The U.S. real estate industry is experiencing a period of significant disruption, marked by a landmark acquisition and multiple new antitrust lawsuits. Compass has announced its intention to acquire Anywhere, a move that would form the world's largest brokerage, while the National Association of Realtors (NAR) and Zillow both face fresh legal challenges over their business practices.
Key Takeaways
- Compass plans to acquire Anywhere, creating a combined entity valued at approximately $10 billion with 340,000 agents globally.
- A new antitrust lawsuit has been filed against the National Association of Realtors (NAR), alleging it overcharges members and restricts access to Multiple Listing Services (MLSs).
- Zillow is the target of a new class-action lawsuit from the Moehrl case law firms, which accuses the portal of deceiving consumers through its Flex agent program.
- These events add to the ongoing legal and structural pressures reshaping the real estate sector, including REX's appeal to the Supreme Court.
Compass and Anywhere Announce Merger Agreement
In a move set to create an industry giant, Compass has confirmed it will acquire Anywhere. The transaction is poised to establish the largest real estate brokerage in the world.
The combined company would have an estimated value of $10 billion. This new entity would bring together a massive network of approximately 340,000 real estate professionals operating across 120 countries and territories.
A New Market Leader
The merger combines Compass, known for its technology-driven platform, with Anywhere, the parent company of established brands like Coldwell Banker, Century 21, and Sotheby's International Realty. This consolidation signals a major shift in market power and could influence competition and agent resources for years to come.
According to a statement from Compass, the acquisition is designed to leverage the strengths of both organizations, creating a global network with unparalleled scale. The deal is subject to regulatory approval and customary closing conditions.
NAR Faces New Antitrust Allegations
The National Association of Realtors is confronting another legal challenge, this time from a broker who alleges the organization has "bled Realtors dry" through its membership and fee structures. The new antitrust lawsuit was filed on September 23, 2025.
The core of the complaint argues that a single Realtor membership should grant an agent access to all Multiple Listing Services (MLSs) and related tools within their state. Currently, agents often pay separate fees for access to different regional MLSs, which the lawsuit contends is an unfair financial burden.
This lawsuit adds to the growing list of legal battles NAR is fighting over its rules and commission structures, which have come under intense scrutiny from both the Department of Justice and private plaintiffs.
Industry Under Pressure
The real estate industry has been the subject of numerous high-profile lawsuits in recent years, primarily focused on commission rules. These cases challenge long-standing practices and could fundamentally alter how agents are compensated and how properties are listed and sold.
Zillow Targeted in New Class-Action Lawsuit
The law firms behind the landmark Moehrl v. NAR commission lawsuit have filed a new class-action case, this time targeting real estate portal Zillow. The suit, filed on September 19, 2025, focuses on Zillow's Premier Agent "Flex" pricing model.
The plaintiffs allege that the Flex program, where agents pay Zillow a percentage of their commission only after a sale closes, ultimately inflates commission rates for consumers. The lawsuit claims the portal "tricks" homebuyers into connecting with agents in this program without transparently disclosing the financial arrangement.
The lawsuit describes Zillow's ban on private listings as part of a "scheme to defraud buyers" by controlling which agents and listings are prominently featured.
This legal action suggests that the focus of antitrust litigation in the real estate sector is expanding beyond traditional brokerages and associations to include major technology platforms that play a key role in connecting buyers with agents.
Broader Legal Landscape Remains Active
The recent filings against NAR and Zillow occur within a context of sustained legal activity. In a related development, the discount brokerage REX has officially appealed its case against Zillow to the U.S. Supreme Court. This appeal continues a long-running dispute over how Zillow displays listings from different sources.
Furthermore, court documents reveal that a Zillow executive is scheduled to be deposed in connection with ongoing litigation, indicating that legal discovery processes are actively moving forward in multiple cases.
Collectively, these events—from a mega-merger reshaping the competitive landscape to a wave of lawsuits challenging foundational business practices—point to a period of profound transformation for the real estate industry. The outcomes of these corporate and legal battles will likely have lasting impacts on agents, brokerages, and consumers alike.
