Proving MLS Value With RESO Data
A Data-Driven Analysis from the San Francisco Association of REALTORS®
Executive Summary
In a shifting real estate landscape marked by commission compression, private networks, and growing competition for control over data and client relationships, the Multiple Listing Service (MLS) remains the most transparent and trusted marketplace for residential real estate.
To empirically evaluate the continued value of the MLS, the San Francisco Association of REALTORS® (SFAR), in partnership with RealReports, conducted a data-based study examining the relationship between listing exposure on vs. off-MLS and sale price outcomes across San Francisco County. Using RESO standards as the foundation for consistent and comparable data, the analysis demonstrates that properties listed on the MLS achieve a significantly higher sale prices and show greater market transparency.
Background: The Changing MLS Landscape
Industry lawsuits and private listing channels continue to challenge the traditional role of the MLS leading to questions of how off-MLS listings impact home buyers as sellers, as well as the integrity of the market overall.
What’s at stake:
- Reduced transparency for buyers and sellers
- Incomplete comparable data and skewed appraisals
- Potential suppression of sale prices and longer time on market
- Erosion of trust in MLS data and systems
SFAR sought to move beyond the anecdotes and provide a collaborative, data-driven, standards-backed analysis of how the MLS impacts outcomes for consumers and practitioners alike.
Research Objective
The study set out to measure how being listed on the MLS versus off-MLS affects sale price outcomes in San Francisco County. Specifically, SFAR aimed to:
- Quantify on- vs. off-MLS sales trends over time.
- Determine average sale price differences between the two groups.
- Highlight the role of data standards (RESO) in producing credible, repeatable results.
Methodology
Data Scope and Parameters
- Timeframe: 2022–2024
- Geography: San Francisco County
- Property Types: Single-family homes and duplexes
Inclusions
- Verified listing data inclusive of the NORCAL MLS® Alliance (SFARMLS, MLSListings, bridgeMLS, MetroList, CRMLS, CCAR, BayEast and BAREIS MLS)
- Sales data from RealReports
- Listings identified as on-MLS and off-MLS transactions
- Unlisted, probate, and distressed sales
Exclusions
- Top 5% of sale prices (to remove outliers)
- Inter-family, trust, and LLC transfers
- Deed renewals
- Data from 2020–2021 (excluded due to pandemic anomalies)
Data Standards
The study utilized RESO Data Dictionary and Web API standards to normalize fields across systems, enabling an apples-to-apples comparison of listing and sales data. Using standardized schemas ensured consistency, eliminated false positives, and allowed for transparent, replicable insights.
Key Findings
1. Listing Count Trends
| Year | On-MLS Listings | % of Total |
| 2022 | 4,188 | 79.8% |
| 2023 | 3,198 | 82.8% |
| 2024 | 3,477 | 83.2% |
- While the absolute number of on-MLS listings declined, the percentage of on-MLS listings increased, reflecting a strengthening preference among agents to use the MLS platform despite industry disruptions.
2. Mean Home Price Advantage
| Year | On-MLS Avg. Price | Change YoY |
| 2022 | $211K | +14.6% |
| 2023 | $376K | +31.9% |
| 2024 | $394K | +31.9% |
- Homes listed on the MLS sold for approximately $302K (+18.6%) more on average than those sold off-MLS.
- The on-MLS price advantage increased year-over-year, reinforcing the MLS’s critical role in maximizing seller outcomes and maintaining fair market value.
Why RESO Standards Matter
The integrity of this analysis hinged on consistent, standards-based data. By leveraging RESO-compliant data feeds, SFAR and RealReports were able to:
- Ensure comparability across datasets and systems.
- Minimize data noise and inconsistencies.
- Accelerate time-to-insight through structured data access.
- Support transparency, trust, and repeatability in findings.
RESO standards made it possible to measure MLS impact with scientific rigor — demonstrating the direct connection between data quality, operational standards, and market transparency.
Implications for MLSs and Industry Partners
- For MLS Executives: Use similar data-driven frameworks to demonstrate value to members, regulators, and consumers.
- For Associations: Advocate for continued investment in RESO compliance to strengthen trust and interoperability.
- For Vendors: Design products that leverage standardized data models to improve analytics and member experience.
This research affirms that the MLS remains an essential public good — ensuring fairness, accuracy, and transparency in residential real estate.
Conclusion
The findings from San Francisco show that on-MLS listings consistently outperform off-MLS transactions in both sale price and transparency metrics. The MLS ecosystem, grounded in RESO standards, continues to deliver measurable value to consumers and practitioners alike.
SFAR invites other MLSs and associations to collaborate on expanding this analysis nationwide — using standardized, transparent data to tell the story of MLS value at scale.
Contact:
Hud Bixler, CIO, SFAR
Jay Pepper-Martens, CTO, SFAR
James Rogers, CEO, RealReports
Interested in replicating this study in your market?
Reach out to SFAR and RealReports to learn how RESO-compliant data can help quantify MLS value.