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Market Structure in the Residential Real Estate Brokerage Market

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Abstract

This study provides empirical evidence regarding brokerage firm concentration in a local market multiple listing service setting over the year 1992-1995. To evaluate the level of brokerage firm concentration in this market, Gini Coefficients, Herfindahl-Hirschman Indices and Concentration Ratios for each year of the study period are calculated. Our results indicate that for firms responsible for listing properties, firm concentration has not varied substantially over the four-year study period. However, for those firms that were responsible for actually selling properties, firm concentration has decreased over the study period. This finding tends to indicate that the MLS now provides greater exposure to a wide variety of sales firms, therefore leading to a higher level of competition with a lower level of concentration for selling firms in this local market.

Suggested Citation

  • Fred A. Forgey & Walter E. Mullendore & Ronald C. Rutherford, 1997. "Market Structure in the Residential Real Estate Brokerage Market," Journal of Real Estate Research, American Real Estate Society, vol. 14(2), pages 107-116.
    • Handle: RePEc:jre:issued:v:14:n:2:1997:p:107-116
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    1. Peter F. Colwell & David W. Marshall, 1986. "Market Share in the Real Estate Brokerage Industry," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 14(4), pages 583-599, December.
    2. Lerman, Robert I. & Yitzhaki, Shlomo, 1984. "A note on the calculation and interpretation of the Gini index," Economics Letters, Elsevier, vol. 15(3-4), pages 363-368.
    3. Zumpano, Leonard V & Elder, Harold W & Crellin, Glenn E, 1993. "The Market for Residential Real Estate Brokerage Services: Costs of Production and Economies of Scale," The Journal of Real Estate Finance and Economics, Springer, vol. 6(3), pages 237-250, May.
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    Cited by:

    1. SINGH K. Sanjay & SINGH K. Sunny & RAGHAV Shalini, 2014. "Does Market Structure Matter? Evidence From The Indian Cement Industry," Studies in Business and Economics, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 9(3), pages 107-124, December.
    2. Beck, Jason & Scott, Frank & Yelowitz, Aaron, 2010. "Competition and market structure in local real estate markets," MPRA Paper 27531, University Library of Munich, Germany.

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    JEL classification:

    • L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

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