This will not be a banner year for the real estate app Zillow. “We describe the home market as bouncing along the bottom,” CEO Jeremy Wacksman said in our conversation this week. Last year was dismal for the real estate market, and he expects things to improve only marginally in 2026. (If January’s historic drop in home sales is indicative, that even is overoptimistic.) “The way to think about it is that there were 4.1 million existing homes sold last year—a normal market is 5.5 to 6 million,” Wacksman says. He hastens to add that Zillow itself is doing better than the real
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