Does “Off the Market” Mean Sold?

Real estate transactions use a specific vocabulary that can be confusing. Buyers and sellers often encounter terms describing a property’s status, and “off market” is frequently misunderstood. This term doesn’t always mean a completed sale; its various applications can cause uncertainty. Understanding these nuances clarifies a property’s true availability.

Understanding “Off Market” Status

The “off market” status indicates a property is not currently listed for sale on public platforms like the Multiple Listing Service (MLS). This status doesn’t always mean the property has sold. Instead, it can mean several things. For example, a property might be off market because the transaction is complete, and ownership has transferred to a new buyer.

Alternatively, a property could be under contract, with an accepted offer and the sale in progress but not yet finalized. During this period, the property is often not actively shown to other buyers. A seller might also temporarily withdraw a property for reasons like repairs, personal matters, or a break from selling. The property might also be off market if its previous listing agreement expired without a sale, and the seller has not renewed it.

Some properties are sold privately without ever being publicly listed on the MLS; these are known as “pocket listings.” A single real estate agent typically handles these transactions, sharing details with a select group of buyers through their networks. Sellers may choose this private route for privacy, to test the market discreetly, or to avoid public showings and open houses.

Differentiating From Other Listing Statuses

The “off market” status differs from other common real estate listing terms. An “Active” listing means the property is currently available for sale, open for showings, and no offer has been accepted. In contrast, a “Pending” or “Under Contract” status signifies an accepted offer, with the sale moving towards closing. Properties in this phase are typically no longer available for showings or additional offers, unless specified as “Pending: Continue to Show” for backup offers.

A “Sold” or “Closed” status is the final stage, where the transaction is complete, and ownership has officially transferred to the buyer. When a listing is “Expired,” it means the listing agreement between the seller and their real estate agent has ended without a successful sale. The seller may choose to relist the property, or it may remain off the market.

A “Withdrawn” status indicates the property has been temporarily removed from the market by the seller, though a valid listing agreement with an agent may still exist. While withdrawn, the property is generally not available for showings. The key difference from “Expired” is that the listing contract remains active, allowing the seller to relist with the same agent without a new agreement.

Steps for Interested Buyers

For individuals interested in an “off market” property, proactive steps can help determine its true status and potential availability. Engaging a real estate agent is often the most effective approach. Agents frequently access information about pocket listings or can inquire directly about withdrawn or expired properties, as these might still be available. A seasoned agent can leverage their network to uncover opportunities not publicly advertised.

Buyers can also explore public records to confirm transaction details and new ownership. This provides clarity on whether the property is truly sold or merely removed from public listings. In some situations, directly approaching the homeowner with a polite inquiry can be effective, particularly for properties that appear vacant or unlisted.

Before pursuing any off-market property, securing an initial mortgage approval demonstrates seriousness to sellers and establishes a clear budget. While off-market properties may present unique opportunities with less competition, thorough due diligence, including property inspections and verifying market value, remains essential for a sound investment.