According to the 2024 RealTrends Verified Rankings of Large Brokerages, RE/MAX Agents Averaged Twice as Many Transaction Sides as Competing Agents in 2023
Denver, CO – April 4, 2024 (PRNewswire) The newly released 2024 RealTrends Verified Best Brokerages rankings, formerly known as the RealTrends 500, once again revealed RE/MAX® agents are the most productive in the U.S., outperforming competitors at participating large brokerages 2-to-1. The widely respected report showed RE/MAX agents averaged 11.8 transaction sides, more than double the 5.2 average of all other agents in the survey.* This marks the 16th consecutive year RE/MAX agents have held the 2-to-1 advantage.
“Production results like this are fueled by the ways RE/MAX agents elevate the client experience,” said RE/MAX, LLC President Amy Lessinger. “Embracing excellence, integrity, and a commitment to homebuyers and sellers – that’s what RE/MAX agents strive for every day.”
RealTrends Verified ranks participating large brokerages by residential transaction sides and sales volume. Of the 1,367 qualifying brokerages in 2023, 309, or 23%, were RE/MAX brokerages.
RE/MAX agents also averaged more than twice the sales volume of competing agents among the top 500 brokerages ranked by sales volume. They averaged $5M in sales volume – double the $2.5M average of all other agents in the survey.**
In addition, RealTrends Verified also released its Billionaire’s Club list of the top U.S. real estate brokerage firms that closed at least $1 billion in sales volume in 2023. Twenty-four RE/MAX offices reached that milestone with more than $713B in total volume. The top five RE/MAX franchises on the list includes:
#15 – RE/MAX Gold, representing Gold Nation, in Sacramento, CA
#27 – RE/MAX Results in Eden Prairie, MN
#65 – RE/MAX Professionals in Highlands Ranch, CO
#68 – RE/MAX Alliance in Arvada, CO
#118 – RE/MAX Estate Properties in Palos Verdes Estates, CA
With well-adopted resources like the ‘Unstoppable’ national advertising campaign and MAX/TechSM powered by kvCORE technology, the global RE/MAX brand continues to maintain its position as a leader in the industry. RE/MAX brokerages foster a culture in which experienced agents are well-equipped to handle the changing landscape and deliver the best guidance to their clients.
Added Lessinger, “Productive real estate agents don’t just adopt resources; they innovate and also leverage change as an opportunity to showcase their expertise and resilience.”
* Transaction sides per agent calculated by RE/MAX based on 2024 RealTrends Verified Best Brokerages data, citing 2023 transaction sides for the 1,327 participating U.S. brokerages that closed 500 transaction sides, excluding 64 who did not report or publish active licensees.
** Sales volume per agent calculated by RE/MAX based on 2024 RealTrends Verified Best Brokerages data, citing 2023 data for the 500 participating brokerages with the most sales volume.
About the RE/MAX Network
As one of the leading global real estate franchisors, RE/MAX, LLC is a subsidiary of RE/MAX Holdings (NYSE: RMAX) with more than 140,000 agents in over 9,000 offices and a presence in more than 110 countries and territories. Nobody in the world sells more real estate than RE/MAX, as measured by residential transaction sides. RE/MAX was founded in 1973 by Dave and Gail Liniger, with an innovative, entrepreneurial culture affording its agents and franchisees the flexibility to operate their businesses with great independence. RE/MAX agents have lived, worked and served in their local communities for decades, raising millions of dollars every year for Children’s Miracle Network Hospitals® and other charities. To learn more about RE/MAX, to search home listings or find an agent in your community, please visit www.remax.com. For the latest news about RE/MAX, please visit news.remax.com.
Total Single-Family Taxes Levied Nationwide in 2023 Rise Twice as Fast as in 2022; Average Property Tax Up 4 percent, to $4,062, While Effective Rate Also Increases; Highest Effective Tax Rates Remain Clustered in Northeast and Midwest
Irvine, CA – April 4, 2024 (PRNewswire) ATTOM, a leading curator of land, property, and real estate data, today released its 2023 property tax analysis for 89.4 million U.S. single family homes, which shows that $363.3 billion in property taxes were levied on single-family homes in 2023, up 6.9 percent from $339.8 billion in 2022. The increase was almost double the 3.6 percent growth rate in 2022 – and the largest in the past five years.
The report also shows that the average tax on single-family homes in the U.S. increased 4.1 percent in 2023, to $4,062, after going up 3 percent the previous year.
The latest average tax resulted in an effective tax rate nationwide of 0.87 percent. That was up slightly from 0.83 percent in 2022, marking the first increase since 2017.
The report analyzed property tax data collected from county tax assessor offices nationwide at the state, metro and county levels along with estimated market values of single-family homes calculated using an automated valuation model (AVM). The effective tax rate shows the average annual property tax expressed as a percentage of the average estimated market value of homes in each geographic area.
Effective rates increased last year throughout much of the U.S. amid a combination of declining home values and rising tax bills. Nationwide, the average home value dipped 1.7 percent as the nation’s decade-long housing market boom cooled off in 2023, especially in the second half of the year when median home-sale prices declined. The decrease in values, along with rising taxes, resulted in a small increase in effective rates.
