Utah ranked 8th-highest earnings on average for realtors

If you’re brave enough to enter the business of real estate with the current state of the housing market as it is, Utah is not a bad place to start.

In a study shared with Deseret News by AgentAdvice via email, the real estate resource company compared each state’s median house price, homeownership rate, employment in real estate roles per 1,000 jobs, realtor average yearly income and the cost of living index to determine state rankings.

Best states for real estate careers (real estate career index score of 100):

1. California — 67.95.

2. Iowa — 63.17.

3. Nevada — 62.80.

4. New York — 62.60.

5. Illinois — 57.93.

Utah ranked 10th overall with a career index of 53.26 but had the eighth-highest salary, with an average of $164,646. A typical base salary for realtors in Utah is $92,108, with an average yearly commissions totaling $72,538.

The state of the real estate market

Last year, 4,090,000 homes were sold; according to the National Association of Realtors , “The typical home seller has been in their home for 10 years. The typical home size is 1,860 square feet. The typical first-time buyer was 35 years old this year, slightly down from 36 last year, while the typical repeat buyer age fell to 58 years from an all-time high of 59 years.”

With peak home-selling season reaching its end, the fall months — especially October — are considered the slowest time in the market. If selling quickly is the goal, March is considered the best time to sell, but July is the best for gaining the most bang for your buck, per Investopedia .

Mortgage rates have been steadily declining, with Freddie Mac reporting the current 30-year fixed rate mortgage at 6.49%, but buyers and sellers remain hesitant due to high home prices.

“June 2024′s median of $426,900 surpassed May’s record high of $419,300; before that, the record was $413,800, reached in June 2022,” according to Bankrate . “The main driver of record home prices is a one-two punch straight from Econ 101 — a lack of housing supply coupled with strong demand. Inventories have been growing but remain frustratingly tight, with NAR’s June data showing a 4.1-month supply. Not even high mortgage rates have slowed price appreciation.”