Turn up the volume on your real estate success at Inman On Tour: Nashville! Connect with industry trailblazers and top-tier speakers to gain insights, cutting-edge strategies, and invaluable connections. Elevate your business and achieve your boldest goals — all with Music City magic. Register now.
Amid a tough market, eXp experienced something of a mixed bag in the final months of 2024, with losses shrinking but revenue rising only slightly and agent count actually falling.
The numbers come from the company’s newly published fourth quarter earnings report and show that between October and December eXp World Holdings — parent of eXp Realty — brought in $1.1 billion in revenue.
TAKE THE INMAN INTEL INDEX SURVEY FOR FEBRUARY
That’s an improvement over the $981 million the brokerage earned during the same period a year earlier. The company also trimmed losses to $9.5 million, which bests the fourth quarter of 2023, when losses hit $21 million.
The report also shows that agent count at the end of 2024 had fallen 5 percent year over year to 82,980. Industry observers closely watch agent count numbers at eXp because the company was for many years the fastest-growing major brokerage in the industry. That previous growth led company founder Glenn Sanford to predict in 2021 that the company could soon have hundreds of thousands of agents.
Glenn Sanford
In Thursday’s earnings report, Sanford ultimately concluded that the company “ended the year with strong momentum, with our top 10 U.S. agents closing over $100 million of transaction volume in December alone.”
“We are the platform where the pros go to grow, and we look forward to more exciting announcements in the weeks and months ahead,” Sanford said.
The report also includes numbers for all of 2024. For the entire year, eXp brought in $4.6 billion in revenue, which is up 7 percent compared to a year earlier. However, 2024 losses also came in at $21.3 million, which is up from just under $9 million the year before.
Transactions in 2024 rose 3 percent year over year to 434,165, while transaction volume rose 9 percent to $185.2 billion. In the fourth quarter alone, transactions rose 6 percent to 103,942, with volume climbing 17 percent to $45.3 billion in the fourth quarter.
Heading into Thursday’s earnings, eXp stock was trading in the mid-$ $11 range. That was up for the day and week, but only a slight improvement compared to one year ago when shares were fetching just over $11.
Following the publication of Thursday’s earnings report, shares spiked in after-hours trading.
Credit: Google
The brokerage had a market cap of about $1.74 billion as of Thursday afternoon.
EXp last reported earnings in November. At the time, the company revealed that it saw a modest year-over-year uptick in revenue in the third quarter of last year. However, the company also suffered a loss in Q3 of $6.5 million, a reversal compared to the $2.3 million profit it generated during the same period one year prior.
During a livestream to discuss Thursday’s report, Sanford focused on the company’s international efforts, saying they “will be the largest driver of future growth.” He also noted that international revenue in 2024 grew 63 percent compared to 2023, and there are far more agents outside of North America than there are in it.
“Our international presence is of significant advantage to agents because of the way consumers will buy in multiple countries around the world,” Sanford also said.
Leo Pareja, CEO of eXp Realty, also spoke on the call, touting a number of top producers who recently came to the company. He also celebrated eXp’s tech offerings and willingness to use third-party providers such as Canva. He contrasted that with rival firms, saying that “some of our competitors out there believe they are tech companies.”
Update: This story was updated after publication with additional background and additional details from eXp’s earnings report and analyst call.
