Real Estate Industry Reviews
Report · 2026-10-21

2026 State of the Real Estate Industry

Ten categories, one dataset. Growth, margins, concentration, price disclosure and city coverage, built only from filings and public data already cited on this site.

Published 2026-10-21. CSV · Methodology

At a glance
  • 33 public filers compared on growth and margin
  • 5,252,028 apartment units on NMHC’s Top 50
  • 426 office listings checked in 30 metros
  • No rankings or labels of our own

Headline findings

  1. Growth and margin moved in opposite directions. Homebuilders were the only category with falling median revenue (−3.5%) but kept a median 12.3% net margin; commercial brokerages grew +12.4% and kept 2.4%; residential brokerages grew +14.1% at a median margin of −0.4%. Derived from 31 filers’ annual reports. Details.
  2. Apartment management is concentrated at the top. The ten largest managers on NMHC’s 2026 list run 52.6% of the 5,252,028 units managed by the Top 50; Greystar alone runs 19.3% (derived from NMHC). Details.
  3. Prices are public where agents buy, private where owners buy. 14 of 18 software tools we cover publish a price; 1 of 10 property managers and 0 of 6 commercial brokerages do. Details.
  4. The public record covers some categories far better than others. Every profiled law firm can be scored from Chambers, Legal 500 and SEC filings; a third or fewer of profiled marketing and home-service firms can. Details.
  5. National reach differs by line of business. Three commercial brokerages list offices in all 30 of the largest metros; the most widespread residential brokerages list offices in 25, and in Detroit and Cincinnati none of the national residential brokerages we profile does. Details.

Methodology

  • Inputs. Only data already sourced on this site (10-K, 10-Q, 40-F and results-release figures; NMHC’s 2026 lists; Chambers USA and Legal 500 tables; ALTA, Inside Mortgage Finance and Fannie Mae positions as cited in filings; our scoring inputs; and our 60 city hubs), plus SEC XBRL company facts and one results release read on 2026-10-21 for prior-year revenue and net income not previously shown. Each figure links to its source.
  • Derived figures. Growth, margins, shares, sums and medians are our arithmetic on the cited figures. Each is labeled “derived” with its formula here, in chart captions and in the CSV (columns derived and formula).
  • Coverage. Financial comparisons use the 33 profiled firms that file two years of revenue and net income (31 of them in the five categories with medians; Frontdoor and Zillow Group appear in their own sections). They are large public companies, so the results describe those companies, not every firm in a category. Private firms appear only where a third party measures them (NMHC, Chambers, Legal 500).
  • Periods. Calendar 2025 vs 2024 unless noted. Three builders’ fiscal years end in September, October or November 2025; Move’s fiscal year ends June 30, 2026.
  • No rankings of our own and no labels. Any rank shown is the publisher’s (NMHC, Chambers, Legal 500, Fannie Mae). Scores elsewhere on the site are shown as numbers with their breakdowns; this report attaches no recommendation to any firm.
  • Disclosure. Siana Marketing operates this site and sells SEO and AI-search services. It is never scored, ranked or counted, and is excluded from every figure here. Regent Commercial Real Estate is a client of Siana Marketing, which operates this site.

Growth vs margin across categories

Across the 31 public filers in these five categories, the categories split into two groups. Service businesses grew fast and kept little. Commercial brokerages grew a median +12.4% and kept a median 2.4% of revenue as net income; residential brokerages grew +14.1% with a median net margin of −0.4%, meaning most of them lost money. Asset businesses grew slowly and kept more. Homebuilders were the only group whose median revenue fell (−3.5%), yet their median net margin was 12.3%. The eight REITs and investment managers grew +6.9% at a median net margin of 22.3%. Lenders and title insurers had the fastest median growth (+17.8%), helped at Rocket by two acquisitions, at a 4.4% median margin.

How to read this: net margin depends on business model. A brokerage passes most of each commission to agents or reimbursed staff costs, so its revenue is large relative to what it keeps; a REIT’s revenue is rent from assets it owns. The comparison describes where money stays, not which firms are better run.

