Press release from Lattice Publishing:
Even before COVID-19, real estate agents were adopting new technologies as a way to connect with young, tech-savvy home buyers. However, like so many other economic sectors, the real estate industry has been forced to expand these practices in response to social distancing measures. Now, virtual open houses and watch parties are the norm, and even formerly non-tech-savvy agents are embracing online document software and drone photography to comply with new restrictions.
Even with recent economic disruptions and high levels of unemployment, the real estate industry remains strong. Data from the S&P/Case-Shiller U.S. National Home Price Index reveals that home prices—fueled by strong demand and a limited supply—continue to rise.
Mortgage interest rates have been trending downward, hitting the lowest levels in the 50-year history of Freddie Mac’s Primary Mortgage Market Survey. At the beginning of December, average mortgage rates were nearly a full percentage point lower than the 3.68% rate observed in December 2019 for 30-year fixed-rate mortgages. Due to a combination of historically low interest rates and increased demand—in part, resulting from COVID-19—many real estate agents are busier than ever.
Data from the Bureau of Labor Statistics’ Occupational Employment Statistics reveals that the concentration of real estate agents and their typical pay varies significantly by location. While the highest densities of agents are located in the South, the highest wages (after adjusting for living costs) are primarily found in the Northeast and West.
To identify the best-paying metropolitan areas for real estate agents, researchers at Inspection Support Network (ISN) analyzed data from the U.S. Bureau of Labor Statistics and U.S. Bureau of Economic Analysis to calculate cost-of-living adjusted median annual wages. In expensive metros, wages for real estate agents were adjusted down to reflect less purchasing power; whereas, in more affordable locations, wages were adjusted up to reflect greater purchasing power. ISN also calculated the relative concentration of real estate agents in each location compared to the U.S. average.
The highest paying cities for real estate agents are dispersed throughout the country and represent a diverse set of cities. Real estate agents looking for high pay can choose between a number of metros in every region of the country. However, one important caveat is that this analysis draws from data collected prior to the pandemic, and the subsequent changes to the real estate market could have lasting effects on where future buyers are searching for homes.
The analysis found that in the Asheville metro area, real estate agents earn an adjusted $55,514 per year, compared to a national median of $48,930. Out of all midsize U.S. metros, Asheville is the 20th best-paying for real estate agents.Here is a summary of the data for the Asheville, NC metro area:
- Median wage for real estate agents (adjusted): $55,514
- Median wage for real estate agents (unadjusted): $51,850
- Median wage for all workers (unadjusted): $35,070
- Cost of living (compared to U.S. average): -6.6%
- Concentration of real estate agents (compared to U.S. average): +77.0%
For reference, here are the statistics for the entire United States:
- Median wage for real estate agents (adjusted): $48,930
- Median wage for real estate agents (unadjusted): $48,930
- Median wage for all workers (unadjusted): $39,810
- Cost of living (compared to U.S. average): Average
- Concentration of real estate agents (compared to U.S. average): Average
For more information, a detailed methodology, and complete results, you can find the original report on Inspection Support Network’s website: https://www.inspectionsupport.net/resources/best-paying-cities-real-estate-agents
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