Yes. In competitive markets like Boston, pocket listings (also known as off-market or exclusive listings) can account for as much as 20% of real estate transactions.

While the National Association of Realtors (NAR) reported that roughly 10% of transactions in major U.S. cities involve pocket listings, Boston’s high-demand environment often doubles this average.

Varying Inventory: In late 2025, the Boston condo market saw a significant shift, with 30% of listings experiencing price drops as inventory grew.
Off-Market Activity: By early 2025, condos were being taken off the market at a faster rate than in previous years, often indicating a transition to off-market status or withdrawal due to pricing strategy.
Sales Performance: Despite the prevalence of pocket listings, properties sold on the Multiple Listing Service (MLS) typically fetch higher prices; studies indicate off-market properties consistently sell for less than those with full market exposure.

Neighborhood Highlights (2025)

Off-market activity is often concentrated in high-end areas where privacy is prioritized.

Back Bay & Beacon Hill: Dominated luxury sales, with 20 homes selling for $10 million or more in 2025.
Seaport District: Remains one of the most expensive pockets, with a median price of $1,840,000.
South Boston: Maintained strong volume with over 175 transactions recorded in the Spring–Fall 2025 period.

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The real estate world is fighting over secret listings and the future of how homes are sold

A controversial policy enacted in 2020 was designed to reduce so-called pocket listings, which never hit online real estate sites.

Clear Cooperation

The policy, known as Clear Cooperation, requires agents to list Boston condos on shared databases known as multiple listing services (MLS) within one business day of beginning to market the properties. The rule is designed to cut down on what are known as “off-market” or “pocket” listings, where a home for sale is marketed semi-privately to small pools of potential buyers without being advertised widely on the MLS.

Since it took effect in 2020, the policy has sparked fierce debate within the real estate world and at times pitted its top players against each other. Proponents argue that the rule helps ensure that the industry follows fair housing laws and helps sellers secure top prices for their homes by putting them in front of the broadest pool of potential buyers. Opponents, meanwhile, say sellers should get to dictate how their homes are marketed and argue that the MLS listing requirement violates antitrust laws.

The NAR is currently reviewing whether the rule should be repealed, remain in place, or be changed. At a time when the number of homes for sale remains below historical norms and brokerages have consolidated; the decision has implications for how hundreds of thousands of homes are marketed and sold each year.

A profitable niche

Where most real estate companies fall on the issue tends to align with whether or not they benefit from the rule. Executives at Zillow and Redfin, which aggregate home listings from the MLS, are for it. Compass, a luxury-focused brokerage that touts its access to “Private Exclusives,” is against it. Anywhere Real Estate, the parent company of franchises including Century 21, Coldwell Baker, and Sotheby’s International Realty, has said it would like to see the rule remain but with changes.

Pocket listings are a relatively niche way to sell a home in most parts of the country. Data is scarce, but estimates generally put the deals at 5% or less of sales nationwide. Using deals that were listed as “sold” the same day they first appeared on the MLS as a proxy, Redfin estimates that they made up 1.8% of deals in mid-2024.

They’re most common in high-end real estate, where celebrities or other VIP clients may be keen on keeping a transaction low profile. Those sellers also sometimes want to test their listing prices in more private channels to avoid the stigma of publicly cutting prices or having a home linger on the market for months for all to see.

Pocket listings can proliferate in markets and time periods when inventory is particularly scarce, and some agents advertise their access to off-market deals in an effort to win business. In the midst of the pandemic buying frenzy in mid-2021, pocket listings totaled 2.8% of deals, Redfin said. While Clear Cooperation was designed to reduce pocket listings, they’re still permitted under some circumstances, including if a property is only marketed within one brokerage.

Unclear impact on prices

There’s debate as to whether pocket listings help sellers maximize their payouts. A seller can come out ahead by floating a price above what comparable homes are going for and finding a willing buyer. But without advertising widely, they also risk leaving money on the table. And since pocket listings frequently stay within one brokerage or with one agent who winds up representing both the buyer and seller, buyers and sellers can have limited power to negotiate commissions.

Zillow, which generally benefits from properties being widely marketed, analyzed 2.72 million homes sold in 2023 and 2024 and found that homes sold via pocket listings sold for 1.5% less on average than comparable residences that were listed on the MLS.

