eXp Realty announced its third quarter financial results for 2024. Third quarter revenue grew by 2% to $1.2 billion, driven by increased home sales prices and agent productivity. Third quarter adjusted EBITDA was $23.9 million, a 15% increase from the same period of 2023, which the company attributes to improved business efficiencies, reduced costs and higher revenues and gross profit.
Agents and brokers on the eXp Realty platform declined 4% year-over-year as the company streamlined its roster to off-board less productive agents. Transaction volume increased for the company by 5% to $50.8 billion.
“In the third quarter, we increased our margins and profitability, despite a continued challenging market, demonstrating the strength and sustainability of our business model,” stated Kent Cheng, eXp World Holdings Principal Financial Officer and Chief Accounting Officer. “Simultaneously, we are committed to investing in our agents by hosting inspiring events like eXpcon in the fourth quarter and continuing to lead the industry in agent technology innovations.”
The company ended the quarter with cash and cash equivalents of $130.4 million, compared to $120.4 million in the same quarter of 2023.
“This is an exciting and pivotal time for eXp agents worldwide,” said Glenn Sanford, eXp World Holdings Founder, Chairman and CEO. “We continue to operate the most innovative, agent-centric real estate brokerage on the planet, improving the agent value proposition by leveraging technology like generative AI to help eXp agents and employees work faster, better and smarter. Our competitive value proposition and continued strong agent NPS score indicate we are well-positioned for success as the market begins to turn. Worldwide, we continue to unlock the international opportunities by supporting tools like HomeHunter.global and our expected upcoming expansion of the eXp Realty model into Türkiye, Peru, and Egypt markets that we announced at eXpcon last week.”
