The number of multiple listing services and local Realtor associations across the country declined again in 2025, as consolidation continues to reshape the industry, according to the 2026 Organized Real Estate Indices from T3 Sixty’s Real Estate Almanac. 

For the first time, the total number of MLSs dropped below 500. As of Dec. 31, there were 484 MLSs operating nationwide, down from 514 a year earlier, a 5.8% year-over-year decrease. Over the past two years, the count has fallen by 37 MLSs, or 7.1%. Since 2018, it has fallen by 22%. 

Local Realtor associations also declined to 991 at the end of 2025, compared with 1,014 in 2024, a 2.3% decrease year over year. Over two years, that represents a drop of 40 associations, or 3.9%. 

About 35% of local associations, or roughly 345 organizations, have fewer than 250 members. Some have chosen to merge with neighboring associations, while others have dissolved. 

Texas, New York and Georgia accounted for more than half of all MLS closures in 2025. In Texas, the cancellation of a statewide Realtor association program that provided MLS services and training contributed to the loss of six MLSs and eight local associations. In Georgia, the number of MLSs fell by 4. 

Despite local associations and MLSs shrinking, national Realtor membership has remained steady. The National Association of REALTORS® membership stood at approximately 1.48 million as of Dec. 31, down 2.2% from about 1.52 million at the end of 2024, but still above the 1.2 million members budgeted for 2026. 

The report also highlights the growing expansion of the largest organizations. Just 12 large local associations now represent 20% of all Realtors, while 20 MLSs account for half of all MLS subscribers and nearly half of the sector’s revenue.