A 20% spike in high-intent home shoppers signals pent-up demand
Engagement grew faster than home sales even as more homes were on the market than a year earlier.
Rhea-AI Summary
Zillow (Z, ZG) reported 4.8 engaged home shoppers per U.S. listing in the second quarter of 2026. An engaged shopper saved or shared a for-sale listing on Zillow. The per-listing figure rose 21.4% year over year, while home sales rose 4.5% over the same period.
Luxury listings had a median of eight engaged shoppers per listing, versus 2.7 for bottom-tier homes. Engagement for luxury listings grew 25.7% year over year, compared with 8.6% for bottom-tier homes. Listings with four or more bedrooms drew 6.6 engaged shoppers per listing, versus 3.5 for two-bedroom listings.
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News Explained
Zillow’s analysis reports 10.5 engaged shoppers per listing in Buffalo versus 2.2 in Houston, showing that the reported level of shopper competition differs by market.
Key Figures
- Engaged shoppers per listing
- 4.8 shoppers
- United States, spring 2026
- Engaged shopper growth
- 21.4% year over year
- United States, spring 2026
- Home sales growth
- 4.5%
- Same period as the spring 2026 shopper analysis
- Luxury engaged shoppers per listing
- 8 shoppers
- Spring 2026
- Bottom-tier engaged shoppers per listing
- 2.7 shoppers
- Spring 2026
- Luxury engagement growth
- 25.7% year over year
- Spring 2026
- Bottom-tier engagement growth
- 8.6% year over year
- Spring 2026
Historical Context
-
August U.S. home sales fell 0.6% year over year amid mortgage rates above 6.5%
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Nearly 5 engaged home shoppers are competing for every listing, but affordability headwinds are weighing on sales
- Engaged home shoppers — Zillow users who save or share a for-sale listing — were up
21% year over year this past spring, at 4.8 shoppers per listing nationally. Buffalo ,Providence andHartford had the most engaged shoppers per listing;Houston ,Miami andSan Antonio had the fewest.- Higher-priced and larger homes are attracting disproportionately more engaged shoppers.
Despite the surge, home sales told a more modest story, rising just
This analysis captures the second quarter of 2026, the height of the home shopping season. Heading into it, mortgage rates held at or below
"This past spring gave us a window into what demand looks like when conditions are even modestly more favorable," said Kara Ng, Zillow senior economist. "With borrowing costs moving back up and economic uncertainty weighing on household decisions, that gap between intent and action has only grown. There is a lot of pent-up demand sitting on the sidelines, and the right conditions could open the floodgates."
Where competition is fiercest — and where engaged home shoppers have the upper hand
That pent-up demand isn't spread evenly. In some Northeast markets, where years of underbuilding have kept inventory tight, engaged home shoppers are competing 10 to 1 for every home. In parts of the Sun Belt, the ratio barely clears 2 to 1.
Five most competitive markets:
Buffalo, New York — 10.5 engaged shoppers per listingProvidence, Rhode Island — 9.5Hartford, Connecticut — 8.5San Francisco, California — 7.6Cleveland, Ohio — 7.3
When more engaged home shoppers are chasing fewer listings, competition becomes fierce and negotiating power shrinks. Home shoppers in these markets should know their purchasing power and be ready to act fast when the right listing appears. Zillow Home Loans' BuyAbility℠ tool gives home shoppers a personalized, real-time estimate of what they can afford as borrowing costs fluctuate.
Five least competitive markets:
Houston, Texas — 2.2 engaged shoppers per listingMiami, Florida — 2.4San Antonio, Texas — 2.9Las Vegas, Nevada — 3.4Austin, Texas — 3.4
Sun Belt markets dominate the least competitive list, where a much-needed wave of new inventory has cooled competition and given buyers the upper hand. Sellers in these markets are competing harder for attention. Pricing right from the start and maximizing listing visibility are key to standing out.
