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Homes on a MLS Sold for 13% More in Three-Year Period

by Leighton, Kelly on

Nearly 84% of all home sales took place via a multi-listing service from 2019-2022.

According to a study from Bright MLS, these homes sold for 13% more than homes not sold on a MLS on average, representing to $45,741 more for the average seller. The trend has increased throughout the pandemic, with homes sold via the MLS seeing a 14.8% boost, representing $55,779 for the average seller. For the first quarter of 2022, the only data available at this time, homes listed on the MLS sold for 19.7% more on average, offering the average seller a $71,622 premium.

In the Philadelphia area, homes sold on the MLS sold for more than those not on the MLS, but at a smaller percentage, as of the first quarter of 2022, homes sold for 19.7% more, an increase from the 14.8% premium in the 2021 calendar year.

The study also examined office exclusives, in which the listing brokerage only advertises the home internally in the firm. However, the majority of office exclusives do end up on the MLS, as only 12.6% properties sold via that method. The report found that 63% of homes eventually end up on the MLS. Of the properties that did not sell as an office exclusive nor go on the market, 24.4% were still not sold.

Properties listed on the MLS were under contract in a median of seven days, compared to homes that started as office exclusives before being listed, which ultimately took 24 days as a median to be under contract. Additionally, homes listed on the MLS versus those sold as an office exclusive sold for a median of $100,000 more, at $550,000 to $450,000 respectively.

Topics

MLS
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