Compass’s Growing Market Share and Double-Ended Deals Examined in New Report

A new report from the Consumer Policy Center (CPC) is raising questions about Compass’s growing dominance in residential real estate. 

Titled Compass Expansion: New Data on Market Share and Double Ending, the report argues that the brokerage’s rapid growth, fueled by acquisitions and strategic partnerships, could significantly reshape how residential real estate operates in the U.S. Below are the key findings from the report, along with a response from Compass. 

Compass Now Controls 30–40% of Sales in Key Markets

Based on the analysis of 5,000 recent home sales across Boston, Washington, D.C., Chicago, Austin, and San Diego, the report found that Compass holds between 30% and 40% of unit sales in these areas. 

In four of the five metros analyzed, that share was four times larger than the nearest competitor.

The report breaks down market share percentage in the five cities analyzed, comparing “Old Compass” (just Compass), “New Compass” (Compass plus its acquisitions), and the most active brokerages in those areas. Here’s a breakdown:

Boston

• Old Compass: 14.8%
• New Compass: 32.4%
• Keller Williams: 4.4%

Washington, D.C.

• Old Compass: 22.0%
• New Compass: 39.5%
• Keller Williams: 8.5%
• Long & Foster: 5.8%
• RLAH: 4.5%
• Samson: 4.3%

Chicago

• Old Compass: 10.7%
• New Compass: 35.0%
• Baird & Warner: 8.1%
• Keller Williams: 5.3%
• RE/MAX: 4.8%
• Berkshire Hathaway: 3.5%

San Diego

• Old Compass: 15.6%
• New Compass: 29.7%
• eXp: 7.0%
• Real Broker: 6.6%
• Keller Williams: 6.4%
• Berkshire Hathaway: 4.8%
• LPT Realty: 3.1%

Austin

• Old Compass: 22.1%
• New Compass: 29.7%
• Keller Williams: 11.6%
• eXp: 5.8%
• Moreland: 3.4%
• Bramlett: 3.0%

The report also notes that Compass’s influence is even more pronounced when measured by sales volume, largely due to its focus on higher-priced properties.

Stephen Brobeck, a CPC senior fellow and author of the report, stated:

“The concern is that the Compass share is not only very large but also much larger than that of major competitors. Compass is becoming so dominant in some local markets that consumers will feel both pressure and attraction to list and purchase properties through Compass agents.” 

Private Listings and “Double-Ending” Take Center Stage

A major focus of the report is Compass’s use of private listings, which continues to be a topic of debate across the industry.

The report suggests this strategy may contribute to higher rates of “double-ended” transactions, where both sides of a deal are handled within the same brokerage. In Washington, D.C., for example, the report found a double-end rate exceeding 40%.

It also points to a new internal referral structure, where listing agents can earn a 10% referral fee for directing buyer inquiries to another Compass agent, as a potential driver of increased in-house transactions.

Compass Pushes Back on Methodology and Claims

Compass has disputed the report’s findings, particularly around how the data was compiled.

In a statement to HousingWire, a Compass spokesperson said the statistics “do not reflect the full scope of [Compass’s] business and appear to rely on a partial dataset.”

The company also emphasized that its agents are expected to act in their clients’ best interests, regardless of where an offer originates.

On private listings, Compass maintains that access is not restricted. According to the company, the majority of its private exclusive listings that sell off-MLS are co-brokered with non-Compass agents.

Compass also notes that any agent can access these listings by contacting a Compass agent or visiting a brokerage office, where its “Private Exclusives Book” is available. Its website similarly includes instructions for how to view these properties.

In the email to HousingWire, the Compass spokesperson also spoke to claims about its referral structure, stating, “In February, we announced a ‘Listing Agent Lead and Referral Program’ that provides Compass agents with added flexibility. They can handle buyer inquiries themselves or refer them to a vetted Compass buyer’s agent and earn a 10% referral fee if the transaction closes within 24 months. This creates a new way for Compass listing agents to generate passive income while maintaining full control over their business.”

The Bottom Line

The Consumer Policy Center report frames Compass as a brokerage gaining significant influence in key markets, while Compass maintains that its approach expands access and flexibility for both agents and consumers.

What’s clear is that the conversation around private listings, market share, and control of the transaction is far from settled, and it’s one that agents across the industry are watching closely.