Valuation Technique, Discounted Cash Flow | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative instrument, measurement input	0.060	0.060
MSRs | Prepayment speed | Valuation Technique, Discounted Cash Flow | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative instrument, measurement input	0.230	0.190
MSRs | Default rates | Valuation Technique, Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative instrument, measurement input	0.002	0.002
MSRs | Default rates | Valuation Technique, Discounted Cash Flow | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative instrument, measurement input	0.001	0.001
MSRs | Default rates | Valuation Technique, Discounted Cash Flow | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative instrument, measurement input	0.012	0.012
MSRs | Discount rate | Valuation Technique, Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative instrument, measurement input	0.103	0.102
MSRs | Discount rate | Valuation Technique, Discounted Cash Flow | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative instrument, measurement input	0.100	0.100
MSRs | Discount rate | Valuation Technique, Discounted Cash Flow | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative instrument, measurement input	0.180	0.170

Financial Instruments - Summary

Financial Instruments - Summary of Changes in the Fair Value of IRLCs (Details) - IRLCs - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Changes of fair value of interest rate lock commitments [Roll Forward]
Balance, net—beginning of period	$ 4,453	$ 1,297	$ 1,131
IRLCs acquired in business combination	0	0	4,326
Issuances of IRLCs	53,579	51,089	51,453
Settlements of IRLCs	(55,205)	(48,902)	(54,784)
Fair value changes recognized in earnings	36	969	(829)
Balance, net—end of period	$ 2,863	$ 4,453	$ 1,297

Financial Instruments - Summa_2

Financial Instruments - Summary of Changes in the Fair Value MSRs (Details) - MSRs - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance, net—beginning of period	$ 32,171	$ 36,261	$ 0
IRLCs acquired in business combination	0	0	33,982
MSRs originated	255	565	3,140
MSRs sales(1)	(30,582)	(1,457)	(1,662)
Fair value changes recognized in earnings	892	(3,198)	801
Balance, net—end of period	$ 2,736	$ 32,171	$ 36,261

Financial Instruments - Marketa

Financial Instruments - Marketable Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cost or Amortized Cost
Cash and cash equivalents, at carrying value	$ 124,743	$ 149,759	$ 232,200
Restricted cash	229	1,241	2,406
Estimated Fair Value
Restricted cash	229	1,241	2,406
Cash, Cash Equivalents, and Restricted Cash
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents	124,972	151,000	$ 242,246	$ 718,281
Fair Value, Measurements, Recurring
Cost or Amortized Cost
Restricted cash	229	1,241
Cash, cash equivalents, and available-for-sale debt securities, amortized cost	124,972	196,141
Unrealized Gains (Losses)
Unrealized Gains	0	1
Unrealized Losses	0	(41)
Estimated Fair Value
Cash and cash equivalents, fair value disclosure	65,599	115,276
Restricted cash	229	1,241
Cash, cash equivalents, and available-for-sale debt securities	124,972	196,101
Cash, Cash Equivalents, and Restricted Cash
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents	124,972	151,000
Short-term Investments
Short-term investments	0	41,952
Long-term Investments
Long-term investments	0	3,149
U.S. treasury securities | Fair Value, Measurements, Recurring
Cost or Amortized Cost
Debt securities, available-for-sale, amortized cost		13,895
Unrealized Gains (Losses)
Unrealized Gains		1
Unrealized Losses		(27)
Estimated Fair Value
Debt securities, available for sale, estimated fair value		13,869
Short-term Investments
Short-term investments		10,720
Long-term Investments
Long-term investments		3,149
Agency bonds | Fair Value, Measurements, Recurring
Cost or Amortized Cost
Debt securities, available-for-sale, amortized cost		31,246
Unrealized Gains (Losses)
Unrealized Gains		0
Unrealized Losses		(14)
Estimated Fair Value
Debt securities, available for sale, estimated fair value		31,232
Short-term Investments
Short-term investments		31,232
Long-term Investments
Long-term investments		0
Total short-term investments | Fair Value, Measurements, Recurring
Short-term Investments
Short-term investments		41,952
Cash | Fair Value, Measurements, Recurring
Cost or Amortized Cost
Cash and cash equivalents, at carrying value	59,144	34,483
Estimated Fair Value
Cash and cash equivalents, fair value disclosure	59,144	34,483
Cash, Cash Equivalents, and Restricted Cash
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents	59,144	34,483
Money markets funds | Fair Value, Measurements, Recurring
Cost or Amortized Cost
Cash and cash equivalents, at carrying value	65,599	115,276
Estimated Fair Value
Cash and cash equivalents, fair value disclosure	65,599	115,276
Cash, Cash Equivalents, and Restricted Cash
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents	$ 65,599	$ 115,276

