Key facts
- Private home listings sold for 0.62% more than expected in 2024 and 0.95% more in 2025, according to ARELLO.
- Listings sold via the MLS sold for 1.26% less than expected in 2024 and 0.87% less in 2025.
- Coming soon listings sold for 1.38% more than MLS listings in 2024 and 1.16% more in 2025.
- Private listings in urban markets sold for 1.54% less than standard MLS listings.
- The price gap between private and MLS listings is larger in majority non-white neighborhoods.
- The number of private listings has slightly declined since 2024, while coming soon listings have risen.
The Association of Real Estate License Law Officials’ (ARELLO) Law and Regulation Committee has released a white paper analyzing the price performance of private home listings compared to those sold through the Multiple Listing Service (MLS). The study, which examined over 10 million residential transactions from January 2024 through June 2026, utilized data from Zillow, MLS listing volumes, and HCPL-rate data.
ARELLO found that listings sold directly on the MLS performed better than expected, selling for 0.62% more than their expected price in 2024 and 0.95% more in 2025. In contrast, private listings sold for less, at 1.26% below expected prices in 2024 and 0.87% below in 2025. 'Coming soon' listings, however, outperformed both, selling for 1.38% more than MLS listings in 2024 and 1.16% more in 2025, a trend that continued into the first half of 2026 with a 1.55% premium.
The price differences were not uniform across all segments. For lower-priced listings (fifth to 35th percentile), private sales were $5,055 less than MLS sales and $9,212 less than 'coming soon' sales. At the high end (95th to 100th percentile), private listings sold for $3,473 less than MLS listings, while 'coming soon' listings fetched nearly $17,000 more.
Geographically, urban private listings sold for 1.54% less than MLS listings, with 'coming soon' listings commanding a 1.77% premium. Rural markets showed similar trends but on a smaller scale. The study also noted a slight decline in private listings since 2024, alongside a rise in 'coming soon' listings, which increased by 4% year-over-year from 2024 to 2025 and 13% annually for the year ending June 2026.
ARELLO stated its purpose was to identify differences and potential regulatory questions, not to take a stance on private listings. However, the paper highlighted that the structure of private listing networks may raise fair housing concerns. The price gap was found to be more pronounced in majority non-white neighborhoods, where private listings sold for a median of 2.21% less than MLS listings, compared to 0.88% less in majority white neighborhoods. In majority Hispanic neighborhoods, this difference widened to a median of 3.33% less. ARELLO cautioned that these differences indicate an association warranting further examination rather than establishing causation or unlawful discrimination.