The typical member of the National Association of Realtors (NAR) had a successful 2021, according to new data, with higher sales volume, more transactions and higher revenue than the pandemic-disrupted year that hit him. preceded.
According to a new member survey, NAR members typically made 12 transactions in 2021, down from 10 in 2020, with a total sales volume of $2.6 million, up from $2.1 million.
The median gross income for real estate agents was $54,300 in 2021, up from $43,330 a year earlier, but unsurprisingly, that figure increased significantly as experience was factored in.
Realtors with 16 or more years of experience had a median gross income of $85,000, up from $75,000 the previous year. (Members’ total median business expenses were $6,250 in 2021, up from $5,330 in 2020.)
Sixty-six percent of real estate agents were women, a modest increase from 65 percent last year. The median age of real estate agents was 56, up from 54 the previous year. About two in five members – 41% – were over 60 and 4% were under 30.
How was the data compiled? In March, NAR emailed a 97-question survey to a random sample of 176,494 real estate agents. A total of 9,220 responses were received, giving the survey an adjusted response rate of 5.2% and a confidence level of 95%.
The typical real estate agent earned 16% of their business from past clients and clients, a slight increase from 2020, the survey found.
The most experienced members – those with 16 or more years of experience – reported a higher share of repeat customers or referrals (a median of 44% in 2021 compared to a median of 37% in 2020). Members with two years of experience or less reported no recurring business activity.
Overall, real estate agents earned a median 20% of their business from referrals, a slight increase from 19% in 2020.
Dismissals were also more common among members with more experience, with a median of 31% for those with 16 years of experience or more, compared to no dismissals for those with two years of experience or less.