Written by Illinois REALTORS® Staff
Reading Time: 2 min
The two biggest factors making it harder for people to buy a home today: years of historically low housing inventory and the impact on affordability as home prices climb higher, according to REALTORS® surveyed for the National Association of REALTORS® 2024 Member Profile.
Another factor keeping potential clients on the sidelines is the expectation that mortgage rates might come back down.
The annual report takes a close look at REALTORS®, and what is happening with their businesses and the industry.
Illinois REALTORS® has created a new member download, “The Typical REALTOR®,” but here are a few highlights from the NAR report.
Highlights from the NAR Report
Lack of inventory and housing affordability are the most important factors limiting potential clients from making a purchase
Has 10 years of experience, down from 11 years in 2022
Nearly 73 percent of REALTORS® are certain they will remain in real estate for two more years.
74 percent of REALTORS® specialize in residential brokerage.
88 percent of REALTORS® are independent contractors with a median tenure of five years at the firms
Text messaging (94%) preferred method for REALTORS to communicate with clients followed by telephone (91%) and email (89%)
Typical business expenses were $8,450
65 percent of members were female, up from 62 percent the year before
20 percent of business came from previous clients, down from 27 percent the year before
70 percent of members volunteer in their community
95 percent of REALTORS® are registered to vote
6 percent use drones themselves, 46% have hired a professional drone operator
New REALTORS® tend to be more diverse: of those with two years or less of experience, 40 percent were minorities
The typical REALTOR® is a 55-year-old, college educated woman who is a homeowner.
