Half of America's real estate agents sold one home or none in 2023
Around 4 million homes have been sold in the U.S. each year going back to 2023, which might superficially suggest that the real estate agents overseeing this vast volume of property transactions are overburdened. However, this vast industry comprises more than 1.5 million members of the National Association of Realtors (NAR). In that context, learning that 49% of licensed realtors sold one or fewer homes in 2023 is an easier fact to grasp.
Of course, the data tells a more complex story than that, and while it may seem that this top-level figure represents a sector in crisis, it’s important to understand where further misconceptions might arise. Offerpad, a real estate technology company, put together an analysis to examine this frequently cited figure and determine whether it’s truly as worrying as it first appears.
The State of Play in Real Estate Sales
The Consumer Federation of America (CFA) highlighted the low-or-no sales discrepancy in its 2024 report, which based the 49% figure on a random sample of 2,000 agents working at large, reputable realty businesses across various states and regions. Furthermore, 70% of agents included in the study had five or fewer home sales to their name during the 12-month period.
Since then, the CFA has found the same, consistent pattern of vanishingly small sales figures for what is effectively the majority of licensed real estate agents. Its 2026 report on the impact of referral fees confirms this and also hints at the main reason behind the trend: With too many agents and brokers serving too few clients, the focus is on earning commission from referrals rather than sales.
Referral-related commission earnings averaged between $10,000 and $50,000 a year for 42% of registered realtors. And with 80% of home sales relying on some form of referral, it’s easy to understand the market mechanics that enable this.
Also known as a finder's fee, a referral payment can equal up to 50% of the total commission that the agent who actually sells the house will earn. And with 87% of agents signed up to networks that facilitate referrals between realtors and brokerages in different regions, there’s clear mutual benefit to the current state of play.
The controversy around referral fees is encouraging homeowners to explore alternatives when selling their property. Consumer demand for greater transparency into how referral fees affect selling prices will further push people to consider going outside the traditional real estate agent ecosystem.
An NAR Counterpoint
While not all real estate agents operating nationwide are NAR members, this body has a monopoly on professionals legally allowed to use the term ‘realtor’ to describe themselves. It also publishes annual data on a random sample of members, which is a useful counterpoint to the CFA’s claimed figures.
The most recent NAR Member Profile reveals that in 2025, the median number of transactions handled by members was nine, while the median number of properties managed over the 12-month period in question was 32. A median sales volume of $2.5 million implies that, on average, the nine transactions are for properties priced below the roughly $400,000 national median home price.
Historically, the NAR Member Profile is consistent with this, and shows a median of roughly 10 to 12 transactions per year for members, so 2025 was not an outlier by any means. However, because this survey is voluntary, it suffers from a heavy selection bias: Highly successful full-time agents are far more likely to complete it than the thousands of inactive or part-time agents.
The Reality of Realty for Consumers
Regardless of whether you rely on the CFA’s data or the NAR’s Member Profile, the true takeaway remains the mechanics of how referral fees impact property transactions.
Buyers and sellers deserve clarity on how agents will be compensated, whether they’re the ones selling the home or referring clients to counterparts better positioned to help them. Critics claim that agents are perpetuating high commissions by charging high referral fees and failing to be transparent about this aspect of homebuying. It’s also argued that an oversupply of licensed realtors means it's harder for consumers to find experienced, effective agents.
Other market pressures, including rising interest rates and house prices, contribute to the generally challenging conditions. Homeowners are encouraged to research prospective agents thoroughly and ask explicitly about referral fees so that they’re fully informed before committing.
This story was produced by Offerpad and reviewed and distributed by Stacker.
