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seismic shift is underway in the real estate landscape, with a growing generational divide emerging among sellers who choose to list on the Multiple Listing Service (MLS). Meanwhile, the share of first-time buyers has taken a nosedive. The controversy surrounding private listings has reached a fever pitch as industry leaders await the National Association of Realtors' decision on its Clear Cooperation Policy.

    The debate centers around whether selling homes off the MLS benefits sellers financially and disproportionately affects communities of color. Proponents of private listings argue that pre-marketing homes can limit price reductions and days on market, but recent surveys suggest that sellers crave more visibility for their listings.

    Millennials are leading the charge away from traditional MLS listings. According to NAR's 2025 Home Buyers and Sellers Generational Trends report, a significant proportion of younger sellers are opting out of the MLS, with 84% of older millennials and 80% of younger millennials listing their homes on the service in 2025, down from 89% and 83%, respectively, in 2024.

    The lack of MLS knowledge among younger sellers is striking, with 18% of younger millennials and 14% of older millennials unsure if their agent used the MLS. This uncertainty mirrors a recent Zillow survey that found most American adults are unaware of what an MLS is or how private listing networks operate.

    Despite the decline in MLS usage among younger sellers, it remains the top strategy employed by agents to market homes, followed closely by yard signs and open houses. However, baby boomers are dominating both the seller and buyer markets, with 42% of all buyers ranging from 60-78 years old. This shift has caught industry experts off guard, with NAR's deputy chief economist suggesting that it's a "plot twist" for baby boomers to surpass millennials as the top generation of homebuyers.

    The report also highlights a significant drop in first-time buyers entering the market, from 32% in 2022-2023 to 24% in 2023-2024. Experts warn that adding complexity to the homebuying process, including private listings, could have negative impacts on these prospective buyers.