Top Cities for Real Estate Agents in 2024
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Real estate agents play a crucial role in the housing market, helping buyers and sellers navigate the complex world of real estate transactions. However, not all cities offer the same opportunities for real estate agents. A recent study by Clever Real Estate has ranked the top cities for real estate agents in America, based on various metrics such as affordability, salary, number of agents, annual home sales, home values, and commission rates.
Mid-Size Metros Dominate the Rankings
When it comes to the best cities for real estate agents, mid-sized metros seem to dominate the rankings. These cities offer unparalleled opportunities for agents, with a combination of high sales per agent, low competition, and attractive commission rates. On the other hand, some of the largest and most expensive cities in the country, such as San Francisco, do not fare well for real estate agents.
Best Cities for Real Estate Agents
Here are the top 10 cities for real estate agents in 2024, according to the study:
- Detroit, MI
- Buffalo, NY
- Kansas City, MO
- Tampa, FL
- Richmond, VA
- Columbus, OH
- Jacksonville, FL
- Atlanta, GA
- Pittsburgh, PA
- Hartford, CT
These cities offer a range of benefits for real estate agents, including high sales per agent, lower competition, and favorable commission rates. This makes them attractive destinations for real estate professionals looking to thrive in their careers.
Regional Distribution
When it comes to regional distribution, the Midwest takes the lead with seven of the top 15 cities for real estate agents. The Northeast and South each have four cities in the top rankings. Interestingly, none of the top-ranked cities are located in the West. In fact, six of the 10 worst-performing cities for real estate agents are in the Western region.
Worst Cities for Real Estate Agents
On the other end of the spectrum, here are the 10 worst cities for real estate agents in 2024:
- San Francisco, CA
- Austin, TX
- San Jose, CA
- Dallas, TX
- Milwaukee, WI
- New Orleans, LA
- Las Vegas, NV
- Phoenix, AZ
- Los Angeles, CA
- Riverside, CA
These cities present challenges for real estate agents, including high competition, fewer sales per agent, and longer time needed to afford a home on an agent’s salary. It is worth noting that four of the worst cities for real estate agents are located in California.
Median Salary and Commission Rates
New York City stands out as the city with the highest median salary for real estate agents, at $103,960 per year. It is the only U.S. market that offers a six-figure median income for real estate agents. On the other hand, agents in Riverside, CA, earn the lowest median income at $33,510 annually.
When it comes to listing agent commission rates, Boston takes the lead with a rate of 3.1%. The major Ohio cities, including Columbus, Cleveland, and Cincinnati, closely follow with a commission rate of 3.08%.
In terms of the dollar value per commission, San Jose stands out with an average of $43,930 per property sold. It is also the highest-earning city for buyer’s agents, who earn an average of $39,358 per deal.
Conclusion
If you’re a real estate agent looking for the best cities to grow your career, mid-sized metros in the Midwest, Northeast, and South offer unparalleled opportunities. These cities have a combination of high sales per agent, lower competition, and attractive commission rates. On the other hand, some of the largest and most expensive cities in the country, such as San Francisco, present challenges for real estate agents. Consider the rankings and metrics mentioned in this study to find top real estate agents and make informed decisions about where to pursue your real estate career in 2024.