Median revenue growth by category, fiscal 2025

Median of each firm’s fiscal 2025 revenue growth (derived: revenue FY2025 ÷ FY2024 − 1). Firm values and sources are in the table below. Fiscal years differ for three builders (September to November year-ends).

Median net margin by category, fiscal 2025

Median of each firm’s fiscal 2025 net margin (derived: the net income line named in the table ÷ revenue). REIT and lender margins use net income to common where that is what the filing tags.

Firm-level table (33 filers, incl. Frontdoor and Zillow Group)
FirmCategoryRevenue FY2025FY2024GrowthNet income FY2025Net marginSources
CBRE GroupCommercial brokerages$40.55B$35.77B+13.4%$1.16B2.9%CBRE Group 10-K for FY2025 (SEC), SEC XBRL company facts, CBRE Group (CIK 1138118): revenue and net income tagged in its fiscal 2025 10-K, read 2026-10-21
JLLCommercial brokerages$26.12B$23.43B+11.4%$792.1M3.0%JLL FY2025 results release (Feb 18, 2026), SEC XBRL company facts, JLL (CIK 1037976): revenue and net income tagged in its fiscal 2025 10-K, read 2026-10-21
Cushman & WakefieldCommercial brokerages$10.29B$9.45B+8.9%$88.2M0.9%Cushman & Wakefield Ltd. 10-K for FY2025 (SEC), SEC XBRL company facts, Cushman & Wakefield (CIK 1628369): revenue and net income tagged in its fiscal 2025 10-K, read 2026-10-21
ColliersCommercial brokerages$5.56B$4.82B+15.3%$103.1M1.9%Colliers FY2025 results release (Feb 13, 2026)
Newmark GroupCommercial brokerages$3.29B$2.74B+20.3%$126.2M3.8%Newmark Group 10-K for FY2025 (SEC), SEC XBRL company facts, Newmark Group (CIK 1690680): revenue and net income tagged in its fiscal 2025 10-K, read 2026-10-21
Marcus & MillichapCommercial brokerages$755.2M$696.1M+8.5%−$1.9M−0.3%Marcus & Millichap 10-K for FY2025 (SEC), SEC XBRL company facts, Marcus & Millichap (CIK 1578732): revenue and net income tagged in its fiscal 2025 10-K, read 2026-10-21
CompassResidential brokerages$6.96B$5.63B+23.7%−$58.5M−0.8%Compass, Inc., Form 10-K for FY2025 (filed 2026-02-27), SEC EDGAR XBRL company facts (revenue and net income as tagged in each annual filing)
eXp (AGNT)Residential brokerages$4.77B$4.57B+4.5%−$22.7M−0.5%AGNT, Inc. (formerly eXp World Holdings), Form 10-K for FY2025 (filed 2026-02-24), SEC EDGAR XBRL company facts (revenue and net income as tagged in each annual filing)
Douglas EllimanResidential brokerages$1.03B$995.6M+3.8%$14.3M1.4%Douglas Elliman Inc., Form 10-K for FY2025 (filed 2026-03-16), SEC EDGAR XBRL company facts (revenue and net income as tagged in each annual filing)
FathomResidential brokerages$420.5M$335.2M+25.4%−$20.3M−4.8%Fathom Holdings Inc., Form 10-K for FY2025 (filed 2026-03-30), SEC EDGAR XBRL company facts (revenue and net income as tagged in each annual filing)
The Real Brokerage (pre-merger)Residential brokerages$1.97B$1.26B+55.7%−$8.1M−0.4%The Real Brokerage Inc., Form 40-F for FY2025 (filed 2026-03-04), SEC EDGAR XBRL company facts (revenue and net income as tagged in each annual filing)
RE/MAX Holdings (pre-merger)Residential brokerages$291.6M$307.7M−5.2%$13.4M4.6%RE/MAX Holdings, Inc., Form 10-K for FY2025 (filed 2026-02-19), SEC EDGAR XBRL company facts (revenue and net income as tagged in each annual filing)
D.R. HortonHomebuilders$34.25B$36.80B−6.9%$3.59B10.5%D.R. Horton Form 10-K for fiscal 2025 (year ended Sep 30, 2025), SEC XBRL company facts, D.R. Horton (CIK 882184): revenue and net income tagged in its fiscal 2025 10-K, read 2026-10-21
