The U.S. real estate market is valued at $ 119.80 trillion in 2024 and is expected to grow at a rate of 4.51% over the following years. The real estate industry’s adoption of cloud-based technologies, IoT, real-time data analytics, AI, and ML technologies is a crucial factor determining its future. From the very beginning, the U.S. has been at the forefront of this revolution and currently holds a 27.6% share of the global PropTech market.
SUMMARY
– The U.S. real estate market is valued at $ 119.80 trillion in 2024 and is expected to grow at a rate of 4.51% over the following years.Â
– The U.S. currently holds a 27.6% share of the global PropTech market.Â
– PropTech companies in the U.S. are actively developing cross-functional online real estate brokerage platforms, vacation home co-ownership models, direct-to-consumer home insurance products, rental management apps, workplace analytics, and more.Â
– This exclusive list by PropTechBuzz media features HomeLight, Opendoor, Pacaso, Kin Insurance, Redfin, RentRedi, VergeSense, eXp Realty, HouseCanary, and Compass.Â
Founder: Drew Uher
Founding year: 2012
Headquarters: Scottsdale, AZ
Valuation: $ 1.7 billion
Revenue: $ 300 million (2021)
Investors: Zeev Ventures, Menlo Ventures, Group 11, Crosslink Capital, Bullpen Capital, Montage Ventures, Citi Ventures, Google Ventures, and others
HomeLight is conceived as a single platform serving everyone’s needs, be it buyers, sellers, agents, or lenders. The platform utilizes data-backed algorithms to discover the best agents, residential property listings, and financing options across major cities in the U.S. Clients, agents, and lenders can successfully close deals on the platform and find alternatives like all-cash offers and buy-before-you-sell options.
Founders: Eric Wu, Keith Rabois, Justin Ross, and Ian Wong
Founding year: 2014
Headquarters: San Francisco, California
Valuation: $ 3.8 billionÂ
Revenue: $ 6.9 billion (2023)
Investors: General Atlantic, Hawk Equity, SoftBank Vision Fund, Access Technology Ventures, Lennar Corporation, Fifth Wall Ventures, SV Angel, Norwest Venture Partners, NEA, GGV Capital, Khosla Ventures, and GV
Opendoor has redefined the way residential properties are bought and sold. This innovative PropTech brokerage offers direct cash deals to sellers or the option to list their property in their online marketplace. Buying property directly from Opendoor saves buyers from the hassle of bidding. The digital-first platform uses cutting-edge pricing technology, virtual tours, and online documentation to close deals quickly and efficiently.
Founders: Austin Allison and Spencer Rascoff
Founding year: 2020
Headquarters: San Francisco, California
Valuation: $ 1.5 billion
Revenue: Over $ 1 billion (cumulative revenue in 2023)
Investors: SoftBank Vision, FifthWall, Gaingels, Greycroft, Maveron, Crosscut Ventures, 75 & Sunny Ventures, and Global Founders Capital
Pacaso gives you the chance to co-own luxury homes in the most popular destinations across the U.S. You can buy one-fourth or one-eighth of the property, sharing costs and access with fellow co-owners. With smart amenities and a dedicated home management team, Pacaso properties are fully taken care of and can be booked with the exclusive owner app. Clients can avail of attractive financing options and can sell their property anytime.
Founders: Sean Harper, Lucas Ward, and Sebastian Villarreal
Founding year: 2016
Headquarters: Chicago, IL
Valuation: Over $1 billion
Revenue: $ 104.5 million (2023)
Investors: Activate Capital, Commerce Ventures, Omidyar Network, 500 Startups, Chicago Ventures, Portag3 Ventures, QED Investors, Geodesic Capital, Allegis Capital, HSCM Bermuda, Alpha Edison, and othersÂ
Kin Insurance is a game-changer in the direct-to-consumer home insurance market. The cutting-edge FinTech start-up offers affordable insurance policies and provides coverage even in areas prone to natural disasters. Kin Insurance’s success lies in its innovative reciprocal model which means the policyholders own a part of the company.
