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The Power of the MLS Independent NNRMLS Sales Price Impact Study shows properties sold by REALTORS® on the Northern Nevada Regional Multiple Listing Service commanded a premium sales price

Results Study Shows Benefit to Sellers Sellers who listed their properties with a REALTOR® on the Northern Nevada Multiple Listing Service saw that listing on the marketplace powered by NNRMLS Members yielded on average a 17% premium in sales price over similar properties sold off-MLS independent of other variables. For a typical home, this resulted in a $55,250 increase in sales price. Sales Price Impact Study NNRMLS partnered with independent data analytics firm, Naniik, to conduct the Sales Price Impact Study showing the Power of the MLS. Naniik and NNRMLS researched transaction data from six Northern Nevada counties over the 7.5-year period and reconciled the data with NNRMLS records to evaluate what impact listing a property on the Multiple Listing Service had on home sales prices.

Four Key Highlights: Higher sold price: On average, the sold price for a home listed on the NNRMLS was 17% higher than that of comparable properties sold off-MLS, resulting in a $55,250 increase in sales price for a typical home. 86% of homes sold were listed with a REALTOR® on the NNRMLS: During the study period, 86% of all properties sold in the six Northern Nevada counties were listed with a REALTOR® on the NNRMLS. Consistency: The study showed a consistent benefit of a listing on the NNRMLS over the course of the 7.5-year period. How living area affects home prices: For every additional 500 square feet of living area, home prices increased by 20% independent of other variables. Are you an NNRMLS member? Visit our member-facing webpage to explore our Power of MLS Marketing Kit that you can share with clients.

What is a Multiple Listing Service? A Multiple Listing Service (MLS) maintains a centralized database containing information on properties for sale. It promotes collaboration and information exchange between real estate brokers and agents, expanding the pool of potential buyers and streamlining property matching for buyers and sellers. The MLS is a valuable resource utilized by REALTORS® for assisting clients in property transactions. Every MLS member contributes; selling agents bring buyers and listing agents bring sellers and their properties. By fostering competition within the industry, MLSs facilitate a fair and equitable marketplace where even small brokerages can compete with larger firms. This allows buyers and sellers to select their preferred real estate professional while maintaining access to the most comprehensive range of available properties.

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Background

• In 2022, NNRMLS partnered with Naniik to study the impact on homes sales price for properties listed on the Multiple Listing Service versus off-MLS in Northern Nevada.

• The study analyzed transaction data from six Northern Nevada counties between 2015-2022 (7.5 years), controlling for property and neighborhood characteristics.

• Naniik performed the study on home and neighborhood characteristics that impact the sales price. The analysis considered key variables, including the year sold, square footage, lot size, NNRMLS listing indicator (on-MLS v. off-MLS), median income of the zip code, and property type.

• Analysis showed a consistent premium associated with listing on the NNRMLS over the 7.5-year period. Listing on the NNRMLS yielded a clear 17% premium in sales price over properties not listed, independent of other variables.

Disclaimer: It is important to note that while these findings are compelling, they should not be viewed as a guarantee of similar results in the future. Read the Full Study

Reference: https://nnrmls.com/powerofmls/