Metes & Bounds is a form of Property Legal Description.
One basic example of a Legal Description would be;
"Lot #15 of South Creek Site Condo Subdivision"
A Metes & Bounds Legal Description reads something like;
From the southwest corner of section 1 thence 423 feet east to POB (Point of Beginning) thence 200 feet north, thence 200 feet east, thence 200 feet south, thence 200 feet west to POB
This is typical for an acreage parcel of land.
When we see "Metes & Bounds" on the listing sheet in the "Subdivision" field, it simply means that the home is not in a subdivision and there is no subdivision lot number.