Property and Equipment - Summar

Property and Equipment - Summary of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Accumulated depreciation and amortization	$ (99,679)	$ (89,275)
Property and equipment, net	41,302	46,431
Property and equipment, gross
Property, Plant and Equipment [Line Items]
Property and equipment, gross	136,470	130,160
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	25,195	28,789
Website and software development costs
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 88,948	75,573
Website and software development costs | Minimum
Property, Plant and Equipment [Line Items]
Useful Lives (years)	3 years
Website and software development costs | Maximum
Property, Plant and Equipment [Line Items]
Useful Lives (years)	5 years
Computer and office equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 14,032	16,175
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	$ 1,607	1,869
Furniture
Property, Plant and Equipment [Line Items]
Useful Lives (years)	7 years
Property and equipment, gross	$ 6,688	7,754
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 4,511	$ 5,546

Property and Equipment - Summ_2

Property and Equipment - Summary of Software Development (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Depreciation and amortization for property and equipment	$ 19,027	$ 23,774	$ 24,403
Capitalized software development costs, including stock-based compensation	$ 14,729	$ 16,131	$ 18,738

Leases - Summary of Lease Cost

Leases - Summary of Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating Leased Assets [Line Items]
Operating lease cost		$ 14,254	$ 19,990
Sublease Income		(1,757)	(1,408)
Finance lease, right-of-use asset, amortization		59	67
Finance lease, interest expense		6	6
Finance lease cost		65	73
Short-term lease cost		2,572	3,025
Forecast
Operating Leased Assets [Line Items]
Sublease Income	$ (979)
Operating lease cost (cost of revenue)
Operating Leased Assets [Line Items]
Operating lease cost		8,592	10,874
Operating lease cost (operating expenses)
Operating Leased Assets [Line Items]
Operating lease cost		$ 4,847	$ 7,499

Leases - Maturity of Lease Liab

Leases - Maturity of Lease Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating leases
2025		$ 14,078
2026		11,457
2027		6,487
2028		1,859
2029		646
Thereafter		234
Total future minimum payments		34,761
Less: Interest		2,044
Present value of lease liabilities		$ 32,717
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]		Lease liabilities, Lease liabilities, noncurrent
Other Leases
2025		$ 1,709
2026		495
2027		385
2028		370
2029		374
Thereafter		101
Total lease payments		3,434
Total Lease Obligations
2025		15,787
2026		11,952
2027		6,872
2028		2,229
2029		1,020
Thereafter		335
Total lease payments		38,195
Operating lease capitalized interest expense		1,131
Sublease income		$ 1,757	$ 1,408
Forecast
Total Lease Obligations
Sublease income	$ 979

Leases - Lease Term and Discoun

Leases - Lease Term and Discount Rate (Details)	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Weighted-average remaining operating lease term (years)	2 years 9 months 18 days	3 years 2 months 12 days
Weighted-average remaining finance lease term (years)		2 years 6 months
Weighted-average discount rate for operating leases	4.50%	4.50%
Weighted-average discount rate for finance leases		5.40%

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash outflows from operating leases	$ 17,290	$ 21,292
Operating cash outflows from finance leases	6	6
Financing cash outflows from finance leases	49	55
Right-of-use assets obtained in exchange for lease liabilities
Operating leases	4,536	8,597
Finance leases	$ 69	$ 62

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) $ in Thousands	Jul. 24, 2024	May 11, 2020 patent	Dec. 31, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Patents allegedly infringed upon | patent		4
Escrow deposit			$ 29,670
Estimated Litigation Liability			$ 9,250
Loss Contingency, Damages Sought	5

Commitments and Contingencies_2

Commitments and Contingencies - Summary of Future Minimum Payments (Details) - Purchase Commitments $ in Thousands	Dec. 31, 2024 USD ($)
Purchase Commitments
2025	$ 39,749
2026	34,125
2027	34,931
2028	36,099
2029	36,000
Thereafter	68,000
Total future minimum payments	$ 248,904

