International commercial real estate group CoStar has announced intentions to purchase residential listing site Homes.com for $156 million cash.
Homes.com, a a division of Dominion Enterprises, has been providing buyers, sellers, renters, and home-value seekers with real estate information, as well as listings across the US and Canada, since 1999.
“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, via press release. “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 transaction is expected to close in the first half of 2021, subject to regulatory review. CoStar anticipates the acquisition of Homes.com will contribute $5-10 million in incremental revenue to CoStar Group in the second half of 2021.