Home search sites use the label “off-market” all the time, but it doesn’t always carry the same meaning. For buyers and sellers, that difference is important.
In real estate, the term “off-market” is used in several different ways, and the meaning depends heavily on the context. Whether you’re looking for homes in San Francisco, CA or Burlington, VT, understanding what off-market means and how it works can help you make sense of what you’re seeing—and how it affects property availability and visibility.
>>See more: How to Find Off-Market Properties
What does it mean if a property is off-market?
In real estate, “off-market” means a home isn’t publicly listed for sale, usually because it’s not on the multiple listing service (MLS). A property may be off-market because it’s not for sale, a listing expired, the seller temporarily paused marketing, or the home is being shared only through a real estate agent’s professional network.
The term can be confusing because “off-market” is used differently in different contexts. On home search sites like Redfin, it typically means a property isn’t currently listed for sale based on available data. For real estate agents and investors, however, “off-market” can refer to a home that is for sale but is being marketed privately, rather than publicly advertised.
The MLS is the main database real estate agents use to share listings with one another and distribute them to public home search sites. Homes that aren’t actively listed for sale on the MLS are generally considered off-market.
What is an off-market property?
An off-market property can potentially be for sale but not publicly listed on the MLS or major home search sites. In these cases, the property may be shared through agents, word-of-mouth, or professional groups. These off-market properties can also be called pocket listings, private listings, or exclusive listings.
In accordance with MLS Clear Cooperation policies, if there is a for-sale sign or other public advertising, the listing agent is required to submit the home to the MLS within 1 business day to allow for fair opportunity and access. Off-market properties are not publicly marketed or shared as an active listing on the MLS.
An off-market property is not the same as a home marked “off-market” on a search site, which often just means the house doesn’t show an active listing.
How do homes sell off-market?
When a home sells off-market, the sales process itself usually looks the same as most other real estate transactions: the buyer makes an offer, the parties sign a contract, and the deal moves through inspections, appraisal (if necessary), and closing. The biggest difference is how the home is marketed and discovered.
Off-market homes are usually shared in a few limited ways. Some circulate through agent networks or brokerage exclusives, where listings are shared only within a company or with select agents and clients before a home is listed on the MLS. Others are sold as pocket listings, meaning the seller has listed the home with an agent but chosen not to market it publicly. In some cases, homes sell through word-of-mouth or direct outreach, like referrals, buyer letters, or investor networks.
Why do sellers choose to sell off-market?
When a home is selling off-market, less exposure can also mean fewer offers and a less-competitive final sale price. But there are several reasons a seller might be motivated to sell off-market:
- Privacy: Selling off-market can limit public photos, open houses, and visibility on listing sites, which can be appealing to sellers who want a quieter selling process—like a public or high-profile figure.
- More control and potentially less hassle: With only select buyers viewing the home, sellers have more choice in timing, logistics, and inspections.
- Testing the market: Some sellers use off-market exposure to gauge buyer interest or pricing before deciding whether to list publicly.
- Targeting specific buyers: Off-market sales can help sellers reach a smaller, more qualified group of buyers, like developers or investors—especially if the home wouldn’t qualify for conventional financing.
- Other opportunities: Sometimes, a home is not for sale, but motivated buyers might contact the current owner to inquire about a private sale opportunity.
Can you buy a house that is off the market?
Sometimes, yes you can, but it depends on why the home is off-market. Some off-market homes are being sold privately, while the homes you see on public listing sites that say “off-market” are not actively listed for sale and might not be available.
You might be able to buy an off-market house depending on:
- The seller’s intent: Some owners are open to offers even without a public listing, while others have no plans to sell.
- How the home is being marketed: Homes shared privately through agents or networks may be available, while withdrawn or paused listings carry more uncertainty.
- Timing and motivation: Life changes, relocation, or what the market is doing can make sellers more receptive to off-market offers.
- Buyer flexibility: Off-market deals more often move forward on the seller’s terms, which could affect price, contingencies, or timing.
Is buying or selling off-market a good idea?
Off-market home purchases are more oriented around specific buyer and seller goals and timelines.
For sellers, selling off-market can make sense if privacy, convenience, or timing are the top priorities. For buyers, off-market opportunities can mean access to homes they wouldn’t otherwise see, with the potential to focus more on location and desirability, and less on outbidding competing offers.
But selling off-market can also mean less exposure and fewer offers, which may affect the final price. Buying off-market can come with less transparency, fewer available comparable sales, and no guarantee of a “good” deal.
Ultimately, off-market transactions can work well in some situations, but it’s always a good idea to speak with an experienced real estate agent to come up with a buying or selling strategy that best works for your personal goals.
FAQs
Is it cheaper to buy off-market?
Buying off-market does not necessarily mean a better deal. By nature, off-market homes are not publicly advertised and might have less competition, but the prices are more likely to be based on the seller’s goals rather than the local market. Just like other home transactions, off-market homes can sell below, at, or above market value.
Are off-market listings legal?
Selling a home off-market is legal, however there are certain MLS and industry rules real estate agents need to follow about how and when listings are publicly marketed. Clear Cooperation policies aim to ensure all buyers are able to find available homes for sale, but there are still scenarios in which off-market listings can be circulated through private networks.
Can first-time buyers buy off-market?
First-time homebuyers can purchase off-market homes, but finding opportunities might be harder. Off-market property sales can be more favorable for cash-loaded buyers, as conventional financing might be more difficult or a less appealing offer. Working with a real estate agent with a wide professional network may increase the chances of finding an off-market home.