Record Gap Emerges Between MLS Subscribers and Realtor Members

T3 Sixty's annual analysis of organized real estate highlights widening subscriber-member imbalance, ongoing consolidation and the rise of flexible access models

LADERA RANCH, Calif., June 4, 2025 /PRNewswire/ -- The gap between MLS subscribers and Realtor members has reached its highest level on record, according to T3 Sixty's 2025 Organized Real Estate analysis.

Published annually as part of the Real Estate Almanac, the Organized Real Estate section ranks the nation's 10 largest MLSs and Realtor associations, both nationally and by region, along with detailed breakdowns by MLS type, ownership and state association membership.

Subscriber Growth Outpaces Membership Amid Access Model Shifts

Driven by market expansion, multi-MLS participation and flexible subscription models, MLS subscriber counts now exceed Realtor membership by 25% — up from 13% in 2018. This reflects a fundamental shift in how real estate professionals access MLS platforms and data. Many agents now hold memberships in multiple MLSs to effectively serve clients across geographic boundaries. At the same time, more MLSs allow licensed agents who are not Realtors to subscribe directly, giving brokerages and agents additional pathways for participation. T3 Sixty estimates that 57% of MLS subscribers in the U.S. belong to MLSs open to non-Realtors, a share projected to surpass 66% by the end of 2026.

Reshuffling at the Top

Bright MLS is now the largest MLS organization in the United States by subscriber count, reporting 101,100 subscribers. This marks the first time the top position has changed since T3 Sixty began publishing the MLS ranking in 2019.

Consolidation and Concentration Continues

Consolidation remains a defining characteristic of organized real estate. The number of MLSs declined 8.8% between 2020 and 2025, falling to 515. During that same period, the average number of subscribers per MLS rose 24.5% to 3,639. Concentration among the largest MLSs continues to build: more than one-third (34.5%) of all MLS subscribers are now served by one of the nation's 10 largest MLSs.

A similar pattern holds among local Realtor associations. Their number declined 6.6% during the past six years, dropping to 1,014 in 2025, while the average membership grew 15.1% to 1,477 members per association. The nation's 10 largest local Realtor associations accounted for approximately 19.1% of total U.S. membership in 2025, up slightly from 18.5% in 2024.

Regional Standout: Southern Demand

While most U.S. regions posted subscriber losses, the South Atlantic region recorded a small 0.4% increase — the only year-over-year regional gain. Bright MLS's growth may be linked to demographic shifts, including sustained population growth in the Mid-Atlantic and South.

According to U.S. Census data, the South added 1.8 million residents in 2024 (+1.4%), making it the fastest-growing region in the country.

"The data reflects an industry in steady structural transition. MLSs and Realtor associations continue to consolidate, while subscriber and member access models evolve toward greater flexibility, expanded participation, and more scalable operations," said Clint Skutchan, EVP, Organized Real Estate Consulting, T3 Sixty.

Full rankings and analysis are available at realestatealmanac.com.

About the Real Estate Almanac

In its 12th year and published by T3 Sixty, the Real Estate Almanac is an annual analysis of the residential real estate brokerage industry to create the most comprehensive compendium of leaders and executives (SP 200), brokerages (Mega 1000), franchise brands, technology providers (Tech 200), and Realtor associations and MLSs.

About T3 Sixty

T3 Sixty is the leading management consultancy in the residential real estate industry, specializing in brokerage, technology and organized real estate. The group delivers extensive research and reports, and executive search and event management services. For more information, visit t360.com.

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SOURCE T3 Sixty