eXp’s Q4 Earnings: Revenue Climbs While Agent Count Drops — What It Means for Real Estate

eXp Realty, one of the fastest-growing virtual brokerages in recent years, wrapped up 2024 with a Q4 earnings report that has the industry buzzing. Revenue climbed, losses shrank, but the company faced a notable dip in its agent count — signaling both challenges and opportunities ahead.

Let’s break down what this means for the real estate world and, more importantly, how it might impact buyers and sellers here in Orange County.

Revenue on the Rise, But Agent Count Dips

Between October and December 2024, eXp World Holdings — the parent company of eXp Realty — brought in $1.1 billion in revenue, a healthy increase from the $981 million reported during the same period in 2023. Even better? The company trimmed its Q4 losses down to $9.5 million, compared to $21 million in losses the year before.

But here’s where things get interesting: eXp’s agent count took a 5% hit, falling to 82,980 agents — a notable drop for a company previously known for rapid agent growth. This decline could reflect the challenges agents are facing in today’s shifting market, as well as increased competition among brokerages.

Despite the dip, eXp’s top performers are still thriving. In fact, “our top 10 U.S. agents closed over $100 million of transaction volume in December alone,” said eXp founder Glenn Sanford.

Annual Performance: A Bigger Picture

Looking at the full year, eXp’s total revenue hit $4.6 billion, a 7% increase over 2023. However, annual losses grew to $21.3 million, nearly doubling from the $9 million loss reported the year before.

On the transaction side, eXp saw 434,165 deals closed in 2024 — up 3% year-over-year — with a total volume of $185.2 billion (a 9% increase). In Q4 alone, the company handled 103,942 transactions, with a 17% boost in transaction volume.

This means that while fewer agents are on board, those who remain are staying productive and closing more deals.

A Shift Toward International Markets and Tech

So, where’s eXp headed next?

In the recent earnings call, Sanford highlighted the company’s growing focus on international expansion. Revenue from global markets grew by an impressive 63% in 2024 compared to the previous year, and eXp now has more agents operating outside North America than within it.

“Our international presence is a significant advantage,” Sanford noted, emphasizing the value of cross-border transactions and global growth.

eXp is also leaning into tech partnerships, giving agents access to popular third-party platforms like Canva instead of building in-house tools. This flexibility allows agents to customize their workflows and focus on what they do best — serving clients.

What This Means for Buyers and Sellers in Orange County and the Inland Empire

While eXp’s numbers may seem like insider news, they reveal key trends that impact buyers and sellers here in Southern California. The dip in agent count could mean less competition among agents, giving buyers and sellers more personalized attention.

The steady rise in transaction volume signals that deals are still happening, even in a shifting market. For buyers, it might be the perfect time to make a move while inventory remains competitive. For sellers, strong agent productivity and an increase in closed deals suggest that well-priced homes are still moving quickly.

The Bottom Line

The real estate market is always evolving — and eXp’s Q4 earnings show that even major players are adapting. Whether you're buying your dream home, selling a property, or just staying informed about market trends, it’s crucial to work with someone who understands the local landscape.

If you’re considering making a move to Orange County, let’s connect. I’m here to guide you through every step and help you make smart, confident decisions in today’s market.

Reference: Dalrymple, J. (2025, February 20). eXp Q4 earnings mixed as revenue ticks up but agent count falls. Inman.