Compass’s acquisition of Anywhere Real Estate creates a national brokerage powerhouse — but industry veteran Steve Murray says the deal’s biggest effects will be in scale, services and back-office consolidation.

Murray — senior advisor for HousingWire and founder of RealTrends and RTC Consulting —estimates the combined Compass-Anywhere operation will handle roughly a million transaction sides annually.

“It seems to me that with transaction sides, Compass and Anywhere Advisors, the brokerage-owned companies, were doing about a half a million transactions,” he said. “I looked at the second quarter report for Anywhere, and annualized their franchises in the U.S.

“That may add another half a million transactions in the U.S. I’m being generous. So, the way I look at it is the combination of these two companies, they’ll do a million, maybe 1.1 million transaction sides.”

Murray places transaction-side market share for the combined company in the low- to mid- teens — about 13% to 15% of U.S. existing-home transaction sides, based on RealTrends Verified ranking data and public earnings reports.

He notes, however, that because Compass and Anywhere concentrate in higher-priced coastal and metropolitan markets, the combined firm’s share of total dollar volume is materially larger.

“If you look at the volume numbers, then the combination of companies is in the mid-20s in terms of total volume,” Murray said.

Compensation models and team structures — little immediate change

Murray says evidence doesn’t support a wholesale change in compensation models simply because of scale.

“The competition among (the largest brokerages) for agents, even in markets where any one of them had a strong market share, hasn’t affected that particular company’s ability to have a higher retained gross margin in their relationship with agents. It just doesn’t work. There’s no impact and there never has been,” he said.

In short — size alone, does not automatically translate into tighter control over splits or team pay. Agent decisions, Murray said, remain driven by a mix of concrete benefits and personal fit with a brokerage.

Smaller brokerages — nimbleness remains a defense

Murray cautions that the impact on small- and mid-sized brokerages will depend on those firms’ ability to roll with the punches.

“Small and medium brokers can more easily tailor their offerings to attract and recruit agents than larger firms can,” he said. “Small to medium firms can be privately owned. They can be nimble. They can be flexible. But of course, that’s not an advantage unless you’re both nimble and flexible.”

Recruiting and retention ultimately come down to local leadership and execution — branch managers, training and the willingness to invest time and resources, Murray added.

One operational distinction Murray highlights is Compass’s centralized emphasis on recruitment.

“The last I was told, (Compass) has over 100 full-time people, and all they do is focus on recruiting,” he said. “You can see the difference in the first six months of this year. Compass reported over 10% organic growth, that’s both recruiting and retaining agents, and hopefully increasing their productivity versus acquisitions.”

Title, mortgage and back-office synergies

Beyond agent counts and market share, Murray flags potentially large upside from services integration — title, escrow and mortgage — particularly in markets where the combined company’s share could top 20% or more.

“They have the ability to build title in most of those markets, or escrow in southern California and Arizona,” Murray said. “Title insurance can be a very profitable business, and they will be able to leverage that market share if they have the right people. That will be a potentially huge upside for this combination.”

He adds that local title and mortgage providers — in Chicago for example — will likely consider whether to strike arrangements with the combined brokerage given the volume opportunities.

At the same time, Murray expects meaningful cost savings from consolidating duplicate back-office functions.

“There’s a whole lot of duplicate costs in the back offices of Compass and Anywhere that, presumably, over time, they’ll be able to run it more efficiently than two of them separately,” he said.

Smaller brokerages with strong local leadership, flexible offerings and attention to recruiting and training remain competitive options for agents — even as the combined Compass-Anywhere reshapes parts of the market infrastructure.

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Baltimore is embarking on what civic leaders call ‘the nation’s most ambitious housing redevelopment program’ — a 15-year effort that aims to turn around more than 37,000 vacant or at-risk properties and influence market conditions for another 33,000 homes and lots.

The strategy is supported by $1.2 billion in public funding commitments and is expected to leverage an additional $5 billion from the private sector, according to the Greater Baltimore Committee (GBC).

“This initiative demonstrates the strength and alignment of our region in addressing vacancy at scale,” said Mark Anthony Thomas, president of the GBC. “As a core economic development priority, the public dollars committed to this effort are designed to catalyze significant private-sector investment, grow our population, and strengthen neighborhoods. By bringing together civic leadership, private capital and community partners, Baltimore is setting a new national benchmark for city revitalization.”

Unlike programs that focus on individual properties, the plan targets entire blocks, combining housing investment with infrastructure, commercial corridors, parks and community spaces.

The initiative is being led by the GBC, the Mayor’s Office, and BUILD Baltimore — and is coordinated through Reinvest Baltimore, established by Gov. Wes Moore in 2024.

Recent efforts to cut down on vacant residential properties in Baltimore have proven to be effective, according to new Urban Institute data.

City and state funding commitments

“Baltimore is proving what’s possible when a city invests boldly in its future,” Baltimore Mayor Brandon Scott said. “With over a billion dollars in public funding, strong private-sector partnerships and deep community engagement, we’re not just reducing the number of vacant homes — we’re transforming entire neighborhoods and creating lasting economic opportunity for our residents.”

So far, the city has committed $300 million — including a new tax increment financing program designed to fund affordable housing.

Maryland has pledged $900 million over the next several years for housing and neighborhood reinvestment. Together, these efforts are intended to help reach $3 billion in public support over the course of the program.

“We’re committed to transforming Baltimore’s neighborhoods by addressing vacancy with urgency and precision,” said Jake Day, Maryland’s housing secretary. “We’re not just filling empty houses — we’re building stronger, safer, and more connected communities through collaboration at both the local and statewide level.”

