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The real estate world is always evolving, and the National Association of REALTORS® (NAR) members are right in the middle of it. This year's 2024 Member Profile has some intriguing findings, especially about the diversity among newer members. One notable highlight is that new members are more diverse than their experienced counterparts. Among those with two years or less of experience, 40% are non-White. This marks a significant shift in who's entering the real estate field and highlights the fresh perspectives these new agents bring.
In this post, we'll examine how these new, diverse REALTORS® compare to their more experienced colleagues. We'll explore what these differences mean for the industry's future and dive deeper into the question: Who are REALTORS®?
Here's a chart from chapter six of this year's Member Profile that showcases the racial and ethnic diversity of our newest members. Among those with two years or less of experience, 40% are non-White, which is more than double the 16% of those with 16 or more years of experience.
The report noted that the median years of experience is 11 years and that the typical REALTOR® is a 55-year-old white female. Comparing the gender and racial/ethnic composition of our newest members to those with median years of experience reveals some interesting insights.
The chart shows the gender and racial/ethnic composition of REALTORS® with two years or less experience, offering an interesting look at the diversity within the profession. Overall, most REALTORS® with two years or less experience are female (65%), while 33% are male. However, when compared to other levels of experience, there seems to be more of a gender balance, especially among Black/African American, Asian, and American Indian/Eskimo/Aleut REALTORS®.
The majority of REALTORS® with 6 to 15 years of experience are female (70%), while 27% are male. The distribution varies across different racial and ethnic groups, with the highest percentage of females among Asian REALTORS® (81%) and Black REALTORS® (73%) and the lowest among Hispanic/Latino REALTORS® (63%).
There is a 10-year median age difference between our newest members and those with 6 to 15 years of experience. The median age of the newest members is 42, whereas the median age of REALTORS® with 6 to 15 years of experience is 52. Real estate was not their first career in both cases, which explains the higher median ages. Interestingly, 11% of those with 16 or more years of experience say that real estate was their first career.
Another way new members stand out compared to more experienced members is in their language fluency. Those with two years or less of experience are more likely to be fluent in other languages than more experienced members, with over a quarter being fluent in more than one language.
These insights from the 2024 Member Profile paint a picture of a dynamic and diverse group of new REALTORS® who bring fresh perspectives and skills to the industry. It will be exciting to see how this diversity will shape the future of real estate!