WRE News July 23, 2023
Buyer
The absence of housing inventory was the most significant factor that prevented potential buyers from making home purchases in 2022, according to a new survey by the National Association of Realtors (NAR) of its membership.
Roughly one-third (32%) of realtors cited the lack of inventory as the primary reason buyers could not acquire property last year – NAR noted housing inventory is at its lowest recorded level since 1999. But despite the limited inventory on the market, the typical NAR member had a higher sales volume ($3.4 million versus $2.6 million) and the same number of transactions (12) in 2022 compared to 2021.
The typical realtor in 2022 earned 27% of their business from previous clients and customers, an increase from 16% one year earlier. Realtors earned a median of 24% of their business from referrals, an increase from 20% in 2021, and referrals were also more common among members with more experience, with a median of 30% for those with 16 or more years of experience compared to 4% for those with two years or less of experience.
The median gross income for realtors increased to $56,400 in 2022, up from $54,300 in 2021 – and realtors with 16 years or more experience had a median gross income of $80,700, down from $85,000 in 2021. Realtors with two years or less experience had a median gross income of $9,600, an increase from $8,800 in 2021.
NAR’s membership grew to 1.58 million at the end of 2022, up from 1.56 million at the end of 2021, and the new study found about three-quarters of realtors (76%) were certain they will remain in the real estate industry for at least two more years.
The NAR study was conducted in March and is based on a 98-question survey to a random sample of 146,624 realtors, from which NAR received 6,902 total responses.
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