By choosing to list their homes privately, home sellers in 2023 and 2024 forwent a collective $1 billion collectively, according to new research from Zillow.

While home sellers who opted out of using an MLS generally missed out, typically forgoing around $5,000 each, the choice disproportionately affected communities of color.

The revelation comes amid controversy over NAR’s decision to continue its Clear Cooperation Policy, a practice that requires homes to be listed on an MLS within one day of being put on the market.

NAR says its decision aims to protect consumers by promoting fair access to homes on the market, while critics pointed out the policy might create barriers to competition.

Zillow’s research, however, uncovered a separate effect connected to non-MLS listings: lower selling prices.

In ZIP codes where most heads of households were Black, Hispanic, Asian American and Pacific Islander or Native American, privately listed homes typically sold for 3.2% less than those listed on the MLS. White neighborhoods saw a 1.2% loss.

Credit: Zillow

Many Black and Hispanic home sellers were discouraged to use the MLS by their real estate agents, Zillow found.

Seventy-four percent 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. For white sellers, the percentage was just 24%.

“These off-market listings not only harm sellers, but they limit exposure to potential buyers, possibly deepening inequities that have long existed in real estate,” said Zillow Senior Economist Orphe Divounguy. “We must maintain transparency in the housing market so we don’t go back to the dark ages of real estate.”

Ford Realty is offering Off-,MLS listings for sellers 1% Beacon Hill condo listings for sale and 2% for all other downtown Boston neighborhoods

Peace be with you

Updated: Boston Real Estate Blog 2025