The study conducted an analysis of thousands of verified transactions from 2022 to 2024 utilizing MLS data from SFAR, California Regional MLS, and the NORCAL MLS Alliance, cross-referenced with RealReports’ public record database.
The focus of the research was on single-family homes and duplexes in San Francisco County, excluding top 5% sale prices, inter-family and trust/LLC transfers, and pandemic-affected years (2020–2021).
The results demonstrated that MLS-listed properties consistently outperformed off-market sales across all price ranges.
During the period of 2022 to 2024, the average sale price gap increased from $211,000 to $394,000, with median variances ranging from $160,000 to $315,000.
“We constructed this study on robust and replicable foundations — removing noise, standardizing the data, and allowing the outcomes to speak for themselves,” stated Jay Pepper-Martens, chief technology officer at SFAR. “In the pursuit of uncovering the truth, we were dedicated to presenting the complete narrative regardless of the outcome. The conclusion is evident: visibility equates to value. Sellers benefit when listings are public, and the market as a whole becomes more transparent and efficient.”
Data was standardized according to Real Estate Standards Organization (RESO) specifications to ensure consistency, with unlisted, probate, and distressed sales also included, as per the report organizers.
“This study represents months of meticulous engineering and statistical validation,” mentioned RealReports CEO James Rodgers. “By pairing MLS datasets with public records under RESO standards, we established a replicable framework that any MLS can implement. The approximately $300,000 difference isn’t a mere marketing point — it’s an economic reality.”
New analytics platform introduced
Building on the discoveries, RealReports introduced Sightline, a data platform that offers MLSs real-time insight into their on- versus off-market activity.
Sightline integrates MLS and public record data into a dashboard that monitors pricing, volume, and listing trends by location, property type, and price range.
“Sightline provides MLSs with the data and voice they merit,” stated RealReports Chief Operating Officer Zach Gorman. “For too long, the discussion around off-market listings has been dominated by stories and intuition. Now the MLS can counter with facts — and that changes everything.”
The tool aims to assist MLSs in identifying transparency gaps and comprehending market dynamics more swiftly.
It also comes with prebuilt communication materials to aid in educating members and consumers about the advantages of public listings.
“This collaboration with RealReports signifies a new approach to MLS innovation — agile, data-focused, and cooperative,” mentioned SFAR Chief Information Officer Hud Bixler. “Sightline transforms something traditionally confined to spreadsheets into actionable insights that empower our members and reinforce the argument for the MLS from a consumer standpoint.”