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.