A proposed $1.6 billion merger would unite the nation's two largest real estate behemoths, Compass and Anywhere, combining Compass's regional brokerages with Anywhere's nationally recognized brands, including Century 21 and Coldwell Banker. The deal , announced last week, is between Madison, N.J.-based Anywhere Real Estate and New York-based Compass, the largest U.S. residential real estate brokerage by sales volume. Tomasz Piskorski, a real estate professor at Columbia Business School, says it's too early to say for sure how the move will play out for consumers. In 2024, the three largest brokerages — Compass, Anywhere and eXp Realty — accounted for 17% of total sales volume , and the top 10% of brokerages represented 42% . We're seeing the same thing now in real estate," he says.