LennarHomebuilders$34.19B$35.44B−3.5%$2.08B6.1%Lennar Form 10-K for fiscal 2025 (year ended Nov 30, 2025), SEC XBRL company facts, Lennar (CIK 920760): revenue and net income tagged in its fiscal 2025 10-K, read 2026-10-21
PulteGroupHomebuilders$17.31B$17.95B−3.5%$2.22B12.8%PulteGroup Form 10-K for 2025, SEC XBRL company facts, PulteGroup (CIK 822416): revenue and net income tagged in its fiscal 2025 10-K, read 2026-10-21
NVRHomebuilders$10.32B$10.52B−1.9%$1.34B13.0%NVR Form 10-K for 2025, SEC XBRL company facts, NVR (CIK 906163): revenue and net income tagged in its fiscal 2025 10-K, read 2026-10-21
Toll BrothersHomebuilders$10.97B$10.85B+1.1%$1.35B12.3%Toll Brothers Form 10-K for fiscal 2025 (year ended Oct 31, 2025), SEC XBRL company facts, Toll Brothers (CIK 794170): revenue and net income tagged in its fiscal 2025 10-K, read 2026-10-21
BlackstoneInvestment managers and REITs$14.45B$13.23B+9.2%$3.02B20.9%Blackstone Inc. Form 10-K for 2025, SEC EDGAR XBRL company facts (revenue and net income as tagged in each annual filing)
WelltowerInvestment managers and REITs$10.84B$7.99B+35.6%$936.8M8.6%Welltower Form 10-K for 2025, SEC EDGAR XBRL company facts (revenue and net income as tagged in each annual filing)
American TowerInvestment managers and REITs$10.64B$10.13B+5.1%$2.53B23.8%American Tower Form 10-K for 2025, SEC EDGAR XBRL company facts (revenue and net income as tagged in each annual filing)
EquinixInvestment managers and REITs$9.22B$8.75B+5.4%$1.35B14.6%Equinix Form 10-K for 2025, SEC EDGAR XBRL company facts (revenue and net income as tagged in each annual filing)
PrologisInvestment managers and REITs$8.79B$8.20B+7.2%$3.32B37.8%Prologis Form 10-K for 2025, SEC EDGAR XBRL company facts (revenue and net income as tagged in each annual filing)
Simon Property GroupInvestment managers and REITs$6.36B$5.96B+6.7%$4.62B72.7%Simon Property Group Form 10-K for 2025, SEC EDGAR XBRL company facts (revenue and net income as tagged in each annual filing)
Realty IncomeInvestment managers and REITs$5.75B$5.27B+9.1%$1.06B18.4%Realty Income Form 10-K for 2025, SEC EDGAR XBRL company facts (revenue and net income as tagged in each annual filing)
Public StorageInvestment managers and REITs$4.82B$4.70B+2.7%$1.59B32.9%Public Storage Form 10-K for 2025, SEC EDGAR XBRL company facts (revenue and net income as tagged in each annual filing)
Rocket CompaniesLenders and title insurers$6.70B$5.10B+31.2%−$68.0M−1.0%Rocket Companies Form 10-K for 2025
UWMLenders and title insurers$3.16B$2.67B+18.2%$244.0M7.7%UWM Holdings Corporation Form 10-K for 2025
Walker & DunlopLenders and title insurers$1.23B$1.13B+9.0%$56.2M4.6%Walker & Dunlop Form 10-K for 2025
Fidelity National FinancialLenders and title insurers$14.45B$13.68B+5.6%$602.0M4.2%Fidelity National Financial Form 10-K for 2025
First AmericanLenders and title insurers$7.45B$6.13B+21.6%$621.8M8.3%First American Financial Form 10-K for 2025
StewartLenders and title insurers$2.92B$2.49B+17.3%$115.5M4.0%Stewart Information Services Form 10-K for 2025
FrontdoorHome services$2.09B$1.84B+13.6%$255.0M12.2%Frontdoor, Inc. Form 10-K for 2025
Zillow Group (whole company)Marketing and listing portals$2.58B$2.24B+15.5%$23.0M0.9%Zillow Group, Inc. Form 10-K for 2025, SEC XBRL company facts, Zillow Group (CIK 1617640): revenue and net income tagged in its fiscal 2025 10-K, read 2026-10-21