Acquired Intangible Assets an_2

Acquired Intangible Assets and Goodwill - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross	$ 230,390	$ 230,390
Accumulated Amortization	(130,847)	(107,106)
Net	$ 99,543	123,284
Trade names
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Useful Life (years)	9 years 3 months 18 days
Gross	$ 82,690	82,690
Accumulated Amortization	(33,698)	(24,290)
Net	$ 48,992	58,400
Developed technology
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Useful Life (years)	3 years 3 months 18 days
Gross	$ 66,340	66,340
Accumulated Amortization	(66,102)	(59,883)
Net	$ 238	6,457
Customer relationship
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Useful Life (years)	10 years
Gross	$ 81,360	81,360
Accumulated Amortization	(31,047)	(22,933)
Net	$ 50,313	$ 58,427

Acquired Intangible Assets an_3

Acquired Intangible Assets and Goodwill - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization	$ 23,741	$ 38,988

Acquired Intangible Assets an_4

Acquired Intangible Assets and Goodwill - Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
2025	$ 17,618
2026	17,380
2027	15,633
2028	15,050
2029	15,050
Thereafter	18,812
Net	$ 99,543	$ 123,284

Acquired Intangible Assets an_5

Acquired Intangible Assets and Goodwill - Goodwill (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Goodwill [Line Items]
Goodwill	$ 461,349	$ 461,349
Real Estate Services
Goodwill [Line Items]
Goodwill	250,231
Rentals
Goodwill [Line Items]
Goodwill	159,151
Mortgage
Goodwill [Line Items]
Goodwill	$ 51,967

Accrued and Other Liabilities_2

Accrued and Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued compensation and benefits	$ 51,842	$ 58,836
Miscellaneous accrued and other liabilities	15,577	26,037
Legal contingencies	9,250	0
Customer contract liabilities	6,040	5,487
Total accrued and other liabilities	$ 82,709	$ 90,360

Mezzanine Equity (Details)

Mezzanine Equity (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Apr. 01, 2020	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Temporary Equity [Line Items]
Issuance of common stock, net	$ 110,000
Payments for repurchase of convertible preferred stock		$ 40,000	$ 0	$ 0
Payment of dividends on convertible preferred stock		$ 367	$ 0	$ 0
Common Stock
Temporary Equity [Line Items]
Issuance of common stock, net (in shares)	4,484,305
Shares issued, price per share (in dollars per share)	$ 15.61
Series A Convertible Preferred Stock
Temporary Equity [Line Items]
Issuance of common stock, net (in shares)	40,000
Shares issued, price per share (in dollars per share)	$ 1,000
Issuance of common stock, net	$ 40,000

Equity and Equity Compensatio_3

Equity and Equity Compensation Plans - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Jul. 27, 2017	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
Redeemable convertible preferred stock, authorized (in shares)	10,000,000	10,000,000
Redeemable convertible preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation	$ 90,894
Unrecognized compensation expense, period for recognition	2 years 10 days
Restricted stock units outstanding (in shares)	13,794,056	15,947,173
Performance Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units outstanding (in shares)	2,484,058
Award requisite service period, achievement percentage	100%
Performance Restricted Stock Units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	0%
Performance Restricted Stock Units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	200%
2004 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life	10 years
Award vesting period	4 years
2004 Equity Incentive Plan | Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved (in shares)	0
2017 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved (in shares)	24,070,478	26,345,158		7,898,159
Expected life	10 years
Percentage of common stock, outstanding	5%
Restricted stock units outstanding (in shares)	13,794,056	15,947,173
2017 Equity Incentive Plan | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	2 years
2017 Equity Incentive Plan | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	4 years
2017 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved (in shares)	3,643,636	3,204,321
2017 Employee Stock Purchase Plan | Employee Stock
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%
Purchase price of common stock, percentage of market price of common stock	85%

Equity and Equity Compensatio_4

Equity and Equity Compensation Plans - Summary of Common Stock Reserve for Future Issuance Under 2017 EIP (Details) - shares	Dec. 31, 2024	Dec. 31, 2023	Jul. 26, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options issued and outstanding (in shares)	2,023,675	2,406,453
2017 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options issued and outstanding (in shares)	2,023,675	2,406,453
Restricted stock units outstanding (in shares)	13,794,056	15,947,173
Shares available for future equity grants (in shares)	8,252,747	7,991,532
Total common stock reserved for future issuance (in shares)	24,070,478	26,345,158	7,898,159

Equity and Equity Compensatio_5

Equity and Equity Compensation Plans - Summary of Common Stock Reserve for Future Issuance Under ESPP (Details) - 2017 Employee Stock Purchase Plan - shares	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance at beginning of period (in shares)	4,378,042	4,695,361
Shares issued during period (in shares)	(734,406)	(1,491,040)
Total common stock reserved for future issuance (in shares)	3,643,636	3,204,321

