More listings in the hands of fewer agents
Following the NAR settlement, top agents are holding an increasing share of listings — and capturing more valuable ones.
Key points:
- A Relitix study found that the top 10% of listing agents held 42.6% of listings in February, an increase of 16.6% over the same six-month period prior to the NAR settlement.
- Top agents are also able to make more with less, taking fewer listings post-settlement while increasing their sales volume by 20%.
- As listings become more consolidated among a smaller pool of agents, brokerage leaders will likely value those with the experience needed to win sellers and close deals.
In the post-settlement world, it appears that top-performing agents are now capturing a greater share of listings, a sign that winning seller clients could become more difficult — and more important — moving forward.
A recent study from Relitix indicates that while listings are becoming increasingly consolidated, sell-side agents are achieving higher sales volumes with fewer listings, suggesting that a focus on quality rather than quantity could be an important strategy.
Top producers hold more listings, are more specialized
The study, which analyzed 5.5 million listings across 150 U.S. markets, sought to compare agent listing patterns before and after the NAR settlement. The researchers found that the top 10% of agents controlled nearly 43% of listings between September 2024 and February 2025, a 16.6% increase over the same period a year earlier — the six months leading up to the settlement.
"This consolidation reflects a market increasingly dominated by experienced agents who can justify their value to sellers through superior results and compliance expertise," the authors suggested.
Not only are top agents winning more listings, they appear to be more specialized. Pre-settlement, 64.7% of agents handling a typical listing focused primarily on the sell-side of transactions, but that share increased to 68.2% by February. The annual sales volume of those agents also increased by 20% even though they were handling fewer listings per year — 10 instead of 15.
Quantity still matters — to a point
While some listing agents appear to be doing more with less, that's likely a result of greater experience and proficiency. Looking at agent performance over a five-year period, Relitix found that agents with fewer annual listings had lower closing rates.
For example, agents who handled five listings per year closed about 74.5% of them, while the success rate for agents with 10 listings increased to 76%. Those with 15 or more listings annually achieved consistently higher conversion rates around 77% to 78%, which the report authors attributed to their "mastery in converting listings into closed deals."
Fifteen listings appeared to be the threshold for success — while conversion rates continued to improve beyond that point, the gains were not as significant.
Top agents are more likely to hold 15+ listings, the report noted, which in turn helps them "refine their processes and deliver results that attract more clients." And that matters even more now, the authors suggested: "Sellers, wary of navigating post-settlement complexities on their own or with less experienced agents, are gravitating toward these proven performers."
Takeaways for brokerage leaders
In a recent survey, brokerage executives reported high levels of optimism about 2025, with the majority of leaders saying they expect their firm's transaction volume to increase this year. But as top-tier agents capture more of the available listings, brokerages will need to remain focused on recruiting and retaining those high producers — particularly as sales remain slow.
Brokerages looking to harness opportunities amid a tough housing market will likely seek out agents who have higher conversion rates, a ratio that Relitix's data suggests goes hand-in-hand with handling more listings.
Agents who prioritize listings and demonstrate an ability to specialize could benefit brokerages that are looking to add new talent, especially with more listings now in the hands of fewer agents.