The landscape of organized real estate continued its consolidation trend in 2025, with both Multiple Listing Services (MLSs) and local Realtor associations experiencing a decline in numbers. This ongoing shift, detailed in the 2026 Organized Real Estate Indices from T3 Sixty’s Real Estate Almanac, indicates a move towards larger, more dominant organizations within the industry.
Key Takeaways
- The total number of MLSs nationwide dropped below 500 for the first time.
- Local Realtor associations also saw a decrease in their total count.
- Despite these declines, national Realtor membership has remained relatively stable.
- A significant portion of smaller local associations are merging or dissolving.
- Larger organizations are increasingly representing a greater share of Realtors and MLS subscribers.
MLS Numbers Dip Below 500
As of December 31, 2025, the number of MLSs operating across the United States fell to 484, a decrease of 5.8% from the 514 reported the previous year. This marks a continued downward trend, with a 7.1% drop over the past two years and a substantial 22% decrease since 2018. This consolidation means fewer, larger MLSs are serving the market.
Local Realtor Associations Consolidate
Similarly, local Realtor associations experienced a reduction in their numbers, totaling 991 at the close of 2025, down from 1,014 in 2024. This represents a 2.3% year-over-year decrease and a 3.9% decline over two years. Approximately 35% of these local associations, around 345 organizations, now have fewer than 250 members, contributing to the trend of mergers and dissolutions.
Regional Impacts and National Stability
Texas, New York, and Georgia were particularly affected by MLS closures in 2025, accounting for over half of all such events. In Texas, the discontinuation of a statewide Realtor association program that offered MLS services led to the closure of six MLSs and eight local associations. Georgia saw a reduction of four MLSs.
Despite the shrinking numbers at the local and MLS levels, national Realtor membership has shown resilience. The National Association of REALTORS® reported approximately 1.48 million members as of December 31, 2025. While this is a slight decrease of 2.2% from the previous year, it remains above the budgeted membership for 2026.
Rise of Larger Organizations
The report also highlights the growing influence of larger entities. Just 12 major local associations now represent 20% of all Realtors. Furthermore, 20 MLSs are responsible for half of all MLS subscribers and nearly half of the sector’s revenue, underscoring the trend towards market concentration.