Equity and Equity Compensatio_6

Equity and Equity Compensation Plans - Summary of Value Assumptions (Details) - 2017 Employee Stock Purchase Plan - Employee Stock - $ / shares	Jul. 01, 2022	Jan. 01, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life	6 months	6 months
Volatility	70.01%	90.94%
Risk-free interest rate	5.37%	5.24%
Dividend yield	0%	0%
Weighted-average grant date fair value (in dollars per share)	$ 1.9	$ 3.69

Equity and Equity Compensatio_7

Equity and Equity Compensation Plans - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Number Of Options
Beginning balance (in shares)	2,406,453
Options exercised (in shares)	(319,612)
Options forfeited or canceled (in shares)	(63,166)
Ending balance (in shares)	2,023,675	2,406,453
Options exercisable at period end (in shares)	2,023,675
Weighted-Average Exercise Price
Beginning balance (in dollars per share)	$ 11.14
Options exercised (in dollars per share)	8.81
Options forfeited or canceled (in dollars per share)	7.91
Ending balance (in dollars per share)	11.60	$ 11.14
Options exercisable at period end (in dollars per share)	$ 11.60
Stock Option Activity, Additional Disclosures
Weighted average remaining contractual life outstanding	1 year 8 months 23 days	2 years 7 months 17 days
Weighted average remaining contractual life exercisable	1 year 8 months 23 days
Options outstanding, Aggregate intrinsic value	$ 94	$ 3,355
Options exercisable, Aggregate intrinsic value	$ 94

Equity and Equity Compensatio_8

Equity and Equity Compensation Plans - Fair Value of Options Vested & Intrinsic Value of Options Exercised (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Compensation Related Costs [Abstract]
Fair value of options vested	$ 0	$ 0	$ 484
Intrinsic value of options exercised	$ 283	$ 4,160	$ 5,588

Equity and Equity Compensatio_9

Equity and Equity Compensation Plans - Summary of Restricted Stock Unit Activity (Details) - Restricted Stock Units	12 Months Ended
	Dec. 31, 2024 $ / shares shares
Restricted Stock Units
Outstanding beginning period (in shares) | shares	15,947,173
Granted (in shares) | shares	8,492,751
Vested (in shares) | shares	(8,136,878)
Forfeited or canceled (in shares) | shares	(2,508,990)
Outstanding or deferred ending period (in shares) | shares	13,794,056
Weighted-Average Grant Date Fair Value
Outstanding beginning period (in dollars per share) | $ / shares	$ 9.64
Granted (in dollars per share) | $ / shares	7.82
Vested (in dollars per share) | $ / shares	9.06
Forfeited or canceled (in dollars per share) | $ / shares	10.63
Outstanding or deferred ending period (in dollars per share) | $ / shares	$ 8.68

Equity and Equity Compensati_10

Equity and Equity Compensation Plans - Compensation Costs for PSU's (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense	$ 71,159	$ 70,935	$ 68,257
Performance Restricted Stock Units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense	3,232	2,441	5,074
Performance Restricted Stock Units | Expense associated with the current period
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense	3,991	2,994	5,341
Performance Restricted Stock Units | Expense due to reassessment of achievement related to prior periods
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense	$ (759)	$ (553)	$ (267)

Equity and Equity Compensati_11

Equity and Equity Compensation Plans - Allocation of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation from continuing operations	$ 71,159	$ 70,935	$ 68,257
Stock-based compensation capitalized	4,302	4,003	3,660
Continuing Operations
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation from continuing operations	71,159	70,701	63,019
Discontinued Operations
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation from continuing operations	0	234	5,238
Operating lease cost (cost of revenue)
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation from continuing operations	11,180	12,914	15,137
Operating lease cost (cost of revenue) | Discontinued Operations
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation from continuing operations	0	46	813
Technology and development(1)
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation from continuing operations	34,339	33,111	26,365
Technology and development(1) | Discontinued Operations
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation from continuing operations	0	86	3,243
Marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation from continuing operations	5,027	5,148	3,991
Marketing | Discontinued Operations
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation from continuing operations	0	19	102
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation from continuing operations	20,613	19,528	17,526
General and administrative | Discontinued Operations
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation from continuing operations	$ 0	$ 83	$ 1,080

