Good news! There are more Realtors than ever. 1.599,135 to be exact. That is for the whole country and up 2.72% from a year ago. In Minnesota, there are 22,711 members up .59% from September 2021. The number of Realtors in Minnesota peaked in 2005 at 25,325. I remember those days well.
In Minnesota, the number of Realtors dropped to around 16,000 in 2012. That same year national membership dropped below a million and has been rising ever since. Florida has the largest number of Realtors at 213,963, followed by California at 211,708.
Not all real estate agents are Realtors. Not all real estate licensees sell real estate nor do all Realtors.
There were over 7 million homes sold in 2005. Home sales have been down from that every year since at around 5.5 million. They rose in 2021 to 6.12 million and are projected to be 5.95 million this year and 6.07 million next year.
It is important to keep in mind that 2021 was a good year for home sales, which means that the numbers for 2022 will be lower and so will the numbers for 2023.
Locally home sales peaked in the summer of 2021. There were more homes sold last year than in 2005 in Minnesota.
There is some speculation that the number of Realtors will decline next year. Generally, membership does decline after several months of decreases in home sales but membership numbers are also influenced by the unemployment rate. If there are fewer jobs more people become real estate agents.
Most real estate agents are independent contractors and work on a 100% commission basis with no benefits. Commissions are not guaranteed and are only paid after the successful closing of a home sale.
A person needs a real estate license to sell real estate for others for a fee but does not need to be a member of the National Association of Realtors.
Also see
How to get a Minnesota real estate sales license.
