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Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Schedule of Notional Amounts of Outstanding Derivative Positions We review our commitment-to-closing ratio ("pull-through rate") as part of an estimate of the number of mortgage loans that will fund according to the IRLCs.
December 31,
Notional Amounts20222021
Forward sales commitments$301,548 $70,550 
IRLCs210,787 67,485 
Derivative Instruments, Gain (Loss)
The locations and amounts of gains (losses) recognized in revenue related to our derivatives are as follows:
Year Ended December 31,
InstrumentClassification202220212020
Forward sales commitmentsService revenue$(11,336)$518 $(184)
IRLCsService revenue(4,184)(641)1,342 
Schedule of Assets, Liabilities, and Equity Measured at Fair Value on a Recurring Basis
A summary of assets and liabilities related to our financial instruments, measured at fair value on a recurring basis and as reflected on our consolidated balance sheets, is set forth below:
Balance at December 31, 2022
Quoted Prices in Active Markets for Identical Assets
(Level 1)		Significant
Other Observable Inputs
(Level 2)		Significant
Unobservable Inputs
(Level 3)
Assets
Cash equivalents
Money market funds$186,410 $186,410 $— $— 
Total cash equivalents186,410 186,410 — — 
Short-term investments
U.S. treasury securities96,925 96,925 — — 
Agency bonds25,334 25,334 — — 
Total short-term investments122,259 122,259 — — 
Loans held for sale199,604 — 199,604 — 
Other current assets
Forward sales commitments1,669 — 1,669 — 
IRLCs2,338 — — 2,338 
Total other current assets4,007 — 1,669 2,338 
Mortgage servicing rights, at fair value36,261 — — 36,261 
Long-term investments
U.S. treasury securities29,480 29,480 — — 
Total assets$578,021 $338,149 $201,273 $38,599 
Liabilities
Accrued and other liabilities
Forward sales commitments$1,873 $— $1,873 $— 
IRLCs1,041 — — 1,041 
Total liabilities$2,914 $— $1,873 $1,041 
Balance at December 31, 2021
Quoted Prices in Active Markets for Identical Assets
(Level 1)		Significant
Other Observable Inputs
(Level 2)		Significant
Unobservable Inputs
(Level 3)
Assets
Cash equivalents
        Money market funds$509,971 $509,971 $— $— 
Total cash equivalents509,971 509,971 — — 
Short-term investments
   U.S. treasury securities16,718 16,718 — — 
Agency bonds11,906 11,906 — — 
Equity securities5,113 5,113 — — 
Loans held for sale35,759 — 35,759 — 
Prepaid expenses and other current assets
Forward sales commitments138 — 138 — 
IRLCs1,191 — — 1,191 
Total prepaid expenses and other current assets1,329 — 138 1,191 
Long-term investments
   U.S. treasury securities54,828 54,828 — — 
Total assets$635,624 $598,536 $35,897 $1,191 
Liabilities
Accrued and other liabilities
Forward sales commitments$93 $— $93 $— 
IRLCs60 — — 60 
Total liabilities$153 $— $93 $60 
Fair Value Measurement Inputs and Valuation Techniques
The following is a quantitative summary of key unobservable inputs used in the valuation of IRLCs:
December 31, 2022December 31, 2021
Key InputsValuation TechniqueRangeWeighted-AverageRangeWeighted-Average
IRLCs
Pull-through rate
Market pricing
62.0% - 100.0%
91.0%71.1%71.1%
MSRs
Prepayment speedDiscounted cash flow
6.0% - 14.4%
6.6%N/AN/A
Default ratesDiscounted cash flow
0.0% - 0.5%
0.1%N/AN/A
Discount rateDiscounted cash flow
9.5% - 12.4%
9.6%N/AN/A
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
The following is a summary of changes in the fair value of IRLCs:
Year Ended December 31,
202220212020
Balance, net—beginning of period$1,131 $1,771 $438 
IRLCs acquired in business combination4,326 — — 
Issuances of IRLCs51,453 18,415 18,090 
Settlements of IRLCs(54,784)(18,827)(16,986)