Founders: David Eraker, Michael Dougherty, and David Selinger
Founding year: 2004
Headquarters: Seattle, Washington
Valuation: $ 1.68 billion (enterprise value)
Revenue: $ 988.07 million (ttm)
Investors: Greylock, DFJ, Durable Partners, Glynn Capital, Wellington, Annox Capital, Brothers Brook, Tiger Global Management, and others
Redfin Corporation is a publicly-listed online brokerage, specializing in residential property sales and rentals, insurance, and mortgage services across the U.S. and Canada. The company also utilizes advanced data analytics to offer listing information, sales management, and marketing services to the real estate industry.
Founders: Ryan Barone and Edward Barone
Founding year: 2016
Headquarters: New York, NY
Valuation: Over $ 17 million (total funding)
Revenue: $ 3.6 million (2024)Â
Investors: K1, TIA Ventures, Tribeca Early Stage Partners, and RiverPark Ventures
RentRedi is one of the fastest-growing PropTech start-ups in the U.S. The company’s flagship offering is a cross-functional rental management app designed to improve landowner-tenant relations. Handling rent payments, maintenance requests, tenant screenings, financial accounts, and listings on a single dashboard has made property management effortless for landowners.
Founders: Dan Ryan and Kelby GreenÂ
Founding year: 2017
Headquarters: San Francisco, California
Valuation: $ 100 million – $ 500 million
Investors: Scale Venture Partners, MetaProp NYC, Tola Capital, Allegion, Y Combinator, JLL Technologies, Bolt Ventures, and others
VergeSense is a leading workplace analytics company that uses AI to track and analyze real-time data based on user behavior. Their flagship Occupancy Intelligence Platform can be integrated with existing workspace technologies to generate actionable insights to optimize cost and utility in commercial properties.
Founder: Glenn Sanford
Founding year: 2009
Headquarters: Bellingham, Washington
Valuation: $ 1.6 billion (enterprise value)
Revenue: $ 4.38 billionÂ
eXp Realty is one of the world’s first real estate cloud brokerage. Property buyers and sellers can find the best agents and partners from their extensive online network. The eXp Realty platform matches clients with local experts for a truly hassle-free real estate experience.
Founders: Jeremy Sicklick and Chris Stroud
Founding year: 2013
Headquarters: San Francisco, California
Valuation: $ 129 million (total funding)
Revenue: $10 million – $ 50 millionÂ
Investors: Hillspire, Morpheus Ventures, Alpha Edison, PSP Partners, Raven Ventures, Europlay Capital Advisors, Basepoint Ventures, Raven Ventures, Bryant Stibel, and others
HouseCanary, Inc. is a pioneering data analytics provider and online real estate brokerage. Their AI-led platform utilizes cutting-edge ML algorithms and advanced technologies like image recognition to generate accurate valuations and forecasts. HouseCanary is trusted by leading real estate investors, financial institutions, and consumers for making insightful property decisions.
Founders: Robert Reffkin and Ori Allon
Founding year: 2012
Headquarters: New York, NY
Valuation: $ 2.16 billion (enterprise value)
Revenue: $ 4.98 billionÂ
Compass is a prominent U.S. brokerage that deploys technology to unlock the maximum value in real estate. Buyers, sellers, and agents can connect on the Compass platform which doubles up as a data powerhouse providing credible information on pricing, trends, and other useful criteria to drive sales.
A large number of PropTech innovations and enterprises make the U.S. a market leader in this sector. PropTech and FinTech companies in the U.S. have introduced ground-breaking products and services in a vast cross-section of the real estate industry. PropTech initiatives in the fields of online brokerage, property management, rental management, co-ownership models, direct-to-consumer home insurance, workplace analytics, etc. have attracted billions of dollars in funding.Â
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By Proptechbuzz
By Ravi Kumar
