Coming off one of the best years in real estate history, several companies that capitalized on 2021’s tailwinds made their way onto the 2022 Fortune 500.
The list, released Monday, ranked companies by their revenues in their fiscal year of 2021, with a threshold of $6.4 billion—up 19% from the year prior. It was a strong-showing year for tech-focused real estate companies such as Zillow, Opendoor and Compass, which debuted on this year’s list.
“As the U.S. home market rocketed into the stratosphere in the wake of the pandemic, buyers and sellers flocked to these companies for real estate services,” says Fortune List Editor Scott DeCarlo. “The hottest real estate market the country has ever seen drove annual revenue up more than 70% for each of the Fortune 500 newcomers, Zillow, Opendoor and Compass.”
Zillow ranked 424th following a revenue boost from last year’s red-hot housing market. The tech giant reeled in roughly $8.15 billion last year, marking a 144% increase from 2020.
“The real winners will be the companies that not only thrived under the freakish circumstances of COVID but can flourish once the world opens back up,” wrote Fortune editor-in-chief Alyson Shontell in her foreword to the upcoming June/July issue of the magazine announcing the list.
A driving force for Zillow’s boost in revenue came from its iBuying operation. While the Seattle-based company nixed Zillow Offers late last year, the now-defunct business earned $5.9 billion for the company by the end of the year.
With the wind-down of Zillow Offers nearly complete, the company has set its sights on developing a “housing super app” that will help reduce the friction of finding and buying a home.
“We are excited about the opportunities in front of us as we work towards our vision of a housing super app, which will empower consumers to unlock life’s next chapter by delivering a seamless real estate experience into one ecosystem for all—whether they are buying, selling or renting,” a Zillow spokesperson wrote in a recent emailed statement to RISMedia.
IBuying powerhouse, Opendoor wasn’t far behind Zillow, taking the 425th spot after collecting $8.02 billion last year and beating analyst expectations, and capitalizing on the demise of Zillow Offers.
While Opendoor fell short of reaching profitability in its first year as a public holding, the San Francisco-based company managed to hit the market in the first three months of 2022.
According to Opendoor CFO Carrie Wheeler, the company’s debut on the Fortune 500 marks another prestigious milestone for the iBuyer as it looks to “modernize the real estate industry.”
“This recognition is a testament to the hard work and dedication of our team members over the years, and we thank them for always putting our customers first,” Wheeler said in a recent statement.
Compass is a newcomer on the list, marking a significant milestone in its first year as a public company. In an emailed statement, Compass Chairman, Founder and CEO Robert Reffkin gave credit to the company’s pool of agents.
“This honor validates our belief that empowering the country’s top agents with the industry’s most advanced technology platform is the best way to deliver an exceptional experience to every home buyer and seller. High-tech and high-touch,” he said.
The New York-based company ranked 495thfor earning $6.4 billion last year. It also joined Realogy—now Anywhere Real Estate—as one of two dedicated residential real estate firms featured.
While Realogy has been on the Fortune 500 for the past eight consecutive years, this year marks its best performance since its resurgence in 2014. The company had also been featured on the list in 2008 and 2009 when it was called Realogy Corporation.
Its performance in 2021 helped it climb to the 427th spot on the list—up 18 spaces since 2020. The company earned $7.9 billion last year.
“Our annual inclusion on this list demonstrates Realogy’s strategic and financial execution, including profitable growth, increased market share, a fortified balance sheet and robust free cash flow generation, all reflecting the powerful strength of our business,” wrote a company spokesperson in an email to RISMedia.
Other notable companies featured on this year’s fortune 500 were major lenders like Rocket Companies, which ranked 282 after tallying $13.1 billion in revenue last year.
Fannie Mae and Freddie Mac were also among the list’s top 100 companies ranking 33rd and 56th. Both government-sponsored enterprises tallied significant revenue last year, with Fannie earning $101.5 billion while Freddie earned $65.8 billion.