Economic impact and private sector role

Public Financial Management Systems, a consulting firm, estimates the plan could generate more than $7.3 billion in economic value over 30 years through tax revenue, job creation and property value increases.

A private capital strategy developed by Forsyth Street Advisors includes tools such as shared-appreciation mortgages and rental loans for small developers.

PNC, Bank of America, JPMorgan Chase and T. Rowe Price have already joined the effort, and GBC this week issued a request for information seeking a partner to help design investment vehicles that align public and private priorities.

The approach builds on the track record of ReBUILD Metro, which has invested $125 million in East Baltimore over the last two decades.

That project remediated more than 500 properties, reduced vacancy by over 90% in its first two target areas and boosted population and home values without displacing residents, leaders said.

Green thumbs looking for a lifestyle change have pinpointed a handful of beloved Australian towns for their climate, culture, and shared love of flowers.

Spring is in the air – the season to sow, grow and celebrate all things green. Across Australia, a handful of places have become true “garden capitals”: towns and regions where a love of gardens, festival calendars and green living shape community life.

And they’re drawing a new kind of buyer, the “tree-changer”. These are city dwellers who have decided to swap traffic and concrete for blossoms, crisp air and a deeper sense of rootedness.  

They’ve headed for communities that can be considered botanic treasures, where seasonal spectacle is combined with practical infrastructure. These locations boast farmers’ markets, garden clubs, and estate releases that are explicitly selling green amenity.

The following five regions offer distinct ways to plant a greener life – heritage village culture, farm to table ambition, eco-stewardship, community plant swaps, and rolling hill-country charm.

With new estates now on the market, making the move to a garden capital has never been easier.

Central Victoria

Central Victoria has quietly become the country’s hub for small-scale food and garden revival.

Daylesford and its neighbouring towns now draw food-loving visitors and a growing cohort of small producers creating an authentic farm-to-table scene.

Anchoring the region for garden lovers is The Diggers Club – Australia’s best-known heirloom-seed and heritage-garden organisation – whose beloved Garden of St Erth and adjoining café are a daily draw for locals and tourists alike.

Julian Blackhirst, head gardener at Diggers, is keenly aware of how the region’s appeal has evolved over time.

“This whole area has a thriving permaculture movement. It has a very nice climate – good rain and really good volcanic soil. In the past, it was a potato growing area and today, it has diversified into a wide range of flower and vegetable crops,” Mr Blackhirst said. 

The town’s festivals, plant fairs and small-scale market gardens make it a magnet for people who want both craft and community.

For buyers who want room to grow – whether veggie beds, perennials or a hobby orchard – Middleton Field offers staged land and townhouse options that provide a gateway into the Central Victorian lifestyle with local services close at hand. 

Toowoomba, Queensland

Toowoomba stands apart as a regional hub for gardeners who want generous soil, reliable civic amenity and a strong events calendar that celebrates horticulture.

The Darling Downs’ temperate climate and rich loam make it an appealing choice for buyers who want larger, productive gardens without sacrificing access to schools, hospitals and cultural life.

The annual Toowoomba Carnival of Flowers cements the region’s gardening culture: the festival turns parks and private gardens into a city-wide showcase of colour and gardening know-how.

For many tree-changers, Toowoomba is the practical middle ground with boutique land releases on offer with great soil that scales. Gainsborough Lodge is a good local example – medium-to-large lots with quick regional access, pitched at buyers wanting country space that doesn’t feel remote.

Launceston, Tasmania

Launceston stakes a different claim in Australia’s garden story: it’s as much about food culture as it is about planted landscape.

Designated a UNESCO City of Gastronomy, the city’s paddock-to-plate scene equals its horticultural attractions like Cataract Gorge – its cliff gardens, chairlift and riverside reserves sit minutes from the centre of town.

Launceston is also the gateway to the Tamar Valley’s vineyards and apple orchards, and a scenic drive away from the celebrated Wynyard Tulip Festival.

For buyers, practical entry points are emerging: Cedar Grove at St Leonards is an active land release offering family-sized lots of about 400sqm to 944sqm and a garden-forward, sustainability-minded lifestyle close to town services.

Southern Highlands, New South Wales

The Southern Highlands feel like garden theatre – cool, leafy villages and mature perennial gardens that shape everyday living.

Each spring, the township of Bowral explodes into colour for the famous Tulip Time Flower Festival when Corbett Gardens is carpeted with tens of thousands of bulbs and the festival energy spills into local galleries, cellar doors and boutique retail stores.

The Highlands’ private estates and decades-old gardens make it a year-round destination and for tree-changers seeking a green lifestyle without losing touch with the city, Sydney is just 90 minutes away.

New releases are aimed squarely at that market, offering modern homes on leafy blocks buyers can plant out over time. In estates like Ashbourne, right outside Moss Vale, buyers can build a home to suit their precise needs with a builder like Sundancer Homes.

The Adelaide Hills, South Australia  

The Adelaide Hills in South Australia pair vineyard views and native gardens with everyday comforts – a picturesque spot for buyers after landscaped outlooks and modern infrastructure.

Mount Lofty Botanic Garden is the region’s seasonal showpiece, its cool-climate collections and autumn colour anchoring the Hills’ reputation for curated gardens and estate living.

For buyers, the Hills offer a pleasing mix: garden-first aesthetics, accessible services and estates that prioritise landscape amenity over cookie-cutter subdivision. Springlake Communities, is the estate to watch for garden-minded buyers seeking lake-framed lots and walkable greenspaces.

Are you interested in building or buying new? Check out our dedicated New Homes page.

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