Transparency

Listing Transparency in Real Estate

Our Fair Market is at Risk

Homeownership has long been the foundation of the American Dream — and here at Zillow, we work every day to help more people get home with speed, affordability, and ease. That starts with transparency: the foundation of a fair, open, and competitive real estate market. Buyers and sellers should have access to the full picture. That means all available listings, clear information, and equal opportunity to participate. But a growing trend in the industry threatens that promise.

Private Listings Close Doors

Private listing networks — also known as “pocket listings” or “closed listing networks” — keep homes off the public market and behind closed doors, limiting visibility, reducing competition, and distorting prices. On the rare occasion a seller has a legitimate reason to keep their listing fully private — whether for privacy, safety or another personal reason — we support that. But by and large, these practices benefit a few large brokerages while increasing costs for sellers and limiting access for buyers.

When Listings Are Hidden, Consumers Lose

Sellers Lose

A 2024 CRMLS study found that homes kept off the MLS:

Spent 20-22 more days on the market
Sold for an average of $30,000 less

Zillow’s own analysis shows that off-MLS sellers have lost more than $1 billion in the last two years alone. And the harm falls hardest on communities of color:

Homes in majority Hispanic neighborhoods sold for 4% less off-MLS
Homes in majority Black neighborhoods sold for 3.1% less

These practices reduce transparency, restrict opportunity, and reinforce disparities.

Buyers Lose

So Why Is This Happening?

A Broad Coalition Is Advocating for Listing Transparency

From consumer and civil rights organizations to real estate brokerages, many voices are coming together to call out the harms of hidden listings and push for transparency in the market.

We encourage all brokers to support Zillow’s efforts to maintain the transparency of real estate markets and prevent their balkanization.
Stephen Brobeck
Consumer Policy Center
The fact that major real estate players are actively undermining open access… underscores the urgent need for formalizing these principles beyond the scope of any single industry organization or platform.
NAHREP
A fair housing market should be just that: fair. No one should be locked out of opportunities simply because they aren’t part of an exclusive club or don’t have the right connections.
Michael Chavarria
HOPE Fair Housing Center