Concentration of the largest players

Concentration looks different in every category, and the yardsticks are not interchangeable, so we show each with its own denominator. In apartments, the ten largest managers on NMHC’s 2026 list run 52.6% of the 5,252,028 units managed by all 50, and Greystar alone runs 19.3%. In title insurance one company holds about a third of the market by ALTA’s count. In mortgage lending, UWM, which calls itself the largest lender by closed loan volume, cites an 8.4% share.

Share of all units managed by NMHC’s 2026 Top 50

Derived: units managed by the group ÷ 5,252,028 units managed by all 50 firms on NMHC’s 2026 Top 50 Managers. NMHC counts multifamily rental units the company manages itself.

CategoryMeasureValueWho measured it
Commercial brokeragesCBRE’s share of the six profiled firms’ combined FY2025 revenue ($86.56B)46.8% (derived)Our arithmetic on each firm’s filing or release
Title insuranceFidelity National Financial’s share of the U.S. title market32%ALTA, through Q3 2025, as cited in FNF’s 10-K
Mortgage lendingUWM’s share of first-lien originations, all channels8.4%Inside Mortgage Finance, first nine months of 2025, as cited in UWM’s 10-K
Listing portalsZillow Residential revenue vs Move (Realtor.com) revenue2.8× (derived)Zillow 10-K ($1.70B) and News Corp 10-K ($610M; fiscal year to June 2026)

Which categories publish prices

Where buyers can see a price before talking to anyone tracks who the buyer is. Software sold to individual agents mostly publishes prices. Services sold to owners, investors and occupiers mostly do not: fees there are negotiated per deal or per building. That is a feature of how these services are sold, not evidence that anyone is hiding something, but it does mean the questions a buyer asks matter more where the price column is empty (see our buyer guides).

Profiled firms that publish a price or fee

Derived: firms whose own site or filing shows a price, fee plan or split ÷ firms profiled in that section. Counts come from what each profile records; details per row in the table below.

CategoryPublish a priceWhat counts
Real estate software14 of 18Tools whose vendor page shows a price (18 tools across five categories).
Residential brokerages (agent plans)2 of 6Brokerages whose filing or site states the agent commission split or fee plan (Real and Fathom).
Marketing agencies1 of 4Agencies showing a starting price on the pages we read: Real Estate Webmasters (“starting at $350”). Luxury Presence and Agent Image showed none; Ylopo’s pricing page was not read.
Property managers1 of 10Managers showing a fee on their site: Evernest ($795 to lease a home, or $297 if it also manages it).
Commercial brokerages0 of 6None publishes a fee schedule. Marcus & Millichap’s 10-K reports a 1.82% average commission rate for 2025, which is a reported outcome, not a price list.

Two further disclosure measures sit inside our scores: whether a warranty company shows its claims ratio (First American Home Warranty shows three years; Frontdoor reports claims inside a broader cost line) and whether a listing portal says how agents pay and whether lead volume is guaranteed (Zillow says both; Realtor.com says how agents pay). Sources: First American Financial Form 10-K for 2025, Frontdoor, Inc. Form 10-K for 2025, Zillow Group, Inc. Form 10-K for 2025, News Corp Form 10-K for fiscal 2026 (year ended June 30, 2026).

What the public record covers

A useful proxy for how much a category tells the public: the share of firms we profile whose record fills every criterion of our rubric. Law firms are fully covered because two research guides rank them all. In property management, appraisal and valuation, home services and marketing and listing portals, most profiled firms are private or report the business inside a wider line, so most profiles stay unscored. That reflects ownership and how the business is reported, not quality.

