- Compass is acquiring Anywhere Real Estate for $1.6B in stock, creating the largest residential real estate brokerage by volume in the US.
- Anywhere owns major real estate brands like Century 21, Coldwell Banker, and Sotheby’s International Realty, adding 300,000+ agents to Compass’s network.
- The deal reflects ongoing industry consolidation amid declining home sales and rising mortgage rates, which have pressured brokerage firms nationwide.
A Landmark Merger
Compass, the New York-based residential brokerage, is making its biggest move yet—agreeing to acquire competitor Anywhere Real Estate in a $1.6B all-stock transaction, as reported by WSJ.
The deal, expected to close pending regulatory approval, would create a real estate powerhouse with an enterprise value of roughly $10B, including debt.
Anywhere, formerly Realogy, owns some of the industry’s most well-known brands including Coldwell Banker, Century 21, Corcoran, and Sotheby’s International Realty.
The Scale of the Deal
Together, Compass and Anywhere represent over 90,000 company-owned agents and 250,000 franchise agents, maintaining their positions as the No. 1 and No. 2 brokerages by sales volume as of 2024, according to RealTrends.
The acquisition price values Anywhere’s stock at $13.01 per share—an 84% premium over its previous closing price. Compass will also take on $2.6B in net debt as part of the deal.
Why It’s Happening
Real estate sales have stalled significantly since mortgage rates spiked in 2022. Existing home sales in 2025 are on pace for one of the slowest years in decades, and smaller brokerages across the US have been folding into larger firms to survive.
This acquisition gives Compass a broader international footprint and bolsters its ancillary services, such as title insurance and relocation services—key components in the push to become a one-stop-shop for buyers and sellers.
Strategic Advantage
Compass has long marketed itself as a tech-forward brokerage, with tools aimed at boosting agent productivity and exclusive listing strategies. With Anywhere’s scale and complementary services, Compass can further leverage its platform and possibly expand its controversial “exclusive listings” strategy, where listings are first shown only to Compass clients.
This move could reshape the brokerage industry, although the combined firm will still control less than 25% of the national home sales market due to its highly fragmented structure.
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What’s Next
The deal could face scrutiny from regulators or industry bodies over competition, especially as Compass remains embroiled in legal disputes with Zillow and regional MLS services over listing exclusivity.
Still, this consolidation trend is unlikely to slow. As large firms like Compass and Rocket (which recently acquired Redfin) continue to scale, expect more M&A activity in real estate as firms seek efficiency, reach, and resilience in a challenging housing market.
Why It Matters
Compass’s acquisition of Anywhere Real Estate is the latest sign of a reshaping brokerage landscape. As market conditions tighten, scale and service diversification are becoming essential for survival—and dominance.