Fair value changes recognized in earnings(829)(228)229 
Balance, net—end of period$1,297 $1,131 $1,771 
The following is a summary of changes in the fair value of MSRs:
Year Ended December 31,
202220212020
Balance—beginning of period$— $— $— 
MSRs acquired in business combination33,982 — — 
MSRs originated3,140 — — 
MSRs sales(1,662)— — 
Fair value changes recognized in earnings801 — — 
Balance, net—end of period$36,261 $— $— 
Schedule of Long-term Debt Instruments
The following table presents the carrying amounts and estimated fair values of our convertible senior notes that are not recorded at fair value on our consolidated balance sheets:
December 31, 2022December 31, 2021
IssuanceNet Carrying Amount Estimated Fair ValueNet Carrying AmountEstimated Fair Value
2023 notes$23,431 $22,147 $23,280 $34,487 
2025 notes512,683 309,292 650,783 593,366 
2027 notes565,474 267,398 563,234 467,814 
The following table summarizes borrowings under these facilities as of the periods presented:
December 31, 2022December 31, 2021
LenderBorrowing CapacityOutstanding BorrowingsWeighted-Average Interest Rate on Outstanding BorrowingsBorrowing CapacityOutstanding BorrowingsWeighted-Average Interest Rate on Outstanding Borrowings
Western Alliance BankN/AN/AN/A$50,000 $17,089 3.00 %
Texas Capital Bank, N.A.N/AN/AN/A40,000 11,852 3.01 
Flagstar Bank, FSBN/AN/AN/A25,000 4,102 3.00 
City National Bank75,000 27,288 5.89 %N/AN/AN/A
Comerica Bank75,000 26,526 6.36 %N/AN/AN/A
Origin Bank75,000 23,739 5.98 %N/AN/AN/A
M&T Bank50,000 19,126 6.45 %N/AN/AN/A
Prosperity Bank100,000 35,856 6.18 %N/AN/AN/A
Republic Bank & Trust Company75,000 26,636 5.81 %N/AN/AN/A
Wells Fargo Bank, N.A.100,000 31,338 6.41 %N/AN/AN/A
Total$550,000 $190,509 $115,000 $33,043 
The following table summarizes borrowings under this facility as of the period presented:
December 31, 2022December 31, 2021
LenderBorrowing CapacityOutstanding BorrowingsWeighted-Average Interest Rate on Outstanding BorrowingsBorrowing CapacityOutstanding BorrowingsWeighted-Average Interest Rate on Outstanding Borrowings
Goldman Sachs Bank USA$— $— — %$200,000 $199,781 3.30 %
The following table summarizes the debt issuance costs amortized and interest expense recognized in relation to our RedfinNow Borrower facility:
Year Ended December 31,
202220212020
Debt issuance costs$996 $324 $619 
Interest expense7,863 3,946 643 
Marketable Securities
The cost or amortized cost, gross unrealized gains and losses, and estimated fair market value of our cash, money market funds, restricted cash, available-for-sale investments, and equity securities were as follows:
December 31, 2022
Fair Value HierarchyCost or Amortized CostUnrealized GainsUnrealized LossesEstimated Fair ValueCash, Cash Equivalents, Restricted CashShort-term InvestmentsLong-term Investments
CashN/A$53,430 $— $— $53,430 $53,430 $— $— 
Money markets fundsLevel 1186,410 — — 186,410 186,410 — — 
Restricted cashN/A2,406 — — 2,406 2,406 — — 
U.S. treasury securitiesLevel 1127,130 28 (753)126,405 — 96,925 29,480 
Agency bondsLevel 125,339 — (5)25,334 — 25,334 — 
Total$394,715 $28 $(758)$393,985 $242,246 $122,259 $29,480 
December 31, 2021
Fair Value HierarchyCost or Amortized CostUnrealized GainsUnrealized LossesEstimated Fair ValueCash, Cash Equivalents, Restricted CashShort-term InvestmentsLong-term Investments
CashN/A$81,032 $— $— $81,032 $81,032 $— $— 
Money markets fundsLevel 1509,971 — — 509,971 509,971 — — 
Restricted cashN/A127,278 — — 127,278 127,278 — — 
U.S. treasury securitiesLevel 171,749 1 (204)71,546 — 16,718 54,828 
Agency bondsLevel 111,900 6 — 11,906 — 11,906 — 
Equity securitiesLevel 1500 4,613 — 5,113 — 5,113 — 
Total$802,430 $4,620 $(204)$806,846 $718,281 $33,737 $54,828