Zillow CEO talks AI, affordability and supply

Recent coverage featuring CEO Jeremy Wacksman across CNBC, Fortune, and Yahoo Finance highlights Zillow’s focus on improving the housing experience through technology, while addressing ongoing affordability challenges and supply constraints.

AI that’s driving real impact

In a CNBC interview, Wacksman pointed to the growing impact of AI across Zillow’s business, emphasizing how it is improving both efficiency and the overall experience.

“We’re using AI to transform the real estate industry — how it’s benefiting the consumers who use Zillow and the professionals who build their businesses on Zillow,” Wacksman said.

AI is being applied in practical ways, helping reduce manual work, improve search and discovery and streamline what has traditionally been a complex and fragmented process. As these tools continue to evolve, AI is becoming a core part of how Zillow is improving the home-buying and selling experience.

Affordability challenges continue to shape the housing market

In Fortune, Wacksman pointed to a clear shift in today’s housing market: the median first-time homebuyer is now 40 years old, up from the early 30s roughly a decade ago — and that’s unlikely to change anytime soon.

The trend reflects broader affordability challenges shaping the market. Higher home prices, elevated mortgage rates and limited entry-level inventory are making it harder for buyers to enter the market, delaying homeownership for many.

These higher hurdles buyers must clear increase the need for tools that help them better understand their options and navigate a more competitive environment.

“Tools like ours — Zillow AI mode, BuyAbility in our financing tools — they can help educate buyers,” Wacksman said. “They can teach you: ‘How could I get it done?”

(A recent RISMedia article explained more about what Zillow AI mode is.)

Wacksman also highlighted Zillow Preview, a product that showcases “coming soon” listings, giving buyers earlier visibility into their options and sellers broader exposure.

Centering the real issue: Supply

In Yahoo Finance, Wacksman emphasized that the biggest barrier to buying a home today might not be what you think.

While attention often focuses on interest rates when it comes to affordability, Wacksman highlighted a more fundamental constraint: not enough homes, particularly at attainable price points. A persistent imbalance between supply and demand continues to put upward pressure on prices and limit opportunities for buyers.

“Home prices are up 60, 80-plus percent from pre-pandemic levels, more in some markets,” Wacksman said. “And the solution to that is more supply. It is a lot of programs to relax zoning and permitting and fast-track modular and pre-approved designs, and really work at the local level to get building in affordable housing going faster.”