Keeping a home off the public market may come at a price. A study of more than 10 million US residential transactions found that privately marketed homes generally sold for less than properties listed through a multiple listing service (MLS). Homes marketed as coming soon, meanwhile, tended to fetch higher prices.
The findings are attracting renewed attention as the industry debates private-listing access. On October 15, National Association of Hispanic Real Estate Professionals (NAHREP) CEO Gary Acosta raised concerns about how restricted inventory could affect first-time buyers and underserved communities, renewing questions about the financial trade-offs of limited exposure.
Private listings lag behind MLS sales
The Association of Real Estate License Law Officials (ARELLO) released its September 18 study examining transactions from January 2024 through June 2026. Private listings sold 1.26% below standard MLS listings in 2024 and 0.87% below in 2025. Coming-soon properties showed the opposite pattern, selling for 1.38% more in 2024 and 1.16% more in 2025. Their advantage reached 1.55% in the first half of 2026.
Lower-priced homes showed particularly pronounced differences. Private listings in the fifth through 35th price percentiles sold for a median $5,055 less than standard MLS listings, a 2.13% gap.
ARELLO compared sale prices against automated valuation estimates and used a statistical classification to identify likely off-MLS transactions. The results show an association, not proof that private marketing caused lower prices.
Private-listing volume also declined 2% between 2024 and 2025, while coming-soon activity increased 4%. In the first half of 2026, private listings fell another 3% year over year, while coming-soon listings rose 13%.
Price gaps raise questions about listing access
The study identified wider price differences in some communities. Private listings underperformed standard MLS listings by 0.88% in majority-white neighborhoods, compared with 2.21% in majority non-white neighborhoods and 3.33% in majority-Hispanic neighborhoods.
In an October 15 interview, Acosta warned that private inventory could limit opportunities for first-time buyers and communities already facing barriers to homeownership.
ARELLO cautioned that private networks are not inherently discriminatory, and its findings do not establish unlawful discrimination. Still, uneven listing access raises questions for regulators and industry leaders.
Sale timing presents another consideration. A separate Bright MLS analysis of more than 100,000 Mid-Atlantic transactions found that office-exclusive listings took a median 37 days to go under contract, compared with 20 days for MLS-first listings. Nearly 90% entered the broader MLS before selling.
What agents should review before listing privately
Not every study reaches the same conclusion. In a July company analysis, Compass reported a 4.6% sale-price premium for homes beginning as Private Exclusives or Coming Soon listings compared with similar Compass properties marketed directly through the MLS and public portals.
Compass combined two premarketing strategies that ARELLO evaluated separately. The differing methodologies complicate comparisons, as previously examined in The Close's coverage of private-listing research.
Agents must also follow local marketing requirements. Under the National Association of Realtors' Multiple Listing Options for Sellers policy, sellers may authorize office-exclusive listings that are filed with the MLS but withheld from broader distribution. Delayed-marketing listings remain accessible to MLS participants while public syndication is postponed, subject to local rules and signed seller disclosures.
Before recommending limited exposure, agents should review:
- Local MLS rules, marketing windows and required disclosures.
- Comparable sale prices, days to contract and private-to-MLS conversion rates.
- Seller privacy preferences and the potential trade-offs of narrower exposure.
- A documented timeline for reassessing the marketing strategy.
NAR's Clear Cooperation Policy generally requires participating brokers to submit publicly marketed listings to the MLS within one business day. The policy's implications have also surfaced in The Close's reporting on private-listing networks.
Private marketing may still suit sellers who prioritize discretion. Agents can help them weigh that preference against local sales evidence, explain the available options and document their decisions before choosing how the property reaches buyers.