What is an MLS?

A multiple listing service (MLS) is a computer-based application that is used by real estate agents in marketing houses. Most market areas have regional MLS systems. When a real estate agent lists a property for sale, the agent enters the property into the MLS so it can be seen by all of the other agents in the market area. When the property sells, the agent will note in the MLS system that the property is sold, how much it sold for, what the sold date was, and other information such as seller concessions. Appraisers will use this MLS data on sold properties to search for comparable sales to be used in appraisals.