Net Loss per Share Attributab_3

Net Loss per Share Attributable to Common Stock - Computation of Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Numerator:
Net loss	$ (164,801)	$ (130,026)	$ (321,143)
Dividends on convertible preferred stock	$ (1,073)	$ (1,074)	$ (1,560)
Denominator:
Weighted average shares of common stock— basic (in shares)	121,677,971	113,152,752	107,927,464
Weighted average shares of common stock— diluted (in shares)	121,677,971	113,152,752	107,927,464
Income (Loss) from Continuing Operations, Per Diluted Share	$ (1.36)	$ (1.13)	$ (2.33)
Income (Loss) from Continuing Operations, Per Basic Share	(1.36)	(1.13)	(2.33)
Net loss per share attributable to common stock—basic (in dollars per share)	(1.36)	(1.16)	(2.99)
Net loss per share attributable to common stock— diluted (in dollars per share)	$ (1.36)	$ (1.16)	$ (2.99)
Net loss from continuing operations attributable to common stock—diluted	$ (165,874)	$ (127,466)	$ (251,357)
Net loss from continuing operations attributable to common stock—basic	(165,874)	(127,466)	(251,357)
Payment of dividends on convertible preferred stock	$ 367	$ 0	$ 0

Net Loss per Share Attributab_4

Net Loss per Share Attributable to Common Stock - Summary of Anti-dilutive Stock Equivalents (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from earnings per share (in shares)	22,122,781	28,402,390	35,104,832
Performance Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Restricted stock units outstanding (in shares)	2,484,058
Performance Restricted Stock Units | Maximum
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Award vesting rights, percentage	200%
Convertible Debt | 1.75% Convertible Senior Notes due 2023 [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from earnings per share (in shares)	0	0	769,623
Convertible Debt | 2025 notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from earnings per share (in shares)	1,017,284	2,667,993	7,154,297
Convertible Debt | 2027 notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from earnings per share (in shares)	5,379,209	5,379,209	6,147,900
Convertible preferred stock as if converted
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from earnings per share (in shares)	0	2,040,000	2,040,000
Stock options outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from earnings per share (in shares)	2,023,675	2,406,453	3,282,789
Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from earnings per share (in shares)	13,702,613	15,908,735	15,710,223
Restricted Stock Units | Non-employee Directors
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from earnings per share (in shares)	91,443

Income Taxes - Summary of Defer

Income Taxes - Summary of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred income tax assets
Net operating loss carryforwards	$ 159,914	$ 160,329
Business interest limitation carryforwards	39,343	35,402
Tax credit carryforwards	27,136	23,968
Lease liabilities	8,128	11,472
Capitalized research and development costs	63,012	50,780
Other	15,136	15,108
Gross deferred income tax assets	312,669	297,059
Valuation allowance	(281,769)	(257,563)
Total deferred income tax assets, net of valuation allowance	30,900	39,496
Deferred income tax liabilities
Intangible assets	(24,151)	(29,608)
Right-of-use assets	(5,892)	(8,155)
Other	(1,530)	(1,997)
Total deferred income tax liabilities	(31,573)	(39,760)
Net deferred income tax assets and liabilities	$ (673)	$ (264)

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($)		12 Months Ended
	Mar. 31, 2017	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Loss Carryforwards [Line Items]
Operating loss unavailable for carryforward	$ 1,506,000
Net loss		$ (164,801,000)	$ (130,026,000)	$ (321,143,000)
Income tax benefit (expense)		$ (530,000)	$ 979,000	$ 116,000
U.S. federal income tax at statutory rate		21%	21%	21%
Unrecognized tax benefits that would impact effective tax rate		$ 0	$ 0
Unrecognized tax benefits		6,783,000	5,991,000	$ 5,809,000	$ 4,692,000
Unrecognized tax benefits, income tax penalties and interest expense		0	0
Unrecognized tax benefits, income tax penalties and interest accrued		0
RentPath Holdings, Inc.
Operating Loss Carryforwards [Line Items]
Income tax benefit (expense)		(530,000)
Research Tax Credit Carryforward
Operating Loss Carryforwards [Line Items]
Tax credit carryforward		27,136,000	23,968,000
Research and development credits, decrease	$ 32,000
Federal
Operating Loss Carryforwards [Line Items]
Increase (decrease) in operating loss carryforwards		506,157,000
Federal deductible		167,417,000	149,464,000
Net loss		(165,235,000)	(125,110,000)	(246,880,000)
Foreign
Operating Loss Carryforwards [Line Items]
Net loss		$ (96,000)	$ (303,000)	$ (2,801,000)

