MLS, Local Association Counts Fall as Consolidation Reshapes Industry

2026 Real Estate Almanac from T3 Sixty reveals first drop below key symbolic thresholds

LADERA RANCH, Calif., March 4, 2026 /PRNewswire/ -- The number of multiple listing services and local Realtor associations operating in the United States declined again in 2025, reflecting continued structural consolidation amid rising legal compliance pressures, according to the newly released 2026 Organized Real Estate Indices from T3 Sixty's Real Estate Almanac. The Indices provide the most comprehensive analysis of MLSs and Realtor associations.

MLS and local associations have seen the largest percentage decline since T3 Sixty began tracking organized real estate data in 2018.

For the first time, the number of MLSs has fallen below 500. As of Dec. 31, 2025, 484 MLSs are operating nationwide, down from 514 at the end of 2024 — a net loss of 30 entities, or a 5.8% year-over-year decline. Over two years, the count has declined by 37, or 7.1%; since 2018, it has fallen by 22%.

Local Realtor associations also declined below a notable threshold. As of Dec. 31, 2025, 991 local associations are operating nationwide, down from 1,014 at the end of 2024 — a net reduction of 23 associations, or a 2.3% year-over-year decline. Over two years, the total has declined by 40, or 3.9%; since 2018, it has fallen by 12%.

Regional Impact Highlights Acceleration

Georgia, New York and Texas experienced the biggest declines in 2025, with the Lone Star state losing eight local associations and six MLSs as a result of the cancellation of a statewide Realtor association program that supported smaller associations' MLS services and training. A third of all local association closings in 2025 happened in Texas, according to T3 Sixty data.

In New York, six MLSs went away last year, decreasing the number of MLSs in operation across the state from 17 to 11. In Georgia, the number of MLSs fell by 4. The 16 MLSs that merged or consolidated services in these three states represent more than half of the 30 closings in 2025.

"This is not cyclical contraction, it's structural consolidation," said T3 Sixty's SVP of Organized Real Estate Clint Skutchan. "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."

MLS Consolidation Accelerates

The 484 MLSs in operation reflect a sustained, multi-year consolidation trend driven by compliance demands and the need for operational scale.

Much of the absorption was caused by structural consolidations reflecting technological integrations as much as organizational change. Georgia MLSs, including Mountain Lakes Board of Realtors, joined North Carolina-based Hive MLS, a cooperative that allows local Realtor associations to retain their brand and autonomy while gaining broader market exposure.

Since the peak in 2015, more than 350 MLSs have closed out of approximately 850, a 43% decline.

Local Associations Face Revenue and Scale Pressures

The fall in local associations reflects both mergers and dissolutions. Among the largest consolidations were the Collin County Area Realtors merger with MetroTex. At the other end of the spectrum, the Clarksdale Board of Realtors in Mississippi, which has counted as few as 10 members, shut down.

More than 35% of local associations — approximately 345 organizations — have fewer than 250 members. These smaller associations face long-term revenue challenges as dues and MLS fees remain primary funding sources, leaving them vulnerable to cyclical membership changes and rising operational costs.

At the same time, the largest entities continue to expand their reach. By Dec. 31, 2025:

• 12 of the largest associations serve 20% of all Realtors
• 20 MLSs, representing just 4% of the total count, served 50% of all subscribers
• The top 20 MLSs generate approximately 49% of the sector's total revenue

National Membership Demonstrates Resilience

Despite local-level consolidation and declining sales volume across the industry, NAR membership remains comparatively resilient.

T3 Sixty research estimates National Association of Realtors' membership at approximately 1.48 million as of Dec. 31, 2025. This is above the 1.2 million members budgeted for 2026 and represents a modest 2.2% year-over-year decline from approximately 1.52 million at the end of 2024.

The data suggests the national association is outperforming internal expectations and demonstrating relative resilience despite local consolidation and declining sales volume.

To view the full 2026 Organized Real Estate Indices, visit www.realestatealmanac.com.

About the Real Estate Almanac and the Organized Real Estate Indices

The Real Estate Almanac, published by T3 Sixty, is the most comprehensive compendium, analyzing the residential real estate industry's leaders and executives, brokerages, corporations, technology providers, Realtor associations and MLSs into one annual definitive report.

The Organized Real Estate Indices provides annual analysis of local and regional MLSs, as well as member-owned, nonprofit Realtor associations at the local and state levels, by membership tier, headquarters and region.

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 also delivers extensive research and reports, and executive placement. For more information, visit t360.com.

SOURCE T3 Sixty