Pricier, bigger homes are attracting the most engaged home shoppers
Engaged shopper activity reflects the K-shaped housing market Zillow has been tracking across the for-sale market. Luxury listings2 had a median of eight engaged home shoppers per listing this past spring, nearly three times the 2.7 per listing seen for bottom-tier homes. More tellingly, engagement for luxury homes grew
The same pattern holds according to home size. Listings with four or more bedrooms attracted 6.6 engaged home shoppers per listing, nearly double the 3.5 seen for two-bedroom homes, and posted stronger year-over-year growth as well. For now, higher-end home shoppers tend to have more financial flexibility to navigate today's borrowing costs and economic uncertainty, and they are stepping into the market accordingly.
|
Metro Area* |
Engaged Shoppers per Listing |
Engaged Shoppers Growth, Year over Year |
|
|
4.8 |
21.4 % |
|
|
6.6 |
20.6 % |
|
|
6.1 |
14.9 % |
|
|
5.7 |
16.8 % |
|
|
4.0 |
23.2 % |
|
|
2.2 |
8.2 % |
|
|
4.6 |
8.4 % |
|
|
6.4 |
17.7 % |
|
|
2.4 |
34.5 % |
|
|
4.7 |
16.9 % |
|
|
7.0 |
16.6 % |
|
|
3.8 |
19.8 % |
|
|
7.6 |
30.0 % |
|
|
4.7 |
24.4 % |
|
|
6.4 |
13.8 % |
|
|
4.9 |
0.2 % |
|
|
4.8 |
9.6 % |
|
|
6.8 |
16.3 % |
|
|
4.3 |
32.3 % |
|
|
4.6 |
18.7 % |
|
|
4.6 |
10.4 % |
|
|
5.9 |
20.2 % |
|
|
4.0 |
27.6 % |
|
|
4.8 |
12.1 % |
|
|
2.9 |
14.4 % |
|
|
5.9 |
17.9 % |
|
|
6.4 |
22.2 % |
|
|
7.3 |
19.8 % |
|
|
6.1 |
14.8 % |
|
|
3.4 |
20.7 % |
|
|
3.4 |
13.6 % |
|
|
5.4 |
5.5 % |
|
|
5.1 |
17.1 % |
|
|
5.7 |
15.5 % |
|
|
7.3 |
20.3 % |
|
|
6.1 |
16.5 % |
|
|
4.0 |
10.6 % |
|
|
5.6 |
17.8 % |
|
|
9.5 |
26.1 % |
|
|
4.8 |
42.9 % |
|
|
4.7 |
-0.9 % |
|
|
4.3 |
16.6 % |
|
|
5.6 |
15.9 % |
|
|
3.5 |
14.9 % |
|
|
6.7 |
17.2 % |
|
|
5.5 |
15.0 % |
|
|
3.6 |
29.2 % |
|
|
3.9 |
14.1 % |
|
|
8.5 |
23.8 % |
|
|
10.5 |
9.5 % |
|
|
3.9 |
15.8 % |
|
|
|
*Table ordered by market size |
About Zillow Group:
Zillow Group, Inc. (Nasdaq: Z and ZG) is reimagining real estate to make home a reality for more and more people.
As the most visited real estate app and website in the United States, Zillow connects hundreds of millions of consumers with innovative technology, trusted agents and loan officers, and seamless digital solutions. With industry-leading tools and resources, Zillow supercharges real estate professionals so they can grow their businesses and deliver exceptional client experiences. For renters and housing providers, Zillow offers not only a robust marketplace but a set of end-to-end products and services to streamline applications, leases, payments and more.
Zillow's ecosystem spans the entire home journey — from dreaming and shopping to renting, buying, selling and financing.
Zillow Group's affiliates, subsidiaries and brands include Zillow®, Zillow Premier Agent®, Zillow Home Loans®, Zillow Rentals®, Zillow® New Construction, Trulia®, StreetEasy®, Out East®, HotPads®, Follow Up Boss®, ShowingTime®, dotloop® and Zillow® Closing.
All marks herein are owned by MFTB Holdco, Inc., a Zillow affiliate. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org). © 2026 MFTB Holdco, Inc., a Zillow affiliate.
(ZFIN)
1 Engaged shoppers per listing reflects Q2 2026 data. An engaged shopper is defined as a Zillow user who saved or shared a for-sale listing. Updated definition excludes agent activity.
2 Zillow defines price tiers for this analysis as follows: Bottom-tier homes are those in the 5th to 35th percentile of home values in a given region, and luxury homes are those in the top
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SOURCE Zillow
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
Which markets had the most and fewest engaged shoppers per listing in Zillow's spring 2026 analysis?
Buffalo had the most, at 10.5 engaged shoppers per listing, followed by Providence at 9.5 and Hartford at 8.5. Houston had the fewest, at 2.2, followed by Miami at 2.4 and San Antonio at 2.9.
Why did home sales lag shopper engagement in Zillow's second-quarter 2026 analysis?
Zillow attributes the gap to elevated mortgage rates and affordability pressures that are keeping would-be buyers on the sidelines. The company expects a weaker-than-anticipated close to the year after conditions tightened following the spring shopping season.