Zillow's Chicago Listings Plummet by Thousands After MRED Data Feed Cut
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Zillow has lost approximately 43,000 home listings in Chicago and surrounding areas after Midwest Real Estate Data (MRED) cut off its data feed, reducing Zillow's local listings from around 43,000 to just 2,000. This follows the May 18 Reuters report of MRED's suspension of data feeds and represents a significant operational blow to Zillow's core platform in a major market. The dispute stems from Zillow's opposition to 'private listings' favored by MRED and Compass (COMP), leading Zillow to sue MRED and Compass for alleged collusion. This material loss of listings could impact Zillow's user engagement and competitive standing against rivals like Redfin and Realtor.com, which now display significantly more properties in the region. Traders should monitor the ongoing legal battle and Zillow's efforts to secure direct feeds from brokerages to mitigate the impact.
At the time of this announcement, Z was trading at $36.09 on NASDAQ in the Real Estate & Construction sector, with a market capitalization of approximately $8.3B. The 52-week trading range was $34.70 to $93.88. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.