The real estate market has seen its fair share of ups and downs in recent years, but for savvy agents, certain cities across the nation continue to offer lucrative opportunities.
A new report from The Close recently analyzed key factors such as housing inventory, population growth, and median home prices to identify the top cities where real estate agents can have the most growth and earning potential. Data analyzed by the publication were sourced from the US Census Bureau, Census Business Builder, US Bureau of Labor Statistics, Realtor.com, the Federal Reserve Bank of St. Louis, Zillow.com, and Macrotrends.
Best Cities for Real Estate Agents
1. Las Vegas, NV
Mean Average Wage: $79,770
Number of Real Estate Establishments: 1,703
Median Listing Price: $1,200,000
Las Vegas tops the list as the best city for real estate agents. Many factors come together to make it rank the highest on the list. First, real estate agents in Las Vegas have a mean average wage of $79,770. More than 1,700 real estate establishments are in the area with a median listing price of $1,200,000. Furthermore, the city's population is projected to grow by 0.51%.
2. Los Angeles, CA
Mean Average Wage: $74,150
Number of Real Estate Establishments: 9,014
Median Listing Price: $999,000
Los Angeles is home to numerous film sets, NFL teams, NBA teams, and MLB teams. It ranks second on The Close's list of best cities for real estate agents, with the mean average wage at $74,150. In addition, the city's population is estimated to grow by 0.53%.
3. Boston, MA
Mean Average Wage: $79,730
Number of Real Estate Establishments: 1,169
Median Listing Price: $415,000
Boston is home to beautiful parks and sports teams. It is also a great market for real estate agents, especially with low rates of competition. For every 1,000 people in the city, there is only 0.4 of a real estate agent, the report noted.
4. Charlotte, NC
Mean Average Wage: $56,760
Number of Real Estate Establishments: 2,221
Median Listing Price: $615,000
Charlotte is the fourth city on the list, particularly due to its population growth, which is projected to increase by 1%. Its job market is also keeping a healthy pace, with a growth of 2.5% last year.
5. Washington DC
Mean Average Wage: $74,930
Number of Real Estate Establishments: 2,989
Median Listing Price: $439,000
Washington DC boasts high wages for real estate agents. The population also grew by 1.23% last year. Furthermore, for every 1,000 people, there is 0.981 of an agent.
