Zillow Group Inc. (NASDAQ:Z) shares are trading higher Tuesday morning. The stock climbed over 6% following a product announcement.

This rally comes as the broader market also shows strength. The Nasdaq rose 0.74% while the S&P 500 gained 0.53% today.

Zillow Launches Zillow Preview Service

The primary catalyst is the launch of Zillow Preview. This new tool brings pre-market home listings into the open.

It makes “coming soon” listings publicly visible on Zillow and Trulia. Previously, many of these listings remained hidden in private brokerage networks. The service officially launches next month.

Several real estate giants have already joined the initiative. Partners include Keller Williams, REMAX, HomeServices of America, Side, and United Real Estate. These firms align with Zillow's push for market transparency.

“Zillow Preview shines a light on listings that might otherwise stay hidden,” said Zillow CEO Jeremy Wacksman. He noted that the tool gives buyers open access to inventory.

Benefits For Agents And Sellers

The service provides elevated placement in search results for preview listings. Agents can receive revenue participation if a connection results in a closed transaction.

Erik Carlson, CEO of REMAX, stated, “This is exactly what consumers want and deserve as they navigate one of life’s biggest transactions.”

Strategic Market Positioning

Zillow remains the most visited real estate marketplace in the U.S. It averages 235 million unique monthly users. The company aims to simplify the home journey amid a national housing shortage.

Z Stock Price Activity: Zillow Group shares were up 5.98% at $44.90 at the time of publication on Tuesday, according to Benzinga Pro data.

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