Approximately 1.2 million pocket listings were sold in the U.S. in 2024, with Texas and Florida leading the way. That represents nearly 30% of housing deals happening behind closed doors, based on 4.06 million total homes sold in 2024 according to NAR data. Quicken Loans
Of the 2.7 million transactions that met Zillow’s criteria for study inclusion, 96.67% were on-MLS listings and approximately 2% were “pocket listings,” with the remainder being off-MLS deals for homes that had previously been listed on the MLS. RealEstateNews.com
Financial Impact on Sellers
A Zillow study found that off-MLS sellers collectively left more than $1 billion on the table in 2023 and 2024, translating to a typical loss of $4,975 per home, with losses in some areas reaching as much as $30,000. RealEstateNews.com
A separate study by RealReports and the San Francisco Association of Realtors found that San Francisco homes listed publicly on the MLS sold for an average of $302,000 more than comparable off-market sales between 2022 and 2024 — an 18.6% price advantage — with analysis estimating sellers lost more than $750 million in potential value over that three-year period by selling privately. HousingWire
Fair Housing Concerns
The financial harm of private listings falls disproportionately on communities of color. In ZIP codes where most heads of households were Black, Hispanic, Asian American, or Native American, privately listed homes typically sold for 3.2% less than those listed on the MLS. Hispanic neighborhoods faced the highest impact, with off-MLS listings selling for 4% less — a difference of $13,730 per home. Apg-online
Notably, 74% of Hispanic sellers and 73% of Black sellers who worked with a real estate professional reported that their agent recommended listing on a private listing network, compared to just 24% of white sellers. Apg-online
Agent Steering Trends
A January survey found that nearly two-thirds (63%) of the 2,000 consumers polled said their agent encouraged them to list on a private listing network — up from just 18% five years ago. RealEstateNews.com
Private listing networks (PLNs)—properties marketed off the traditional Multiple Listing Service (MLS)—have surged recently, with brokerages like Compass noting nearly half their listings begin as private exclusives. However, data consistently shows private listings take longer to sell and fetch lower prices than homes with immediate MLS exposure.
Key Market Statistics
- Market Share: Off-MLS properties accounted for less than 4% of listings historically, but surged to roughly 8% in some regional markets, and to nearly 50% for specific large brokerages.
- Time on Market: Privately marketed homes spend nearly twice as long on the market (often 30+ days) compared to MLS listings, which typically go under contract in about 20 days.
- Price Differentials: Studies from Bright MLS show that pre-marketing a home privately provides no premium. In fact, due to reduced buyer competition, sellers often leave significant value on the table.
- Lost Equity by Demographic: Zillow research indicates Black and Hispanic sellers are recommended to list on PLNs at much higher rates (over 70%) than White sellers, leading to financial losses of up to 4% in majority-minority neighborhoods.
Consumer vs. Broker Perspectives
- Consumer Demand: A Zillow Research survey shows 84% of Americans believe early online exposure reaches more buyers, and most prefer their home to be seen by the broadest audience possible.
- Agent Tactics: Approximately 63% of sellers report their agents pushed them to list privately. However, 44% of consumers change their minds about wanting a private listing once they learn that off-MLS homes typically sell for less money.