Income Taxes - Summary of Opera

Income Taxes - Summary of Operating Loss Carryforwards (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Federal
Operating Loss Carryforwards [Line Items]
Operating loss carryforward	$ 630,060	$ 642,212
Various states
Operating Loss Carryforwards [Line Items]
Operating loss carryforward	34,939	32,234
Foreign
Operating Loss Carryforwards [Line Items]
Operating loss carryforward	$ 4,515	$ 5,363

Income Taxes - Effective Income

Income Taxes - Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
U.S. federal income tax at statutory rate	21%	21%	21%
State taxes (net of federal benefit)	2.84%	3.26%	5.02%
Stock-based compensation	(1.48%)	(5.18%)	(3.24%)
Permanent differences	(0.24%)	(0.36%)	(0.18%)
Federal research and development credit	1.92%	0.58%	1.77%
Change in valuation allowance	(14.62%)	(11.62%)	(20.12%)
Other	(0.35%)	(0.82%)	0.26%
Acquisition costs	0%	0%	(0.02%)
Expiration of tax attribute carryforwards	(8.75%)	(7.63%)	(4.54%)
Effective income tax rate	0.32%	(0.77%)	(0.05%)

Income Taxes - Components of In

Income Taxes - Components of Income Tax Benefit (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current income tax benefit (expense):
U.S. - State	$ 863	$ (959)	$ (1,074)
Total current income tax benefit (expense)	863	(959)	(1,074)
Deferred income tax benefit (expense):
U.S. - Federal	(180)	(16)	(97)
U.S. - State	(153)	(4)	1,055
Total deferred income tax benefit (expense)	(333)	(20)	958
Income tax benefit (expense)	$ 530	$ (979)	$ (116)

Income Taxes - Summary of Unrec

Income Taxes - Summary of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Unrecognized Tax Benefits
Unrecognized benefit—beginning of year	$ 5,991	$ 5,809	$ 4,692
Gross (decreases)—prior year tax positions	0	(527)	(210)
Gross increases—current year tax positions	792	709	1,327
Unrecognized benefit—end of year	$ 6,783	$ 5,991	$ 5,809

Debt - Outstanding Borrowings (

Debt - Outstanding Borrowings (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Warehouse credit facilities	$ 146,629	$ 151,964
2025 notes | Senior Notes
Debt Instrument [Line Items]
Long-Term Debt	73,516	192,002
2027 notes | Senior Notes
Debt Instrument [Line Items]
Long-Term Debt	498,691	496,735
Term Loan | Secured Debt
Debt Instrument [Line Items]
Long-Term Debt	243,344	124,416
Warehouse Agreement Borrowings
Debt Instrument [Line Items]
Warehouse credit facilities	146,629	151,964
Warehouse Agreement Borrowings | 2025 notes
Debt Instrument [Line Items]
Warehouse credit facilities	220,145
Warehouse Agreement Borrowings | City National Bank
Debt Instrument [Line Items]
Warehouse credit facilities	36,734	20,046
Warehouse Agreement Borrowings | Origin Bank
Debt Instrument [Line Items]
Warehouse credit facilities	28,920	30,110
Warehouse Agreement Borrowings | M&T Bank
Debt Instrument [Line Items]
Warehouse credit facilities	21,969	18,870
Warehouse Agreement Borrowings | Prosperity Bank
Debt Instrument [Line Items]
Warehouse credit facilities	$ 59,006	29,358
Warehouse Agreement Borrowings | Republic Bank & Trust Company
Debt Instrument [Line Items]
Warehouse credit facilities		23,415
Warehouse Agreement Borrowings | Wells Fargo Bank, N.A.
Debt Instrument [Line Items]
Warehouse credit facilities		$ 30,165

