S
an Francisco’s real‑estate market, where homes routinely exceed $1 million, is shifting toward the Multiple Listing Service (MLS). New research from the San Francisco Association of Realtors (SFAR) and RealReports shows that properties listed on the MLS fetch roughly $302 k more—an 18.6 % premium—than those sold off‑market. The median sale price of about $1.4 million means the difference translates into hundreds of thousands of dollars for sellers who avoid public marketing.

    The study, covering 2022‑2024, also documents a rise in MLS participation: 83.2 % of homes were on the MLS in 2024, up from 79.8 % in 2022, even as the total number of listings fell. This trend reflects growing confidence that open exposure delivers full value and fair competition, especially amid industry consolidation, legal challenges, and commission uncertainty.

    SFAR and RealReports emphasize that their analysis is “data‑driven” and “standards‑backed.” By leveraging the RESO Data Dictionary and Web API, the authors achieved apples‑to‑apples comparisons across multiple MLS platforms, proving that the service provides measurable, repeatable benefits rather than anecdotal ones.

    Off‑market sales raise concerns about market transparency, appraisal distortion, and potential discrimination or anti‑competitive practices. The white paper argues that reduced visibility undermines trust in valuation data and can harm the broader market.

    In a city where every transaction matters, agents are increasingly choosing the MLS to maximize exposure and leverage. The shift toward public listings signals that transparency is becoming a survival strategy in one of the nation’s most expensive and complex markets. The key question now is how far the value of open marketing can extend when traditional gatekeeping is minimized.