BrokerageIndustry News

Redfin expands to 5 new markets

Move grows website listings by 14 percent

Seattle-based online brokerage Redfin has expanded to five new markets, boosting the number of listings on its site by 14 percent, the company announced today. The new markets are Houston; New York City's Bronx borough; Charlotte and the Raleigh-Durham area in North Carolina; and the state of Delaware. The move extends Redfin's services to a total of 21 major markets and grows its reach by nearly 10 million new people -- a 10 percent increase in audience size, the company said. "For Redfin, this expansion demonstrates a fundamental broadening of our business model," said Glenn Kelman, Redfin's CEO, in a statement. "A few years ago, the company's service was viable only in a handful of coastal cities with the country's highest home prices. As Redfin has developed new economies of scale, we have actually improved the quality of service while lowering costs, allowing us to bring new markets to profits quickly." The expansion includes the brokerage's first forays into N...