Touring and Market Expansion

Large Addressable Market and Large Share Opportunity $2.3T Total Transaction Value (TTV) in 2023 across For Sale and Rentals creates $187B Total Addressable Market (TAM) Residential Purchase Mortgage Total For Sale Rentals 2023 Total TTV' $2T $2T $280B $2.3T TAM² $117B $45B $162B $25B $187B 2023 $1.4B $96M $1.5B Zillow Revenue 2023 Revenue % of TTV 7 bps <1 bp 7 bps $357M 13 bps 1. Total transaction value (TTV): (a) Residential and Mortgages TTV calculated as existing homes sold multiplied by the average existing home sales price from December 2023 published by the National Association of REALTORS®, and (b) Rentals TTV calculated as U.S. rental unit inventory according to the U.S. Census Bureau's Current Population Survey dated Oct. 31, 2023, and Zillow Group internal data for rental unit turnover and associated annual rent per unit. 2. Total Addressable Market (TAM): (a) Residential estimate derived from total transaction value data from the December 2023 Economic Data published by the National Association of REALTORS® and Zillow Group's internal estimate for average industry commission rates; (b) Mortgages estimate derived from annual purchase mortgage origination volumes and average industry origination fees published in the 2023 Mortgage Bankers Association Reports; and (c) Rentals estimate composed of rentals advertising spend and property management software revenue. Rentals advertising spend estimate derived from U.S. rental unit inventory according to the U.S. Census Bureau's Current Population Survey dated Oct. 31, 2023, and Zillow Group internal data for rental unit turnover and average advertising spend per rental unit; Property management software revenue estimate derived from May 2023 report published by Fortune Business Insights, which estimates North America's annual property management market opportunity. 12 $1.9B 8 bps ZILLOW GROUP

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