The brokerage Compass, which marketed more than half of its new listings in early February with some sort of off-MLS status, says its data shows that homes pre-marketed before hitting the MLS ultimately sold for 2.9% more.

Robert Reffkin, Compass’s CEO, said in an earnings call last month that the MLS policy “harms homeowner value by taking away homeowner choice.”

Matt Curtis, a real estate agent in Huntsville, Ala., shares Reffkin’s skepticism, even though he thinks most sellers benefit from having their house in front of as many potential buyers as possible.

“At the end of the day, it’s the seller’s house,” Curtis said. “I think the seller ultimately should be able to decide what they can and can’t do.”

Fair housing advocates generally support the policy, saying pocket listings can hurt traditionally underrepresented buyers’ ability to compete in today’s market.

“It exacerbates potential segregation and discrimination,” said Laurie Brenner, associate vice president of housing and community development for the National Fair Housing Alliance. “When these listings are deemed as being exclusive, that, by definition, means that people are being excluded.”

The nonprofit group Consumer Federation of America believes that pocket listings harm both buyers and sellers and has advocated that the NAR restrict the use of “office exclusives” as well.

Clear Cooperation has been subject to court battles over the years. Top Agent Network, an off-market listings service, initially sued the NAR over the policy in 2020. After several appeals and dismissals, it dropped its latest case earlier this year. The Justice Department also looked into the rule as part of a broader investigation into NAR policies.

The NAR is expected to rule on the policy in the coming weeks, but the threat of more litigation remains. Michael Ketchmark, the lead plaintiffs’ attorney in the lawsuit that upended commissions, has threatened to sue if the policy is upheld.

Pocket Listings will Increase in 2026

It is likely that real estate pocket listings will not significantly increase in 2026, as market forecasts predict a modest increase in overall housing inventory rather than a dramatic shift. While some areas with tight supply may see a modest rise, the overall market is expected to be more balanced with more options available to buyers.

Modest inventory increase: Experts predict that overall housing inventory will improve, giving buyers more choices than in previous years. However, this is expected to be a modest improvement, not a flood of new listings.
Increased market activity: With more homes potentially coming onto the market and lower mortgage rates encouraging buyers, 2026 is expected to be a more active year.
Regional differences: The effect on pocket listings will vary by location. Areas with historically tight inventory and high demand, like some parts of New Jersey, may see more improvement in overall supply than others. Conversely, some markets may still experience significant upward pressure on prices due to limited inventory.

Pocket Listings will Increase in 2026

Pocket listings can be key for sellers prioritizing privacy, control, and exclusivity over maximizing profit through open competition. They can also be a valuable strategy for buyers in competitive markets who have access to well-connected agents, allowing them to avoid bidding wars.

For Boston Condo Sellers

Privacy and Discretion: The primary benefit is keeping the sale confidential. This is often crucial for high-profile individuals (celebrities, politicians), or those dealing with sensitive personal matters like divorce or financial distress.
Control and Less Disruption: Sellers can control who views the home, limiting foot traffic to only pre-qualified, serious buyers and avoiding the hassle of open houses and constant showings.
Market Testing: A seller can “test the waters” at a certain price point without the listing accumulating “days on market” on the Multiple Listing Service (MLS), which can stigmatize a property if it sits unsold for too long.
Streamlined Transactions: If the agent already has a potential buyer in their network, the process can be faster and more direct.

For Boston Condo Buyers

Less Competition: Buyers who find a pocket listing often face less competition, potentially allowing for more favorable negotiations without a bidding war.
Access to Exclusive Inventory: In a tight market with low inventory, pocket listings offer access to properties that the general public doesn’t know are for sale.
Tailored Opportunities: Buyers working with a well-connected agent may get access to properties specifically matched to their needs through an insider network.

Key Considerations and Rules

The National Association of REALTORS® (NAR) implemented the Clear Cooperation Policy in 2020, which requires agents to submit a listing to the MLS within one business day of any public marketing (e.g., yard signs, flyers, social media posts). While this policy has effectively banned broad public marketing of off-market properties for NAR members, “office exclusive” listings are still permitted as long as the marketing remains internal to the brokerage and is not public.

Drawbacks

The main drawback of pocket listings is the limited exposure, which can result in fewer offers and potentially a lower final sale price compared to an open market sale. Critics also raise concerns about fair housing and transparency, as these private networks may inadvertently exclude certain buyers and make it difficult to detect discrimination.