One month after withdrawing its bid for residential data company CoreLogic, commercial real estate data provider CoStar Group has agreed to agreement to acquire Homes.com, a division of Dominion Enterprises, for $156 million in cash.
Norfolk, Virginia-based Homes.com provides advertising and marketing services to residential brokers and agents based on listing feeds that cover more than 90% of all Multiple Listing Services (MLS) subscribers in the United States. Approximately 5 million people visit the Homes.com website each month to search nearly 1.8 million residential property listings, the company said.
“We are excited to welcome the homes.com team to the CoStar family,” said Andrew C. Florance, founder and chief executive officer of CoStar Group. “We believe that the acquisition of homes.com is highly complementary alongside Homesnap, the industry-leading workflow and marketing platform for residential real estate agents that we acquired in December last year. The combination of Homes.com’s online portal and consumer traffic with Homesnap’s powerful mobile tools and highly effective agent marketing solutions has the potential to create a differentiated service that uniquely focuses on selling a house faster and at a better price, rather than just trying to take agent fees.”
The transaction is expected to close in the first half of 2021, subject to customary closing conditions and regulatory review.
“The Homes.com team and I are looking forward to working with our new colleagues at CoStar,” said Dave Mele, president of Homes.com. “Together we will be dedicated to growing the Homes.com brand and building innovative solutions that expand the marketing options available to consumers and their agents.”