A pocket listing is a property that is for sale but is not publicly listed in the MLS. The listing agent markets it privately, often within their own brokerage or professional network, rather than exposing it to the full market.
Sellers sometimes choose this route for privacy, to test pricing quietly, or to limit showings. However, keeping a home off the MLS reduces its exposure, which can mean fewer competing offers and potentially a lower sale price.
Industry rules have tightened around pocket listings. Many MLSs now require that a listing publicly marketed be submitted to the MLS within a short window, a policy aimed at ensuring broad, fair access. A related concept is the office exclusive, marketed only within one brokerage.