Originally posted by plunger
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When this happens it means that the one-way check valve is leaking. This should not be confused with a failure mode to the unloader valve. This check valve is a separate valve whose only function is to isolate the compressor from the tank in order to prevent back-flow from the air receiver tank into the compressor when it is not running. The line between the compressor and this check valve would have full system pressure on it if it were not for the unloader valve which is usually incorporated into the pressure switch. When the pressure switch reaches it's preset cut out pressure it also activates the unloader valve thus bleeding the high pressure air in the line between the compressor head and the check valve thus allowing an easier startup of the compressor without needing to start under a load.
It will usually be attached to to the pressure switch, and it will also be connected to the check valve via a small diameter cooper tube. Sometimes they can be replaced separately, sometimes not. The pressure switch will have a small metal tab which pushes down onto the little plunger in the unloader valve in order to bleed the air from the line between compressor and check valve.
Remember the OP's complaint was that he could not hear air leaking out when the compressor shut off. So my guess is that the check valve is functioning and the unloader is not.
Below a representative example of one type of replaceable unloader valve.

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