Whispers in the Market

The private real estate market, once reserved for the ultra-wealthy, is gaining traction with homeowners at all levels of the market. This isn’t just about multi-million dollar mansions or celebrity estates anymore. Off-market listings are becoming a go-to strategy for a wide range of sellers—those who want privacy, those who are uncertain about asking prices, and those who simply don’t want their property sitting on the market for too long.

The Rise of Off-Market Listings

Off-market transactions used to be the domain of luxury homes, where high-net-worth individuals wanted to protect their privacy and avoid the media circus that can surround a listing. However, today, more and more sellers are realizing the value of keeping their listing off the public radar—no matter the price point. According to the National Association of Realtors, roughly 1 in 5 luxury homes were sold off-market in 2023, but what’s just as interesting is that the trend is spreading to other price ranges, too. Sellers of all kinds are exploring their options.

The allure of off-market deals lies in control—control over the marketing process, control over when and how their home is shown, and control over the asking price without the pressure of public competition. For buyers, the appeal is clear: fewer people know about the property, so less competition means a better shot at landing the home they want.

Why Off-Market Listings Work for More Than Just Luxury

While off-market deals are often associated with the high-end market, they are just as relevant for homeowners who may not have a multi-million dollar estate. Many homeowners are simply unsure of what price to ask for their home and prefer the flexibility of testing the waters privately before committing to a public listing. Others want to avoid the stigma of having a property languish on the market for months, which can sometimes hurt the sale price. Off-market deals give these sellers the opportunity to gauge buyer interest without worrying about days on market or overexposure.

Take, for example, a homeowner who’s unsure about their asking price. They may not want to commit to a price point right away, but would prefer to get a sense of what buyers are willing to pay in a private setting. This allows them to adjust their expectations before making a public listing—and sometimes even secure a sale without ever officially listing the property.

A Personal Anecdote

I want to illustrate just how important discretion can be in today’s market. Back in early 2019, someone shared a “quiet listing” for a property rumored to be worth over $100M. I knew the property, but I’d never set foot on the grounds. The home was owned by a business tycoon, and the price tag had kept it very much under wraps.

At the time, I also had another off-market listing down the street—far less valuable, but still a prime property. I thought, maybe I could convince one of the billionaires who passed on my deal to consider the $100M estate, despite the price difference. After signing an NDA, I made an appointment to view the estate for myself.

The day before my visit, though, the deal leaked to the press. What was once a quiet listing quickly became a very loud one. Every major real estate publication picked up the story, speculating on the potential sale and the impact it might have on the owner’s business and personal life.

Leaks in real estate are more common than you’d think. Once details escape, it’s tough to reel them back in. The “quiet” listing? Not so quiet anymore.

While this example demonstrates the privacy high-end sellers often seek, the principle applies across all price ranges. Off-market listings are an excellent way for homeowners who don’t want their property to sit on the market for months to test the waters privately. Whether it’s a $800K condo or a $10M mansion, the ability to market a property quietly without the pressures of public listings can be the right move for many sellers.

For homeowners who are unsure about the asking price, off-market deals offer flexibility. Sellers can adjust their strategy as they see fit, gauge buyer interest, and avoid the potentially damaging effects of days on market without committing to a public listing. For those looking to avoid bidding wars or who simply prefer a more private transaction, off-market deals provide the perfect solution.

The Opportunity

The growing trend of off-market listings presents a clear opportunity for both buyers and sellers. For sellers, it’s an ideal way to explore the market without the risk of overexposure or a price that doesn’t reflect the property’s true value. For buyers, it’s a chance to secure properties that are truly exclusive, without competing with dozens (or hundreds) of other interested parties.

We’re building a platform that allows sellers to privately test their asking price before deciding to go public. For buyers, it provides access to exclusive listings that never make it to the MLS. Whether it’s a luxury home or a more modest listing, off-market deals are reshaping how the real estate market operates. And if you know where to look, these deals can represent incredible opportunities for both sides.

Noel Roberts is the Co-Founder & CEO of Pending, Inc— a tech-enabled real estate brokerage & holding company. Pending focuses on a consumer platform to help homebuyers discover properties before they’re listed, as well as acquiring profitable boutique brokerages.