Today we’re looking at trends affecting the number of Realtors in the U.S.
We’ve seen an all-time high number of Realtors in the US this past year, with 1.6 million licensed Realtors. Now, to be called a Realtor, you have to be a member of the National Association of Realtors; in actuality, there are about two million licensed real estate agents in the U.S. Over the past year, there was a 100,000 increase in membership to the NAR, which was another record broken.
So what’s the cause of this growth? Due to unemployment caused by the shutdown of certain industries, many people are now moving into real estate. Plus, property values are some of the highest that they’ve ever been, which is encouraging and enticing many people to join the fold.
“Over the past year, there was a 100,000 increase in membership to the NAR.”
Interestingly, there were only 6.12 million homes sold in 2021; if there are two million licensed agents and only six million homes sold, the average agent only sells three homes a year. We’re seeing that industry productivity is down on a per-agent basis. The reality is that 50% or more agents sell no homes in a year.
Ultimately, we expect to see many people leaving the industry because there’s just not enough business for them. It’s really important for buyers and sellers to work with an agent who has a lot of experience, given that agents are helping buy or sell the most expensive asset of their lives.
If you have any questions about today’s topic or anything else to do with real estate, give us a call or send us an email.
Stay up to date on the latest real estate trends.
Quick Take: The 2023 housing market is poised to be more balanced between buyers and sellers than it has been over the past three years.
As the cost of renting skyrockets an average of 13% YOY, the time to buy is now. Research consistently shows that homeownership is an important way to build wealth. A … Read more
Quick Take: Fewer homes are coming to market, and demand for homes has cooled as interest rates jump to a 15-year high, indicating a short-term equilibrium after two y… Read more
Don’t let sensationalized news headlines about foreclosures scare you. Ready for a quick real estate update? I want to talk about some recent headlines you may have … Read more
Is your curb address legible? If an emergency vehicle (or DoorDash) can’t find your home, it can cause unnecessary delays. The importance of having your address on… Read more
You’ve got questions and we can’t wait to answer them.