Definition
A cooperative database used by real estate agents to list properties for sale with standardized information. The MLS is the primary tool for marketing residential real estate.
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The MLS is a critical component of modern real estate transactions in North America, operated by regional associations of REALTORS®. Most homes are listed on the MLS within 24 hours of being offered for sale. Having access to MLS data is typically one of the most valuable benefits of working with a real estate agent, as it provides comprehensive and up-to-date inventory of available properties.
Pro Tip
Ask your agent to set up MLS alerts for new listings matching your criteria.
Example
The agent pulled up the current MLS listing for the three-bedroom home, showing that it had been on the market for 8 days and had already received two offers.