The analysis is based on the 2024 total sales volume of individual agents and broker teams who submitted their data for the 2025 RealTrends Verified Rankings. Additionally, the analysis focused on regions where more than 100 agents or teams were included in the rankings, and where both Anywhere’s brokerage and franchise brokerage companies were included.
In an article about the analysis, The Capitol Forum wrote that it expects Compass and Anywhere to argue that Anywhere’s franchise businesses should not be included in a market share analysis by federal regulators because the franchisees operate them as separate businesses.
After the merger, The Capitol Forum’s analysis found that Compass would control 30% or more of the local brokerage markets in the US, from Seattle, San Francisco and Los Angeles on the West Coast to Boston, parts of New York City and Washington, DC on the East Coast. The combined brokers would have market dominance in markets including Honolulu, Fort Lauderdale, Florida, Greenwich, Connecticut, Newport Beach and Los Gatos, California, Denver, St. Louis, Houston and Austin.
The Capitol Forum argues that this 30% market share threshold is absolutely necessary, as anything above that number is likely illegal under US law. Merger Guidelines published by the Ministry of Justice (DOJ) and the Federal Trade Commission (FTC) in 2023.
Before announcing the proposed merger, Compass CEO Robert Reffkin had spoken extensively about his company’s goal of achieving a 30% market share in the brokerage’s top 30 cities. Acquiring Anywhere would accelerate this plan in many urban areas.
According to the analysis, a combined Compass and Anywhere would have a market share of approximately:
- Los Angeles: 40%
- Raleigh: 46%
- Houston: more than 50%
- Austin: more than 50%
- Honolulu: 54%
- Seattle: 57%
- Denver: 60%
- Rock: 60%
- Brooklyn: over 60%
- Washington DC: more than 60%
- Boston: more than 60%
- San Francisco: 64-65%
- Nashville: almost 70%
- Newport Beach, California: over 80%
- Manhattan: more than 80%
In addition to analyzing data from RealTrends Verified, the article also quotes affiliated agents of Anywhere expressing concerns about how the acquisition could drive up brokerage commissions and also limit the number of brokerage operations in a given market from which a consumer can choose.
Compass has publicly stated that it expects the deal to close in the second half of 2026. The company has maintained that the deal is not anti-competitive.
Earlier this month, Sens. Elizabeth Warren (D-Mass.) and Ron Wyden (D-Ore.) sent a letter to antitrust officials at the DOJ and FTC asking them to consider blocking the proposed acquisition. In the letter, they argue that the takeover could harm homebuyers by contributing to higher real estate agent costs and limiting access to real estate listings.
Compass did not immediately return HousingWire’s request for comment.
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