Z → $35.00 by Dec 25, 2026.

Zillow is down 86% from the 2021 peak (when it was significantly overvalued) and down 57% this year. Here's my thesis on why it is undervalued. 1. Its model is changing. It used to be advertising-first, where the buyers would be connected with the sellers who paid the most. Now, it's connecting the buyers with the agents it thinks are the best, without any upfront payment, but taking a % as a referral fee. Choosing the best agents leads to …