MLSs still used by most, but younger sellers are dropping off 

The debate over private listings intensified in recent weeks as industry leaders awaited the National Association of Realtors' decision on its controversial Clear Cooperation Policy. Though NAR has now announced it is keeping CCP — with an added "delayed marketing" option — questions remain about how local MLSs will choose to implement the new policy.

Some studies have signaled that selling homes off the MLS does not financially benefit sellers and disproportionately impacts sellers in communities of color. While proponents of private listings say there are benefits to pre-marketing homes, such as limiting price reductions and days on market, one recent survey indicated that sellers prefer more visibility for their listings.

For millennials, however, listing on the MLS may be less of a given. New data in NAR's 2025 Home Buyers and Sellers Generational Trends report suggests a recent shift in the way younger sellers are marketing their homes — even as the MLS remains a constant for most sales.

Fewer younger sellers using the MLS: The report, which assessed data from 5,390 people who purchased a home between July 2023 and June 2024, found that a majority of sellers (53%) were baby boomers. The remaining share was split between Gen Zers (2%), millennials (19%), Gen Xers (22%) and people 79 or older (5%).

As in NAR's 2024 report, the vast majority of sellers surveyed (88%) said their agent listed their house on the MLS, and the share of Gen X and younger baby boomers listing on the MLS actually rose compared to the year prior. 

But a different pattern emerged among younger sellers: The share of older millennials listing their home on the MLS dropped from 89% in the 2024 report to 84% in the 2025 report, and from 83% to 80% for younger millennials. 

A lack of MLS knowledge: It's worth noting that those two groups of sellers were also the least certain about whether their agent used the MLS, with 18% of younger millennials and 14% of older millennials saying they did not know, compared to just 9% of sellers overall.

That uncertainty aligns with a recent Zillow survey that found most American adults didn't know exactly what an MLS was and fewer than 20% knew what private listing networks were.

Despite the declines in the share of younger sellers using the MLS, it remained the No. 1 strategy used by agents to market a home, according to the report, followed by yard signs (used by 61% of all sellers) and open houses (58%).

A generational 'plot twist' among buyers: In addition to dominating the seller market, baby boomers outpaced other generations when it came to purchasing a home, with 42% of all buyers ranging in age from 60-78.

While the shares of Gen X and Gen Z buyers stayed constant in NAR's 2024 and 2025 reports (at 24% and 3%, respectively), the share of millennial homebuyers plummeted from 38% to 29% during the same time period.

Jessica Lautz, NAR's deputy chief economist and vice president of research, suggested in a press release that the shift was unexpected. "In a plot twist, baby boomers have overtaken millennials — the largest U.S. population — to become the top generation of home buyers," Lautz said.

Share of first-time buyers falls: The report also identified a "significant drop" in new buyers entering the marketplace. While 32% of all buyers who purchased a home between July 2022 and June 2023 did so for the first time, that share plummeted to 24% in the year that followed. Among younger and older millennials, 71% and 36% were first-time buyers, respectively, with the shares dropping off among older age groups.

Though many younger prospective buyers have indicated a willingness to purchase a home despite high mortgage rates, experts have warned that adding further complication to the homebuying process — including by marketing more listings privately — could have negative impacts on first-time buyers.