On average, a listing on the multiple listing service yielded a 17% premium in sales price over similar properties sold off-MLS independent of other variables. For a typical home, this resulted in a $55,250 increase in sales price. This study is consistent with studies conducted in other markets as well.
It makes sense that a property promoted by hundreds of IDX feeds enabled by the Multiple Listing Service, plus the exposure to the most qualified network of industry professionals in the local MLS region would generate the most buyer interest. NNRMLS, like many MLSs, also provides several tools that help promote momentum for listings. From the prospecting tools in MLS systems and public records software, to the listing exposure and lead gen tools like national sites like Homesnap, REALTOR.com etc. and MLS-sponsored property search sites like NNRMLS.com, as well as showing systems, CRM tools and a whole lot more, MLSs are undoubtedly THE BEST dollar for dollar marketing network available to REALTORS(R). Consumers that work with REALTORS(R) benefit from the myriad of marketing systems available through their MLS.
The results found by NNRMLS are not isolated to just the Northern Nevada area. Bright MLS, which covers several states in the Mid-Atlantic region, revealed similar results as well. The Bright MLS On MLS studies conducted from 2019 to 2022 revealed that 83.4% of all home sales transactions took place on-MLS and sold for an average of 13.0% more than comparable homes sold off-MLS, amounting to an additional $45,741 to the seller for the typical home sold on the MLS over that period.
In 2021, on-MLS homes sold for an average of 14.8% more than off-MLS properties, a $55,779 premium.
As the market cools, the advantage of the open marketplace continues to increase with on-MLS properties selling for 19.7% more, on average, than off-MLS properties during the first quarter of 2022.
Both of these studies underline the value of an organized system that maximizes exposure of a listing to thousands of real estate professionals. MLSs also enable national exposure enabling millions of consumers and over 1 million real estate professionals to view properties.
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Multiple Listing Service Benefited Sellers, Study Finds
Northern Nevada Regional MLS Releases Independent Sales Price Impact Study Showing Homes Listed on NNRMLS Commanded Premium Sales Price
Reno, Nev. – The Northern Nevada Regional Multiple Listing Service (NNRMLS) teamed up with data analytics firm, Naniik, to conduct a Sales Price Impact Study showing the Power of the MLS. The study found a benefit for sellers who listed their properties with a REALTOR® on NNRMLS. On average, a listing on the multiple listing service yielded a 17% premium in sales price over similar properties sold off-MLS independent of other variables. For a typical home, this resulted in a $55,250 increase in sales price.
“This independent study reveals that properties listed on NNRMLS with the assistance of a REALTOR® received more than comparable off-MLS listings,” said NNRMLS CEO George Pickard. “These findings emphasize the value multiple listing service marketplaces deliver to sellers, and I commend our REALTOR® members for leveraging the power of the MLS to serve their clients.”
The study analyzed transaction data from six Northern Nevada counties over a 7.5-year period from 2015-2022, controlling for property and neighborhood characteristics. Key variables impacting sales price included the year sold, square footage, lot size, median income of the zip code, and whether the property was listed on the NNRMLS.
“Months of data acquisition, cleanup, and analysis were performed to ensure a comprehensive and accurate dataset,” said Naniik President Matt Edgington. “We are pleased to find a statistically significant impact of the study variable while controlling for other factors.”
Four key highlights emerged from the study:
- Higher sold price: On average, the sold price for a home listed on the NNRMLS was 17% higher than that of comparable properties sold off-MLS, resulting in a $55,250 increase in sales price for a typical home.
- Consistency: The study showed a consistent benefit of a listing on the NNRMLS over the course of the 7.5-year period.
- 86% of homes sold were listed on the NNRMLS: During the study period, 86% of all properties sold in the six Northern Nevada counties were listed with a REALTOR® on the NNRMLS.
- Living area affects home prices: For every additional 500 square feet of living area, home prices increased by 20%, independent of other variables.
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Find out more about unlocking the Power of the MLS. Our Sales Price Impact Study shows that, on average, homes listed on the Northern Nevada Multiple Listing Service sold at higher prices than comparable homes sold off the MLS during the study period.
Naniik LLC is a data services and analytics company which helps organizations harness internal and external data to extract insights and inform decisions. The Naniik team is comprised of technology professionals with over 20 years combined experience in business intelligence, data engineering and analytics, and financial analysis. Learn more about Naniik here.
About Northern Nevada Regional Multiple Listing Service (NNRMLS)
Founded in 2003, NNRMLS is the region’s largest member-based MLS, serving real-estate professionals from more than six counties. NNRMLS is dedicated to serving its approximately 4,000 brokers, agents, and appraisers by offering innovative tools and meaningful business solutions. The members of NNRMLS are your trusted source of real estate expertise. The NNRMLS vision is to foster a trusted and cooperative real estate marketplace by delivering industry-leading information, expertise, and solutions. Learn more about NNRMLS here.
Disclaimer: It is important to note that while the findings discussed herein are compelling, they should not be viewed as a guarantee of similar results in the future.
For Immediate Release Media Contact: Andrew Cristancho, NNRMLS firstname.lastname@example.org | 775-284-8267