Debt - Warehouse Lines of Credi

Debt - Warehouse Lines of Credit (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Outstanding Borrowings	$ 146,629,000	$ 151,964,000
Warehouse Agreement Borrowings
Debt Instrument [Line Items]
Borrowing Capacity	350,000,000	395,000,000
Outstanding Borrowings	146,629,000	151,964,000
Warehouse Agreement Borrowings | City National Bank
Debt Instrument [Line Items]
Borrowing Capacity	75,000,000	50,000,000
Outstanding Borrowings	$ 36,734,000	$ 20,046,000
Weighted-Average Interest Rate on Outstanding Borrowings	6.26%	7.24%
Warehouse Agreement Borrowings | Origin Bank
Debt Instrument [Line Items]
Borrowing Capacity	$ 100,000,000	$ 75,000,000
Outstanding Borrowings	$ 28,920,000	$ 30,110,000
Weighted-Average Interest Rate on Outstanding Borrowings	6.45%	7.25%
Warehouse Agreement Borrowings | M&T Bank
Debt Instrument [Line Items]
Borrowing Capacity	$ 75,000,000	$ 50,000,000
Outstanding Borrowings	$ 21,969,000	$ 18,870,000
Weighted-Average Interest Rate on Outstanding Borrowings	6.46%	7.39%
Warehouse Agreement Borrowings | Prosperity Bank
Debt Instrument [Line Items]
Borrowing Capacity	$ 100,000,000	$ 75,000,000
Outstanding Borrowings	$ 59,006,000	$ 29,358,000
Weighted-Average Interest Rate on Outstanding Borrowings	5.98%	7.23%
Warehouse Agreement Borrowings | Republic Bank & Trust Company
Debt Instrument [Line Items]
Borrowing Capacity		$ 45,000,000
Outstanding Borrowings		$ 23,415,000
Weighted-Average Interest Rate on Outstanding Borrowings		7.28%
Warehouse Agreement Borrowings | Wells Fargo Bank, N.A.
Debt Instrument [Line Items]
Borrowing Capacity		$ 100,000,000
Outstanding Borrowings		$ 30,165,000
Weighted-Average Interest Rate on Outstanding Borrowings		7.36%

Debt - Narrative (Details)

Debt - Narrative (Details) $ / shares in Units, $ in Thousands			3 Months Ended	12 Months Ended
	Oct. 20, 2023 USD ($)	Mar. 25, 2021 $ / shares shares	Sep. 30, 2024 USD ($)	Dec. 31, 2024 USD ($) tradingDay businessDay	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Apr. 05, 2021 USD ($)	Oct. 20, 2020 USD ($)
Debt Instrument [Line Items]
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents				$ 124,972	$ 151,000	$ 242,246	$ 718,281
Repayments of senior debt				(106,953)	(241,808)	(83,614)
Gain on extinguishment of convertible senior notes				12,000	94,019	57,193
Adjustments to additional paid in capital, convertible debt, capped call transaction				62,647
Repayments of convertible debt				0	23,512	0
Payments of debt issuance costs				$ 2,482	2,338	$ 0
Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Conversion price, percentage				98%
2025 notes
Debt Instrument [Line Items]
Long-Term Debt, Fair Value				$ 69,933	164,113
2027 notes
Debt Instrument [Line Items]
Long-Term Debt, Fair Value				388,594	325,927
Senior Notes | 2025 notes
Debt Instrument [Line Items]
Aggregate Principal Amount				73,759	193,445				$ 661,250
Long-Term Debt				73,516	192,002
Senior Notes | 2027 notes
Debt Instrument [Line Items]
Aggregate Principal Amount				503,106	503,106			$ 575,000
Common stock covered under capped calls (in shares) | shares		6,147,900
Long-Term Debt				$ 498,691	496,735
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%
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 | 2027 notes | Call Option | Capped Call Transaction
Debt Instrument [Line Items]
Strike and cap price (in dollars per share) | $ / shares		$ 93.53
Senior Notes | Maximum | 2027 notes | Call Option | Capped Call Transaction
Debt Instrument [Line Items]
Strike and cap price (in dollars per share) | $ / shares		$ 138.56
Line of Credit
Debt Instrument [Line Items]
Repayments of convertible debt	$ 57,075
Payments of debt issuance costs	2,471
Payments of financing costs				$ 4,820
Line of Credit | 2025 notes
Debt Instrument [Line Items]
Principal	5,000
Line of Credit | 2027 notes
Debt Instrument [Line Items]
Principal	71,894
Line of Credit | First Lien Term Loan Facility
Debt Instrument [Line Items]
Borrowing Capacity	$ 250,000
Redemption price, percent	101%
Long-term debt term	5 years
Cash and cash equivalent required	$ 75
Interest rate	11.43%
Proceeds from Lines of Credit			$ 125,000
Line of Credit Facility, Remaining Borrowing Capacity	$ 125,000
Line of Credit | First Lien Term Loan Facility | Period 3 | Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	5.25%
Line of Credit | First Lien Term Loan Facility | Period 1 | Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	5.75%
Line of Credit | First Lien Term Loan Facility | Period 2 | Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	5.50%
Secured Debt | Term Loan
Debt Instrument [Line Items]
Aggregate Principal Amount				247,500	124,688
Unamortized Debt Discount				2,571	0
Unamortized Debt Issuance Costs				1,585	272
Long-Term Debt				$ 243,344	$ 124,416

