In the NAR 2017 Choosing a Career in Real Estate: A Perspective on Gender, Race, and Ethnicity, respondents were asked what the typical sales price of the homes were in their main business area. While the million-dollar homes are reserved for only a small percent of the population (three percent of agents sold homes over $1 million in 2016), most homes sold on the market annually are between $150,000 and $749,999. In fact, according to the 2017 Profile of Home Buyers and Sellers report, the median price of homes purchased was $235,000.
For all respondents, 27 percent of residential agents sold homes between $350,000 and $749,999. Fifty-seven percent of agents sold homes between $150,000 and $349,999. The highest share of homes are sold between the $200,000 to $299,999 price range, and start to taper off as the price of homes increases.
When we segment the typical sales price of homes in the business area by gender, male and female respondents are also fairly evenly distributed between the price ranges. By one percent, female members work in areas where the typical sales price is $100,000 to $199,999 and males in the $200,000 to $299,999 price range by two percent. By one percent, female members work in areas where the typical sales price range is $300,000 to $499,999 price range and by two percent more in the $500,000 to $749,999 price range.
When we segment the typical sales price of homes by race and ethnicity, we see a slightly different picture. While only 25 percent of all residential-only specialists work in areas where the typical sales price is less than $200,000, 40 percent of Black and African American members work in neighborhoods with this price range. While 20 percent of all residential-only specialists work in areas with typical homes over $500,000, 51 percent of Asian and Pacific Islander members work in neighborhoods with this price range. For White, Caucasian, Hispanic, and Latino members, they work in areas in the various price ranges closer to the median of all members.
All agents predominantly work in communities that are racially and ethnically diverse. Thirty-nine percent of all respondents said their communities of business operation is somewhat mixed between several race and ethnic backgrounds and 34 percent operate in highly mixed communities with multiple race and ethnic diversity. Fifty-three percent of Asian and Pacific Islander members work highly mixed communities, more than other groups, and 18 percent of White and Caucasian members work in communities that are predominantly one race or ethnic background, more than other groups.