Rate trends this year will depend heavily on whether recent drop-offs in home mortgage rates and a historically tight supply of homes for sale around the nation prompt a market rebound. A renewed spike in values that outpaces tax increases would lower effective rates, while the opposite would likely happen if prices stagnate.
“Property taxes took an unusually high turn upward last year, pushing effective rates up, while huge gaps in average tax bills between different parts of country remained in place,” said Rob Barber, CEO at ATTOM. “The tax increases were likely connected, at least in part, to inflationary pressures on the cost of operating local governments and schools, along with rising public employee wages and other major expenses.”
He added that “ongoing disparities in how much homeowners pay in different parts of the country are usually related to a couple of important things: varying levels of government services and reduced economies of scale in metro areas with many small municipalities that each maintain separate local governments and school systems.”
Highest effective property tax rates in Northeast and Midwest, led by Illinois, New Jersey, Connecticut, New York and Nebraska The top 10 states with the highest effective property tax rates in 2023 were all in the Northeast and Midwest. They were led by Illinois (1.88 percent), New Jersey (1.64 percent), Connecticut (1.54 percent), New York (1.46 percent) and Nebraska (1.46 percent).
Other states in the top 10 for highest effective property tax rates were Ohio (1.37 percent), Pennsylvania (1.33 percent), Vermont (1.29 percent), Kansas (1.26 percent) and New Hampshire (1.25 percent).
Lowest effective rates in South and West, led by Hawaii, Arizona, Alabama, Delaware and Tennessee The 10 states with the lowest effective property tax rates in 2023 were all in the South and West, Topping that list were Hawaii (0.31 percent), Arizona (0.41 percent), Alabama (0.42 percent), Delaware (0.43 percent) and Tennessee (0.44 percent).
Other states with low effective property tax rates last year were Idaho (0.44 percent), Utah (0.45 percent), Nevada (0.48 percent), Colorado (0.48 percent) and West Virginia (0.49 percent).
Northeastern states still have average taxes up to 10 times higher than elsewhere States in the Northeast region had seven of the 10 highest average property taxes in the U.S. in 2023. They were led by New Jersey, where the average single-family-home property tax of $9,488 in 2023 was almost 10 times the average of $989 in West Virginia, which had the nation’s smallest average levy. Others states in the top five last year were Connecticut ($8,022), New York ($7,936), Massachusetts ($7,414) and New Hampshire ($7,172).
The 10 states with the lowest average tax in 2023 were all in the South. Aside from West Virginia, the lowest were Alabama ($1,104), Arkansas ($1,296), Mississippi ($1,367) and Louisiana ($1,418).
Highest metro-area effective rates concentrated in Illinois, Ohio, Pennsylvania and Texas Among 223 metropolitan statistical areas around the country with a population of at least 200,000 in 2023, 15 of the 25 highest effective tax rates were in Illinois, Ohio, Pennsylvania and Texas.
Metro areas with the highest effective property tax rates in 2023 were Akron, OH (2.71 percent); Rockford, IL (2.41 percent); Champaign, IL (1.95 percent); Trenton, NJ (1.94 percent) and Peoria, IL (1.91 percent).
The highest effective rates among metro areas with a population of at least 1 million in 2023 were in Chicago, IL (1.84 percent); Rochester, NY (1.77 percent); Hartford, CT (1.76 percent); Cleveland, OH (1.66 percent) and Columbus, OH (1.45 percent).
The lowest effective rates in 2023 were in Daphne-Fairhope, AL (0.27 percent); Salisbury, MD (0.30 percent); Honolulu, HI (0.31 percent); Knoxville, TN (0.32 percent) and Tuscaloosa, AL (0.32 percent).
Aside from Honolulu, the lowest rates among metro areas with a population of at least 1 million in 2023 were in Phoenix, AZ (0.38 percent); Nashville, TN (0.45 percent); Las Vegas, NV (0.48 percent) and Salt Lake City, UT (0.49 percent).
Property taxes increase faster than national average in over half of the U.S. Average property taxes rose by more than the national increase of 4.1 percent last year in 118, or 52.9 percent, of the 223 metro areas analyzed in the report.
Metro areas with a population of at least 1 million that had the largest increases in average property taxes from 2022 to 2023 were Charlotte, NC (up 31.5 percent); Indianapolis, IN (up 18.8 percent); Kansas City, MO (up 16.8 percent); Denver, CO (up 15.7 percent) and Atlanta, GA (up 15.2 percent).
Major markets with the largest decreases in average property taxes last year included Rochester, NY (down 28.6 percent); Houston, TX (down 26 percent); San Antonio, TX (down 11 percent); Baltimore, MD (down 8.3 percent) and Buffalo, NY (down 3 percent).
