New Morningstar Analyst Report for Zillow Group Inc

Zillow and Trulia rapidly disrupted the $8 billion U.S. real estate agent advertising market with consumer-focused innovation. Together, they command about 30% of real estate traffic on desktop computers and more on mobile devices. At the same time, the companies intensely fought each other to win the category outright, with neither gaining a commanding lead. The fight for consumers' attention led to elevated spending, and a strong direct rivalry that limited the pace at which real estate agent advertising could be monetized.