Share of profiled firms the public record lets us score

Derived: firms scored ÷ firms profiled under each public-record rubric. A firm is scored only when every criterion can be sourced; see the methodology. Commercial brokerage and software scores use separate models and are not included. Siana Marketing is never scored or counted.

City coverage patterns

We checked 224 commercial office listings and 202 residential and property-management listings across the 30 largest metros, each against the firm’s own website. Three patterns stand out.

Commercial: national firms with a verified office, of 30 hubs

Each office was checked on the firm’s own site and is cited on the hub.

Residential: brokerages with a verified office, of 30 hubs

Firm-site addresses only; firms active without a published local address are listed separately on each hub and not counted.

Property managers with a verified local office, of 30 hubs

Same rule. Apartment managers such as Greystar list communities rather than office addresses, so they appear on hubs as “active here” and are not counted.

Counts are firms a hub lists, so a lower count can mean fewer published offices, not a smaller market. Hubs: commercial and residential. Market data: U.S. Census Bureau, Vintage 2024 metro area population estimates (cbsa-est2024-alldata.csv), U.S. Census Bureau, Building Permits Survey, 2025 annual CBSA file (cbsa2025a.txt), FHFA House Price Index, all-transactions, metro areas and divisions (hpi_at_metro.csv). The Charlotte commercial hub’s independent firms include Regent Commercial Real Estate. Regent Commercial Real Estate is a client of Siana Marketing, which operates this site.

Category by category

Commercial brokerages

$86.56BCombined FY2025 revenue of the six firms, +12.6% (derived)
+12.4%Median revenue growth
2.4%Median net margin
1.82%Marcus & Millichap’s reported average commission rate, 2025

Every one of the six grew revenue in 2025, led by Newmark (+20.3%) and Colliers (+15.3%). Net income rose at CBRE, JLL and Newmark and fell at Cushman & Wakefield and Colliers; Marcus & Millichap narrowed its loss. Most of the largest firms’ revenue is not brokerage: at CBRE, facilities management alone was 50.9% of revenue. Sources: CBRE Group 10-K for FY2025 (SEC), JLL FY2025 results release (Feb 18, 2026), Cushman & Wakefield Ltd. 10-K for FY2025 (SEC), Colliers FY2025 results release (Feb 13, 2026), Newmark Group 10-K for FY2025 (SEC), Marcus & Millichap 10-K for FY2025 (SEC).

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Residential brokerages

+14.1%Median revenue growth, six filers
−0.4%Median net margin
83,060eXp agents at year-end, flat on the year
+19.4%Compass principal agents
−14.7%Douglas Elliman principal agents

Revenue grew at five of the six residential filers (RE/MAX was the exception, −5.2%), but only Douglas Elliman and RE/MAX reported net income. Agent counts moved in different directions: Compass grew principal agents 19.4% (Principal agents 21,190 vs 17,752 (+19.4%)), eXp was flat, and Douglas Elliman’s fell 14.7%. Transactions per agent ranged from about 3.0 at Fathom to 6.8 at Compass (derived: reported transactions ÷ reported agents). Real and RE/MAX combined in August 2026 and have not yet filed a combined annual report. Sources: Compass, Inc., Form 10-K for FY2025 (filed 2026-02-27), AGNT, Inc. (formerly eXp World Holdings), Form 10-K for FY2025 (filed 2026-02-24), Douglas Elliman Inc., Form 10-K for FY2025 (filed 2026-03-16), Fathom Holdings Inc., Form 10-K for FY2025 (filed 2026-03-30), The Real Brokerage Inc., Form 40-F for FY2025 (filed 2026-03-04), RE/MAX Holdings, Inc., Form 10-K for FY2025 (filed 2026-02-19), RE/MAX Holdings, Inc., Form 8-K, completion of mergers with Real REMAX Group (filed 2026-08-24).

