An off-market listing is a property that is for sale, or potentially for sale, but is not publicly advertised through the MLS. The term is used broadly to cover pocket listings, office exclusives, and homes quietly shopped to a private network.
Sellers may go off-market for privacy, discretion around a sensitive situation, or to test the waters without a public listing history or accumulating days on market. Buyers sometimes seek off-market deals hoping for less competition.
The trade-off is exposure. Without MLS distribution, an off-market home reaches far fewer potential buyers, which can limit competition and depress the final price. The term is also sometimes used loosely to describe listings that were withdrawn or expired.