On September 15, 2026, federal Judge John Tharp in Chicago issued a ruling affecting the accessibility of homes for American buyers online. The ruling denied Zillow’s request to prevent Midwest Real Estate Data (MRED) from enforcing its listing rules, reversed a previous restoration of Zillow’s access to Chicago-area listings, sent Zillow’s claims against the MLS to arbitration, and stayed the related case against the brokerage firm, Compass. This means that the dispute over control of access to listings in the Chicago metropolitan area is now proceeding to private arbitration.
Although buyers and sellers in the region are not directly involved in this arbitration, they will be affected by its outcome. The issue may seem minor, but it has the potential to significantly impact the housing market.
In January, Compass completed its acquisition of Anywhere Real Estate, which owns several other real estate firms. Compass has developed a strategy that includes “private exclusives,” which are listings marketed within the brokerage before being made available to the broader market. This strategy currently accounts for approximately one-third of transaction sides in certain markets.
In March, Zillow introduced Zillow Preview, a premarket listing product whose partners collectively represent about 30% of the residential brokerage market. These listings are visible on Zillow, Trulia, and through a separate agreement with Realtor.com, but do not appear on Homes.com, Redfin, or the traditional MLS.
Zillow has previously criticized Compass for similar practices, but in this case, the exclusive window benefits Zillow.
The ongoing argument in Chicago revolves around which firm has the authority to restrict access to listings. This situation highlights the need for antitrust enforcement in the real estate market.
The Federal Trade Commission (FTC) recently settled a case emphasizing that a dominant platform should not neutralize a competitor in listing distribution. In that case, exclusivity in the rental market was acquired for $100 million, while housing listing exclusivity is achieved through preferential access.
Zillow's increasing control over the market raises additional concerns. Following litigation that dismantled the National Association of Realtors’ commission structure, Zillow began paying listing agents 10% of the buy-side commission when a Zillow Preview listing closes through its Preferred Agent network, effectively reinstating a nationwide commission agreement that had been previously dismantled.
Additionally, Zillow Home Loans has become the 25th-largest mortgage lender in the U.S., with pending class actions alleging that the company directs buyers toward its own, potentially more expensive, products.
Congress has taken notice of these developments. The House Judiciary antitrust subcommittee, led by Rep. Scott Fitzgerald (R-WI), sent letters to Compass and MRED in July requesting briefings on private listing networks and their consumer impact. A coalition of consumer, housing, and civil rights groups has urged the FTC and Justice Department to investigate the partnership between Compass and MRED.
These initial steps are promising, but the FTC should also conduct a market study on online residential search and listing distribution. Antitrust enforcers should investigate exclusive premarket access and platform-set commission payments before they become standard practice in the industry.
The purchase of a home is typically the largest financial decision for families and the basis of their wealth. The regulations determining which buyers are informed about available homes, which agents they work with, and which lenders finance their purchases should not be decided through private arbitration between two profit-driven companies.