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Property management

5,252,028Units managed by NMHC’s 2026 Top 50
+8.5%Change for the 49 firms with a prior-year figure (derived)
38 up, 11 downFirms whose count rose or fell
+54.7%Asset Living, the fastest grower in the top 10

On the 2026 list, units managed by the firms with a prior-year figure rose +8.5%, with 38 of 49 growing. Unit counts change when owners switch managers or firms combine, so this is growth of these firms’ books, not of the apartment stock. American Landmark has no prior-year figure on the list. Prior-year figures are the ones NMHC prints on the 2026 list, which can differ from the 2025 list. Single-family and HOA managers are not on NMHC’s lists; their sizes are self-reported or come from filings, so they are not added up here. Source: NMHC, 2026 Top 50 Managers.

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Homebuilders

230,225Homes closed by the five builders, latest fiscal year (derived sum)
−3.5%Median revenue growth
12.3%Median net margin
17.7% to 26.3%Range of home-sales gross margins

Four of the five builders reported lower revenue and all five lower net income. Toll Brothers was the exception on revenue (+1.1%). Gross margins show how much room each builder has for incentives such as rate buydowns: Lennar’s 17.7% sits at the low end and PulteGroup’s 26.3% at the high end. Fiscal years end between September and December 2025. Sources: D.R. Horton Form 10-K for fiscal 2025 (year ended Sep 30, 2025), Lennar Form 10-K for fiscal 2025 (year ended Nov 30, 2025), PulteGroup Form 10-K for 2025, NVR Form 10-K for 2025, Toll Brothers Form 10-K for fiscal 2025 (year ended Oct 31, 2025); prior-year revenue and net income from SEC XBRL company facts (listed under Sources).

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Investment managers and REITs

+6.9%Median revenue growth, eight scored firms
22.3%Median net margin
+35.6%Welltower, the fastest grower
$108.2BColliers investment management AUM at year-end, +9%

All eight scored REITs and managers grew revenue; Welltower’s +35.6% stands apart. Net margins run from Welltower’s 8.6% to Simon Property Group’s 72.7% (net income to common ÷ revenue). These are company results, not fund or share returns, and nothing here is investment advice. Sources: Blackstone Inc. Form 10-K for 2025, Welltower Form 10-K for 2025, American Tower Form 10-K for 2025, Equinix Form 10-K for 2025, Prologis Form 10-K for 2025, Simon Property Group Form 10-K for 2025, Realty Income Form 10-K for 2025, Public Storage Form 10-K for 2025, Colliers FY2025 results release (Feb 13, 2026).

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Lenders and title insurers

+17.8%Median revenue growth, six filers
4.4%Median net margin
32%FNF share of U.S. title insurance (ALTA, through Q3 2025)
No. 1Walker & Dunlop’s rank among Fannie Mae DUS lenders, 2025

Revenue rose at every lender and title insurer we score, from Fidelity National Financial’s 5.6% to Rocket’s 31.2% (Rocket’s includes acquisitions). Rocket was the only one with a net loss. Market positions here are measured by named third parties: ALTA for title, Inside Mortgage Finance for UWM’s 8.4% share of first-lien originations, and Fannie Mae for Walker & Dunlop. We do not quote rates. Sources: Rocket Companies Form 10-K for 2025, UWM Holdings Corporation Form 10-K for 2025, Walker & Dunlop Form 10-K for 2025, Fidelity National Financial Form 10-K for 2025, First American Financial Form 10-K for 2025, Stewart Information Services Form 10-K for 2025.

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Appraisal and valuation

$1.68BCombined valuation revenue of the three firms that report a dollar figure, +7.1% (derived)
+8.5%CBRE Valuation ($815M)
+22.9%Newmark Valuation and Advisory growth, no dollar figure given

Only three of the eight valuation businesses we profile report valuation revenue in dollars. Newmark gives a growth rate without a dollar figure and Colliers says valuation led its outsourcing growth; independent firms publish office counts. That gap is why most valuation profiles stay unscored. Sources: CBRE Group 10-K for FY2025 (SEC), Cushman & Wakefield Ltd. 10-K for FY2025 (SEC), JLL (Jones Lang LaSalle) Form 10-K for 2025, Newmark Group 10-K for FY2025 (SEC), Colliers FY2025 results release (Feb 13, 2026).