Debt - Schedule of Capitalizati

Debt - Schedule of Capitalization (Details) - Term Loan - Secured Debt - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Aggregate Principal Amount	$ 247,500	$ 124,688
Unamortized Debt Discount	2,571	0
Unamortized Debt Issuance Costs	1,585	272
Long-Term Debt, Total	$ 243,344	$ 124,416

Debt - Convertible Senior Notes

Debt - Convertible Senior Notes (Details) - Senior Notes	12 Months Ended
	Dec. 31, 2024
2025 notes
Debt Instrument [Line Items]
Effective Interest Rate	0.42%
Conversion Rate	13.7920
2027 notes
Debt Instrument [Line Items]
Stated Cash Interest Rate	0.50%
Effective Interest Rate	0.87%
Conversion Rate	10.6920

Debt - Repurchase Activity (Det

Debt - Repurchase Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Repurchases of convertible senior notes	$ 106,953	$ 241,808	$ 83,614
Gain on extinguishment of convertible senior notes	(12,000)	(94,019)	$ (57,193)
Senior Notes | Repurchase Program
Debt Instrument [Line Items]
Principal	119,686	320,283
Repurchases of convertible senior notes	106,953	241,808
Gain on extinguishment of convertible senior notes	12,000	75,204
Senior Notes | Repurchases in Conjunction with Apollo Term Loan
Debt Instrument [Line Items]
Principal	0	76,894
Repurchases of convertible senior notes	0	50,829
Gain on extinguishment of convertible senior notes	0	18,815
2025 notes | Senior Notes | Repurchase Program
Debt Instrument [Line Items]
Principal	119,686	320,283
Repurchases of convertible senior notes	106,953	241,808
Gain on extinguishment of convertible senior notes	12,000	75,204
2025 notes | Senior Notes | Repurchases in Conjunction with Apollo Term Loan
Debt Instrument [Line Items]
Principal	0	5,000
Repurchases of convertible senior notes	0	4,075
Gain on extinguishment of convertible senior notes	$ 0	664
2027 notes | Senior Notes | Repurchase Program
Debt Instrument [Line Items]
Principal		0
Repurchases of convertible senior notes		0
Gain on extinguishment of convertible senior notes		0
2027 notes | Senior Notes | Repurchases in Conjunction with Apollo Term Loan
Debt Instrument [Line Items]
Principal		71,894
Repurchases of convertible senior notes		46,754
Gain on extinguishment of convertible senior notes		$ 18,151

Debt - Components of Convertibl

Debt - Components of Convertible Senior Notes (Details) - Senior Notes - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Apr. 05, 2021	Oct. 20, 2020
2025 notes
Debt Instrument [Line Items]
Aggregate Principal Amount	$ 73,759	$ 193,445		$ 661,250
Unamortized Debt Issuance Costs	243	1,443
Long-Term Debt, Total	73,516	192,002
2027 notes
Debt Instrument [Line Items]
Aggregate Principal Amount	503,106	503,106	$ 575,000
Unamortized Debt Issuance Costs	4,415	6,371
Long-Term Debt, Total	$ 498,691	$ 496,735

Debt - Schedule of Interest Exp

Debt - Schedule of Interest Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total interest expense	$ 27,780	$ 9,524	$ 8,886
Senior Notes
Debt Instrument [Line Items]
Contractual interest expense	2,516	3,008	3,286
Amortization of debt issuance costs	3,160	7,834	5,096
Total interest expense	5,676	10,842	8,382
1.75% Convertible Senior Notes due 2023 [Member] | Senior Notes
Debt Instrument [Line Items]
Contractual interest expense	0	223	411
Amortization of debt issuance costs	0	81	150
Total interest expense	0	304	561
2025 notes | Senior Notes
Debt Instrument [Line Items]
Contractual interest expense	0	0	0
Amortization of debt issuance costs	1,200	4,602	2,706
Total interest expense	1,200	4,602	2,706
2027 notes | Senior Notes
Debt Instrument [Line Items]
Contractual interest expense	2,516	2,785	2,875
Amortization of debt issuance costs	1,960	3,151	2,240
Total interest expense	$ 4,476	$ 5,936	$ 5,115

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event $ in Thousands	Feb. 06, 2025 USD ($) apartmentUnit
Subsequent Event [Line Items]
Number of Apartment Units | apartmentUnit	25
Partnership agreement, upfront payment | $	$ 100,000