Average annual property tax tops $10,000 in 21 counties Among 1,502 U.S. counties with at least 10,000 single-family homes in 2023, 21 had an average single-family-home property tax of more than $10,000. Of those, 12 were in the New York City metro area. The top five average taxes in counties with at least 100,000 single-family homes were in Essex County, NJ (outside New York City ($13,145); Bergen County, NJ (outside New York City) ($13,112); Nassau County (outside New York City), NY ($13,059); San Mateo County, CA ($13,001) and Santa Clara County (San Jose), CA ($12,462).
About ATTOM ATTOM provides premium property data to power products that improve transparency, innovation, efficiency, and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation’s population. A rigorous data management process involving more than 20 steps validates, standardizes, and enhances the real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 30TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include ATTOM Cloud, bulk file licenses, property data APIs, real estate market trends, property navigator and more. Also, introducing our newest innovative solution, making property data more readily accessible and optimized for AI applications– AI-Ready Solutions.
March data shows the largest share of price reductions since 2019 with 34 out of the 50 largest metros showing an uptick in drops
Santa Clara, CA – April 4, 2024 (PRNewswire) According to the Realtor.com®March housing report, buyers are looking at an optimistic mix of increasing inventory and an uptick in price reductions going into the Spring season. In March, the percentage of homes with price reductions increased to 15.0% – the largest share in 5 years – and the total number of homes actively for sale grew by 23.5% compared to last March (but remains well below pre pandemic levels).
“Sellers are starting to warm up to the current environment, wading into the market in increasing numbers despite market mortgage rates that are likely above their existing rate, if they have a mortgage. As a result, data shows surprisingly competitive pricing trends among sellers, especially in the lead up to this year’s Best Time to Sell, which Realtor.com® reported will be between April 14th – 20th,” said Danielle Hale, Chief Economist of Realtor.com®. “As seller optimism swells, we may see even further inventory gains later in the season that will likely create a more balanced environment for hopeful homebuyers.”
List of the 10 Metro Areas with Largest Share of Price Reductions of Total Inventory
Tampa-St. Petersburg-Clearwater, Fla. – 27.6%
Phoenix-Mesa-Chandler, Ariz. – 23.0%
Austin-Round Rock-Georgetown, Texas – 22.3%
Jacksonville, Fla. – 22.1%
San Antonio-New Braunfels, Texas – 21.8%
Orlando-Kissimmee-Sanford, Fla. – 20.2%
Portland-Vancouver-Hillsboro, Ore.-Wash. – 20.1%
Miami-Fort Lauderdale-Pompano Beach, Fla. – 19.7%
Dallas-Fort Worth-Arlington, Texas – 19.5%
Memphis, Tenn.-Miss.-Ark. – 19.3%
Across the country, price reductions were up compared with last year. In the South it was up 3.5 percentage points, +1.0 percentage points in the Midwest, +0.5 percentage points in the Northeast, and +0.2 percentage points in the West.
Sellers Turned Out as Home Listing Activity Continued to Climb Between January 2024 and March 2024, the inventory of homes actively for sale was at its highest level since 2020. While inventory looks to be on the upswing, it’s important to note that the market is still down 37.9% compared to pre-pandemic levels. Like in February 2024, one price range in particular has outpaced all other price categories as home inventory between $200,000 and $350,000 grew by 30.5% compared to March 2023. A few metros experienced huge gains in active inventory for sale including Tampa (+58.3%), Orlando (53.3%), and Miami (48.2%).
Median List Price is in Flux; Up from Last Month, But Not Much has Changed from Last Year The national median list price increased from $415,500 to $424,900 between February and March 2024. But, when compared to last year, the median list price only increased by 0.2% from March 2023. In two weeks of March, the median list price even dipped below last year’s levels. Out of the 50 largest metros, 18 saw their median list price decline compared to last year including Miami (-8.4%), Oklahoma City (-8.3%), and San Francisco (-7.6%), while Los Angeles (+15.1%), Richmond (+11.8%), and Pittsburgh (+11.6%) saw the biggest increases. As prices fluctuate, so do the requirements for financing a home. With mortgage rates hovering between 6.6% and 7% for the past three months, the cost of financing a home (assuming a 20% down payment) increased by $63 compared to last March.
March 2024 Housing Metrics – National
Metric
Change over Mar 2023
Change over Mar 2019
Median listing price
+0.2% (to $422,700)
+38.9 %
Active listings
+32.5 %
-37.7 %
New listings
+16.5 %
-17.2 %
Median days on market
-2 days (to 50 days)
-15 days
Share of active listings with price reductions
+2.2 percentage points(to 15.0%)
+0.0 percentage points
Additional details and full analysis of the market inventory levels, price reductions, fluctuations and stabilization can be found in the Realtor.com® March Monthly Housing Report.
March 2024 Housing Overview of the 50 Largest Metros, Ranked by Largest Price Reduction
Methodology The Realtor.com housing report is based on data from March 2024. Listings include the active inventory of existing single-family homes and condos/townhomes/row homes/co-ops for the given level of geography on Realtor.com; new construction is excluded unless listed via an MLS that provides listing data to Realtor.com. Realtor.com data history goes back to July 2016. 50 largest U.S. metropolitan areas as defined by the Office of Management and Budget (OMB-202003).
About Realtor.com® Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today’s on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com®.
