Based on an analysis of single-family homes in its market sold on its MLS and those outside of it for 2019 and 2020, Bright MLS reveals that homes marketed on the MLS sold for a median of 16.98 percent higher than those not. The study also revealed that of the 442,829 sales identified in the market over the two-year time period, over a quarter (26 percent) were sold without MLS marketing. In addition to the price benefits sellers received when their homes were marketed through the MLS, the large percentage of off-MLS deals jumps out from this study. As iBuyers proliferate, they increase the number of homes sold outside the MLS as they often purchase homes from homeowners directly, and, in some cases, list the homes they have for sale through their networks. These, along with office exclusives – in which brokerages market listings internally instead of the MLS – has eroded the centrality of the MLS as a market’s complete source of listings. This study’s findings creates a powerful narrative as to the value of MLS.