Home search sites use the “off market” label all the time, but it doesn’t always have the same meaning. For buyers and sellers, that distinction is important.
In real estate, the term “off market” is used in many different ways, and the meaning depends largely on the context. Whether you’re looking for homes in San Francisco, CA or Burlington, VT, understanding what off-market sales mean and how they work can help you make sense of what you’re seeing—and how it affects affordability and visibility.
>>See more: How to Find Properties Off the Market
What does it mean if the property is not on the market?
In commercial areas, “on the market” means that the home is not listed for sale, usually because it is not on the multiple listing service (MLS). A property may not be on the market because it is not for sale, the listing has expired, the seller has temporarily suspended marketing, or the home is only being assigned through a real estate agent’s professional network.
This term can be confusing because “in the market” is used differently in different contexts. On home search sites like Redfin, it usually means that the property is not currently listed for sale based on available data. For real estate agents and investors, however, “off market” can mean a home that is for sale but is privately marketed, rather than publicly advertised.
The MLS is the primary database that real estate agents use to share listings with others and distribute them to community home search sites. Homes that are not actively listed for sale on the MLS are generally considered off the market.
What is an off-market property?
An off-market property may be sold but not listed on the MLS or major home search sites. In these cases, the location may be shared through agents, word of mouth, or professional groups. These off-market properties may also be called pocket listings, private listings, or special listings.
In accordance with MLS Clear Cooperation policies, if there is a for sale or other public advertisement, the listing agent is required to submit the home to the MLS within 1 business day to allow for reasonable opportunity and access. Off-market properties are not publicly traded or shared as an active listing on the MLS.
An off-market property is not the same as a home listed as “off-market” on a search site, which usually means that the home is not showing any active listings.
How are houses sold off the market?
When a home sells off-market, the sales process itself generally looks like any other real estate transaction: the buyer makes an offer, the parties sign a contract, and the deal goes through an inspection, appraisal (if necessary), and closing. The main difference is how the home is sold and how it is acquired.
Homes that are off the market are often divided in a few limited ways. Others revolve around agent networks or buyer exclusivity, where listings are shared only within the company or with select agents and clients before the home is listed on the MLS. Some are sold as package listings, meaning the seller listed the home with an agent but chose not to market it publicly. In some cases, homes sell through word-of-mouth or direct communication, such as referrals, buyer letters, or investor networks.
Why do sellers choose to sell outside the market?
If the home sells off-market, less exposure can also mean fewer offers and a less competitive final price. But there are several reasons a seller may be motivated to sell off-market:
- Privacy: Selling off-market can limit public photos, open houses, and visibility on listing sites, which can be attractive to sellers looking for a quiet selling process—such as a public or private person.
- More control and less potential worry: With only select buyers viewing the home, sellers have more choices in time, materials, and inspections.
- Market research: Some sellers use off-market exposure to gauge buyer interest or prices before deciding whether to list publicly.
- Targeted at specific consumers: Off-market sales can help sellers reach a smaller, more qualified group of buyers, such as developers or investors—especially if the home wouldn’t qualify for conventional financing.
- Other possibilities: Sometimes, the home is not for sale, but motivated buyers can contact the current owner to inquire about a private sale opportunity.
Can you buy a house that is not on the market?
Sometimes, yes you can, but it depends why home is not on the market. Some homes that are not on the market are sold privately, while homes that you see on public listing sites that are “on the market” are not actively listed and may not be available.
You can buy an off-market home if:
- Seller’s objective: Some owners are open to offers even without a public listing, while others have no plans to sell.
- How to advertise a home: Homes privately shared through agents or networks may be available, while canceled or suspended listings carry more uncertainty.
- Time and motivation: Life changes, relocation, or what the market is doing can make sellers more receptive to off-market offers.
- Consumer flexibility: Off-market deals are usually ahead of the seller’s terms, which may affect price, contingencies, or timing.
Is buying or selling off-market a good idea?
Buying a home off the market is highly tailored to the buyer and seller’s specific goals and timelines.
For sellers, selling off-market can make sense if privacy, convenience, or time are priorities. For buyers, off-market opportunities can mean access to homes they wouldn’t otherwise see, and the ability to focus more on location and desirability, and less on competitive offers that pass by.
But selling off-market can also mean less exposure and fewer offers, which can affect the final price. Buying off-market can come with a lack of transparency, few similar sales available, and no guarantee of a “good” deal.
Ultimately, an off-market transaction 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 serves your personal goals.
Frequently Asked Questions
Is it cheaper to buy off the market?
Buying off-market doesn’t necessarily mean a better deal. Naturally, off-market homes are not publicly advertised and may have less competition, but prices are likely based on the seller’s intentions rather than the local market. Like other home purchases, off-market homes can sell below, at, or above market value.
Are off-market listings legal?
Selling a home off the market is legal, however there are certain rules the MLS and the real estate industry must follow regarding how and when a listing is publicly marketed. Clear partnership policies aim to ensure that all buyers are able to find available homes for sale, but there are still cases where off-market listings can be circulated through private networks.
Can first-time buyers buy off-market?
First-time home buyers can buy homes that are off the market, but finding opportunities can be difficult. Off-market property sales can be great for cash-strapped buyers, as conventional financing can be more difficult or less attractive offers. Working with a real estate agent with a wide professional network can increase your chances of finding a home that is off the market.
