MLS, local association counts drop as consolidation accelerates 

The number of multiple listing services and local Realtor associations operating in the U.S. fell sharply in 2025, according to the newly released Organized Real Estate Indices from T3 Sixty's Real Estate Almanac.

For the first time in decades, fewer than 500 MLSs — 484 as of Dec. 31, 2025 — are operating nationwide. That's 30 fewer than at the end of 2024, or a 5.8% year-over-year decline. Local Realtor associations also fell to 991 by year's end, down from 1,014 in 2024, or a 2.3% drop.

Advanced corporate consolidation has trimmed the MLS and association landscape in recent years, while smaller firms have struggled to adapt. But 2025 saw the steepest percentage decline since at least 2018, when T3 Sixty began tracking this data. 

"This is not cyclical contraction, it's structural consolidation," said Clint Skutchan, SVP of organized real estate at T3 Sixty. "Rising legal and compliance pressures have made scale essential. Regionalization is how organized real estate manages risk, invests in technology and ensures long-term viability."

Since peaking at roughly 850 MLSs in 2015, the industry has shed more than 350 entities — a 43% decline over the past decade.

Regional shifts drive closures

The consolidation trend — which reflects not only organizational change but technological integration — most significantly impacted Texas. The state lost six MLSs and eight local associations after a statewide Realtor program that offered MLS services and training closed in 2025. One-third of all local association closings nationwide occurred in the Lone Star State.

Three states — Texas, New York and Georgia — accounted for more than half of all MLS closures last year. In New York, six MLSs consolidated, shrinking the state's total from 17 to 11. Georgia, which lost four MLSs, saw organizations join North Carolina-based Hive MLS, a regional cooperative model that allows associations to retain branding while boosting technology and operations.

Smaller associations face mounting pressure

About 345 local associations — roughly 1 in 3 nationally — have fewer than 250 members. These smaller groups often rely on dues and MLS fees for revenue, leaving them vulnerable to membership fluctuations and rising costs.

Some find a path forward in consolidation. For example, the Collin County Area Realtors' merger with MetroTex in Texas last summer formed an organization of nearly 40,000 members. At the smaller end of the spectrum, the Clarksdale Board of Realtors in Mississippi, which had as few as 10 members, dissolved.

Meanwhile, the largest entities continue expanding. As of Dec. 31, just 12 associations served 20% of all Realtors nationwide. Twenty MLSs — only 4% of the nation's total — served half of all subscribers and generated approximately 49% of all MLS sector revenue.

National membership shows resilience

Despite consolidation at the local level and slower transaction volume across the housing market, National Association of Realtors membership has remained relatively steady.

NAR had approximately 1.48 million members as of Dec. 31, according to T3 Sixty estimates — down 2.2% from 1.52 million members a year earlier but above the 1.2 million members budgeted for 2026.

As organized real estate consolidation continues at the local level, national membership seems resilient — even amid shifting market conditions, declining sales volume and ongoing legal pressures.

Note: Real Estate News is an editorially independent division of T3 Sixty.