How to Use the MLS for Comparable Sales: Investor's Access Guide
The Multiple Listing Service (MLS) contains the most comprehensive and accurate data on property sales, active listings, and rental activity. For investors doing comp analysis, MLS data is the gold standard. This guide covers how to access it and how to use it effectively.
What the MLS contains that other sources do not
- Actual sold prices: Not estimates or tax records — the real transaction price
- Days on market: How long properties took to sell (critical for understanding demand)
- Price adjustments: Original list price, price changes, and final sold price
- Seller concessions: How much the seller contributed to closing costs (effectively reduces the real sale price)
- Property details: Accurate square footage, bedroom/bath count, lot size, year built, condition notes
- Interior photos: See the actual condition and renovation quality of comps
- Active and pending listings: Current market context, not just historical data
How to access MLS data as an investor
Agent partnership
The most common method. Partner with an investor-friendly real estate agent who can pull MLS data for you. Many agents are happy to help investors in exchange for potential listings or buyer representation on future deals.
Property data platforms
Services like Deal Run and PropStream license MLS data and provide it through their platforms. The data may have a 1-3 day lag compared to direct MLS access, but it is sufficient for comp analysis.
Get your own license
Some investors get their real estate license specifically for MLS access. This costs time (60-180 hours of pre-license education) and money ($500-$2,000 for education, exam, and MLS dues) but gives you direct access.
Running comps from MLS data
- Search sold properties within 0.5 miles of the subject (expand to 1 mile if needed)
- Filter: same property type, similar sqft (+/- 20%), sold within 6 months (12 months max)
- Select 3-5 best comps — most similar in size, condition, and location
- Adjust for differences: bedrooms, bathrooms, garage, pool, lot size, condition
- Average the adjusted prices for your ARV estimate
Key MLS fields for investors
- Close price vs list price: The ratio tells you about market conditions. Close/list above 100% = hot market. Below 95% = buyer's market.
- DOM (days on market): Increasing DOM signals a cooling market. Decreasing DOM signals heating up.
- Concessions: Seller concessions of 3-6% effectively reduce the comparable sale price by that amount.
- Listing remarks: Often contain condition details, motivation clues, and renovation descriptions.
Related guides
- How to Run Comps
- How to Calculate ARV
- How to Adjust Comps
- Best Comp Analysis Tools
- How to Analyze Any Deal