More than 2 million real estate agents are active in the United States, according to a recent estimate, and the National Association of Realtors® reports membership of 1.56 million.
Real estate agents are a disparate group of professionals: They range from part-time dabblers to full-time, vastly experienced professionals. Their educational levels range from high-school diplomas only (8%) to graduate degrees and above (13%). Most tend to focus primarily either on residential or commercial properties, but a few work both markets.
The COVID-19 pandemic, along with resulting technological advances, strongly affected real estate professionals. Starting in 2020, demand for commercial property dropped and values flattened or decreased, but demand for residential property increased dramatically, according to fortunebuilders.com. There was a sizable exodus of residents, particularly ages 24–44, from urban areas to suburban and even rural areas. The Wall Street Journal reported that more than 7 million households moved to a different county. This demand coupled with an extremely low prevailing mortgage interest rate resulted in escalating home prices and a shortage of available listings.
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