2023 DMAR Member Profile | Report by NAR

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The National Association of Realtors® (NAR) has released reports on who members are and the business they are conducting dating back more than five decades. Each year the report is released in varying and unique circumstances. While the report provides timelines of how experiences and transactions have changed, it is also important to remember it is a snapshot of that period of time.

The last year, 2022, was a divided year in the real estate market. At the beginning of 2022, inventory levels dropped to the lowest recorded since 1999 as home buyers entered the market at a frenzied pace to lock in historically low interest rates. By the autumn of 2022, mortgage interest rates topped seven percent, putting a damper on real estate sales activity. Homebuyers who had searched for a home in spring and were outbid were suddenly pushed to the sidelines due to housing affordability concerns. Despite the rise in mortgage interest rates, home prices continued to rise, pricing out even more potential consumers. While there has been a slight increase in housing inventory, at affordable price points buyers have struggled to find a home. This year’s report reflects the experience of Realtors® through a roller coaster of a year and into a more balanced market in 2023.

In 2022, the rise of new members in NAR continued to increase. Membership grew from 1.56 million at the end of 2021 to 1.58 million at the end of 2022. The median years of experience in real estate increased to 11 years. Those with two years of experience declined from 25 percent to 17 percent, while those with 16 years or more experience increased to 42 percent from 39 percent. Despite the churn and unique real estate market conditions, looking forward, 76 percent of Realtors® are very certain they will remain in the market for two more years.

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