Interesting Zillow Study on Off-MLS Sales

I have a question and an observation

I was just sent this press release from Zillow about a new study they conducted:

New Zillow research reveals a significant financial impact on home sellers who did not list their properties on the Multiple Listing Service (MLS). Over the past two years, sellers who transacted off the MLS collectively left more than $1 billion on the table.

The study examined home sales from 2023 and 2024, finding that homes sold off the MLS typically sold for $4,975 less than those listed on the MLS, a median loss of 1.5% nationwide. The loss is much more significant in some areas; sellers in California, for example, typically gave up more than $30,000 selling off the MLS.

This is obviously a potent salvo in the “CCP War” that is being fought right now. Zillow has taken a very pro-CCP position; in fact, what Zillow wants is not just CCP as it is, but Super CCP that eliminates the “office exclusive” exemption.

The headline reads, “Off-MLS Home Sellers Left More Than $1 Billion on the Table the Past Two Years.” Dude, that’s serious money. It is compelling as hell.

Thing is, as compelling as the research is, at least the press release I read raises a question and forces a couple of observations, which themselves lead to a question.

Let’s get into it.