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Housing affordability, maintaining housing inventory, and keeping pace with tech advances were among the biggest challenges cited by firms in the next two years, according to the 2023 Profile of Real Estate Firms by the National Association of REALTORS® (NAR). The report measures characteristics of firms nationwide to determine how they operate and assess what lies ahead. NAR surveyed its broker members of record to better understand firms’ demographics, composition and characteristics from the executive and manager perspective. Single-office firms had a median brokerage sales volume of $5.3 million and 15 real estate transaction sides last year, up from $4.5 million and down from 19 transaction sides, respectively, in 2020. Firms with four or more offices had a median brokerage sales volume of $154.6 million and 403 transaction sides in 2022, an increase from $146.2 million and a decrease from 571 transaction sides two years ago. “Housing affordability has had an impact on real estate firms’ overall sales activity,” noted Lautz. “There are fewer buyers who can purchase a home due to the rise in prices and interest rates, and fewer sellers are motivated to make a move. While sales are down, sales volume has increased as home prices have augmented because of limited inventory.”
