What’s Actually Changed Since the NAR Settlement?

When the National Association of Realtors (NAR) announced its $418 million settlement in March 2024, it was billed as a seismic shift in the way real estate commissions are structured. The new rules—removing buyer agent commissions from MLS listings and requiring formal buyer-agent agreements—were supposed to increase transparency, reduce steering, and empower buyers and sellers to negotiate compensation more freely.

But over a year later, in local markets like Richmond and across the Southeast, the reality has been far more muted.

Here’s what’s actually changed—and what hasn’t.

What the NAR Settlement Was Supposed to Change

Let’s quickly recap the two major rule changes from the August 2024 implementation:

• No More Buyer Agent Commissions on MLS: Sellers and listing agents can no longer advertise compensation offers for buyer agents on the MLS.  

• Written Buyer Agreements Are Required: Buyers must sign a written agreement outlining compensation and services before touring homes with an agent.

These reforms sought to prevent commission-based steering and encourage open, upfront negotiation. In theory, buyers could now shop for agent services the way they might shop for a mortgage—comparing rates, terms, and service levels.

What We’re Seeing in the Market

1. Sellers Are Still Covering Buyer Agent Commissions

Despite the new rules, most sellers in CapCenter’s markets—including Richmond, Charlotte, Raleigh, and Hampton Roads—are still choosing to cover the buyer’s agent commission. Why? Because not doing so can limit their pool of potential buyers.

In a market where affordability is already stretched, asking buyers to come out of pocket for both a down payment and their agent’s fee is a tough sell. Offering a buyer agent commission remains one of the most effective ways to keep a home competitive,— especially for first-time buyers.

2. Commission Rates Have Barely Budged

National data shows only minor shifts in buyer agent commission rates since the NAR settlement took effect. In fact, for homes priced under $500,000, the average buyer’s agent commission ticked up slightly to 2.49% in Q1 2025, compared to 2.42% in Q3 2024, right after the rule change.

For high-end properties, the opposite is true: commissions have inched down. Homes priced at $1 million or more averaged 2.17% for buyer’s agents, a modest drop from 2.22% when the new rules were implemented—and lower than pre-settlement averages.

Locally, CapCenter has observed a similar pattern. While commission structures may be negotiated differently now, the overall costs haven’t meaningfully decreased. In many cases, sellers continue to offer competitive buyer agent commissions to attract offers, especially on entry-level homes where affordability remains tight.

Higher home prices have also offset any dip in percentage—agents are still earning strong paychecks even with minor rate adjustments.

3. Written Agreements Have Formalized Relationships

One meaningful change is the requirement for buyers to sign an agreement before working with an agent. While this adds clarity and sets expectations, it’s also led to some confusion.

At CapCenter, we’ve found that many buyers aren’t aware of this rule—and some hesitate to commit before understanding how their agent is paid. That’s why our salaried real estate agents walk buyers through the process clearly, without pressure or surprise fees. Our goal is transparency, every step of the way.

Has It Made Home Buying or Selling Easier?

Not really—at least not yet. The truth is, much of the home buying and selling experience still comes down to market forces like inventory, interest rates, and location. Those factors continue to shape the experience more than commission rule changes.

And while the settlement aimed to empower buyers, it has also introduced confusion. Some buyers mistakenly believe they must now pay agent fees out of pocket—causing unnecessary hesitation or missed opportunities.

At CapCenter, we’re working to clear that up. Our agents provide honest guidance, and our ZERO Closing Cost Mortgages keep more money in your pocket—whether you’re buying, selling, or refinancing.

What CapCenter Clients Need to Know

At CapCenter, we’re built differently. Our real estate agents are full-time, salaried professionals who prioritize your goals—not commissions. That means their only incentive is getting you into a home you love, with terms that work for you.

You’ll get clear guidance, honest advice, and zero pressure, whether you’re buying your first home or your fifth. We believe in transparency, simplicity, and putting your needs at the center of every decision.

And when you pair our expert agents with a ZERO Closing Cost Mortgage, the savings add up fast—without sacrificing service, speed, or results.

CapCenter clients don’t just save more—they’re supported more, too

Bottom Line

The NAR settlement may have rewritten the rules, but the game hasn’t changed much—at least not in our markets. One year later, commissions are still being paid mostly by sellers,sellers; most agents still charge traditional rates, and most buyers still rely on expert guidance.

At CapCenter, we’ve always believed in doing things differently: no hidden fees, no unnecessary costs, and no pressure. Just experienced agents and mortgage experts helping you make smart decisions, whether you’re buying, selling, or refinancing.

Have questions about how these changes affect your home goals? Talk to a CapCenter expert today.