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Real estate law firms

6 of 9In Chambers’ Band 1 for nationwide real estate
3 of 9In Chambers’ Band 1 for REITs
6 of 9In Legal 500’s large-cap Tier 1
21Advisor roles named in the SEC-filed REIT deal releases we read

The two research guides agree on the top group for real estate but split on REITs: only Latham & Watkins is in the top tier of both Chambers’ REIT table and Legal 500’s large-cap real estate table. Goodwin, Latham and Skadden are the profiled firms in Chambers’ REIT Band 1. Law firms publish no comparable financials, so there are no growth or margin figures here. Not legal advice. Sources: Chambers USA 2026, Real Estate: USA Nationwide ranking table, Chambers USA 2026, REITs: USA Nationwide ranking table, The Legal 500 United States, Real estate: large cap ($500m+) firm rankings.

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Home services

+13.6%Frontdoor revenue growth (to $2.09B)
76%Share of Frontdoor revenue from renewals
41.4%First American Home Warranty claims provision, % of premiums, 2025 (46.4% in 2024)
$11.8MChoice Home Warranty Arizona consent judgment, Jan 2026

The two public warranty businesses both grew and both earned money: Frontdoor at a 12.2% net margin, First American Home Warranty at a 19.5% segment pretax margin. First American is the only one that shows how much of each premium goes back out as claims, and that share fell three years running (48.8%, 46.4%, 41.4%). The private seller we profile publishes no comparable figures; the public record we found for it is state attorney-general action. Sources: Frontdoor, Inc. Form 10-K for 2025, First American Financial Form 10-K for 2025, Arizona Attorney General, $11.8 million settlement with Choice Home Warranty (Feb 10, 2026).

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Marketing and listing portals

+6.9%Zillow Residential revenue growth (to $1.70B)
+10.5%Move (Realtor.com) revenue growth, fiscal 2026
$23MZillow Group net income, 2025, after a $112M loss in 2024
1 of 4Marketing agencies showing a starting price

Agent spending on the two largest portals kept growing: Zillow’s agent-facing Residential revenue rose +6.9% and Move’s +10.5%. Zillow Group as a whole reported net income for 2025. Private marketing agencies publish only self-reported figures, so none is scored. Siana Marketing, which operates this site and sells SEO and AI-search services, is excluded from every figure in this report. Sources: Zillow Group, Inc. Form 10-K for 2025, SEC XBRL company facts, Zillow Group (CIK 1617640): revenue and net income tagged in its fiscal 2025 10-K, read 2026-10-21, News Corp Form 10-K for fiscal 2026 (year ended June 30, 2026), Real Estate Webmasters, About.

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How to cite

Cite as:

Real Estate Industry Reviews. “2026 State of the Real Estate Industry.” Published 2026-10-21. https://www.realestate-reviews.net/reports/2026-state-of-real-estate

For a single figure, please cite the original source linked beside it (for example the company’s 10-K or NMHC’s list) and this report for any derived figure. Corrections: contact us.

Data download

Download the report data (CSV)

353 rows incl. header. Columns: table, category, entity, metric, value, unit, period, derived, formula, source, source_url. Tables T1–T9 match the sections above.

Sources

  1. CBRE Group 10-K for FY2025 (SEC) · accessed 2026-10-20
  2. SEC XBRL company facts, CBRE Group (CIK 1138118): revenue and net income tagged in its fiscal 2025 10-K, read 2026-10-21 · accessed 2026-10-20
  3. JLL FY2025 results release (Feb 18, 2026) · accessed 2026-10-20
  4. SEC XBRL company facts, JLL (CIK 1037976): revenue and net income tagged in its fiscal 2025 10-K, read 2026-10-21 · accessed 2026-10-20
  5. Cushman & Wakefield Ltd. 10-K for FY2025 (SEC) · accessed 2026-10-20
  6. SEC XBRL company facts, Cushman & Wakefield (CIK 1628369): revenue and net income tagged in its fiscal 2025 10-K, read 2026-10-21 · accessed 2026-10-20
  7. Colliers FY2025 results release (Feb 13, 2026) · accessed 2026-10-20
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Last verified 2026-10-21. Figures were re-read from the linked sources that day.

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