Little Gramercy, #5B (Compass) | https://www.cityrealty.com/nyc/gramercy-park/little-gramercy-207-east-21st-street/2367/5B/ADdxYhGtXMuzJ
As of early March 2026, a legal battle is underway between one of the nation’s largest brokerages and one of the nation’s most heavily trafficked real estate listing sites. As a rule, listing site Zillow only displays residential listings that have been shared on the multiple listing service (MLS) within one day of marketing them to the public. This has led to friction with brokerage Compass, which offers a three-phase marketing program where listings start in "private exclusive" and "coming soon" status before moving to the MLS. Zillow argues that this violates their standards, while Compass accused Zillow of holding back its private listings to "protect its monopoly," and filed an antitrust lawsuit.
As the legal battle plays out in court, it calls attention to the practice of private listings. This article examines what they are and how they have the potential to reshape how properties are bought and sold, both in New York City and all over the United States.
In this article:
Whisper/Pocket Listings vs. Private Listings
While often used interchangeably, whisper or pocket listings and private listings are distinctly different types of listings. A whisper or pocket listing is generally only shared within a very small circle of agents. Often, but not always, these listings target high-net-worth buyers and involve the sale of townhouses and luxury condos owned by public figures who may want to turn around their properties without necessarily being featured in a round-up of celebrity listings.
By contrast, private listings refer to any property that has been listed without the public exposure of MLS and, by extension, exposure on the major listing portals that rely on MLS data. In the case of a private listing, the listing is still restricted but will typically be made available to all the agents and brokers connected to a specific brokerage (e.g., Corcoran Reserve). Given that some brokerages have thousands of agents, even within one metropolitan area, this can be a very large network.
The rise and impact of private listings
Several market and business trends have led to the increased reliance on private listings, especially over the past three years. The most important factor is that private listings enable sellers to test the waters—for example, to gauge interest in their property and at which price point. Importantly, they are also able to do this without their properties accruing days on the market (since one always wants to avoid having a property linger on the market longer than average, this is important, especially in a sluggish market).
There are also other advantages, especially for sellers. For example, not everyone, especially celebrities and public figures, will want to publicly list their property. Private listings can be a great way to attract many potential buyers without, quite literally, opening one’s doors to the public.
Despite the obvious advantages to consumers and agents and their brokerages, there is no question that private listings reduce transparency—an issue that seems bound to impact buyers and sellers and the industry at large over time. After all, if a high percentage of listings sell without ever being publicly listed, over time, it may become increasingly difficult to create accurate predictions about the local market. Appraisal accuracy may also be compromised.
The Pros and Cons of Private Listings for Buyers and Sellers
For buyers, there are plenty of advantages to having access to private listings. For those working with agents who have access to a large network, it can offer access to exclusive listings on the luxury market, reduce the need to compete with other buyers (and, by extension, avoid bidding wars on coveted properties), and enable one to negotiate in a more measured and private manner. On the flip side, if you’re on the market for a home and only looking at homes within a limited network, you may miss out on opportunities and may have a more difficult time benchmarking the value of the properties on your radar.
In general, private listings are especially advantageous for sellers. With a private listing, the seller retains more control over who sees their property and when. They can also do a “soft launch” to ensure there is ample interest in their property before it goes public. It goes without saying, however, that in the case of private listings, sellers ultimately have access to a smaller buying pool and may receive fewer bids and end up selling their property over at a lower price.
What’s at Stake in the Current Battle over Private Listings
In the current legal battle being played out in New York City, the stakes are clear. If the judge in the case rules in favor of the listing company, moving forward, brokerages will be able to continue running private listings but no longer as a step toward an eventual public listing. Again, currently, private listings usually happen for a limited time—if the property doesn’t sell during this timeframe, they eventually go public.
If, however, the judge rules in favor of the brokerage in the current legal battle, then we may see even more private listings in the future. If this happens, it will impact sellers, brokerages, and buyers. Sellers will likely become more inclined to contract with large brokerages since private listings are obviously more strategic when shared amongst a larger network of agents. This may also lead large brokerages to grow and see more small local brokerages disappear. Finally, for buyers, it will mean having direct access to fewer homes that are on the market, which may even dissuade some potential buyers from initiating their next move.
Would you like to tour any of these properties?
Just complete the info below.
Or call us at (212) 755-5544
Steals and deals under $600K
78 Eighth Avenue, #2K (Compass)
Westcove Condominium, #3N
$600,000 (-10.4%)
Broadway Corridor | Condominium | 1 Bedroom, 1 Bath | 500 ft2
Westcove Condominium, #3N (Brown Harris Stevens Residential Sales LLC)
252 West 20th Street, #2B (Compass)
The Circle, #45 (CORE Group Marketing LLC)
Woodstock Tower, #1001
$595,000
Turtle Bay/United Nations | Cooperative | 1 Bedroom, 1 Bath | 525 ft2
Woodstock Tower, #1001 (Brown Harris Stevens Residential Sales LLC)
101 Thompson Street, #19 (Douglas Elliman Real Estate)
The Schwab House, #6HW (Brown Harris Stevens Residential Sales LLC)
The Guardsman, #1G (Sothebys International Realty)
Willoughby Walk, #1607 (Compass)
Little Gramercy, #5B (Compass)
Public School 9 Annex, #3C (Douglas Elliman Real Estate)
150 East 49th Street, #9D (Compass)
134 West 71st Street, #10 (Brown Harris Stevens Residential Sales LLC)
The Manor, #906 (Compass)
345 East 54th Street, #E (Compass)
120 East 83rd Street, #4B (Compass)
524 East 6th Street, #1 (Corcoran Group)
The Broadmoor, #16D (Compass)
336 East 77th Street, #18 (Douglas Elliman Real Estate)
150 East 61st Street, #3K (Coldwell Banker Warburg)
Would you like to tour any of these properties?
Just complete the info below.
Or call us at (212) 755-5544
Would you like to tour any of these properties?
Contributing Writer
Cait Etherington
Cait Etherington has over twenty years of experience working as a journalist and communications consultant. Her articles and reviews have been published in newspapers and magazines across the United States and internationally. An experienced financial writer, Cait is committed to exposing the human side of stories about contemporary business, banking and workplace relations. She also enjoys writing about trends, lifestyles and real estate in New York City where she lives with her family in a cozy apartment on the twentieth floor of a Manhattan high rise.
6sqft delivers the latest on real estate, architecture, and design, straight from New York City.
