With 1,526,631 members as of Oct. 31, the National Association of Realtors is on track to end 2024 with its fourth-highest membership numbers on record. Next year, however, is a different story.
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The National Association of Realtors reported Monday that membership rolls have endured in the face of persistent industry headwinds despite predictions by industry observers that scores of agents would flee the trade organization.
In fact, with 1,526,631 members as of Oct. 31, NAR is on track to end the year with membership at its fourth-highest all-time, the trade organization reported on the final day of its annual meeting.
That would represent a 2 percent decline compared to the end of 2023, when the industry was still reeling from a verdict that made clear the status quo in real estate was about to change. If it holds through the end of the year, NAR would have beat its own forecast for membership in 2024 but also shed membership for the second-consecutive year.
“What we’re seeing is that our members are resilient,” NAR Chief Economist Lawrence Yun said in a statement. “They’re small business owners and they understand the ups and downs of the business.”
Still, NAR is forecasting an 8 percent decline next year, noting that there is typically a lag between a down market and changes in membership. The group expects to shed about 126,000 agents next year and close 2025 with 1.4 million.
Membership has been a closely watched metric in recent months, as some members complained of bloat in the industry, home sales slowed to a near 30-year low, and sweeping changes that took effect in August were expected to make it even harder to succeed in real estate.
NAR also faces pressure among its members to allow them to choose which organizations — state, national and local — they join while maintaining access to their multiple listing services.
In September, the Alabama Association of Realtors wrote a letter to NAR CEO Nykia Wright asking the group to decouple association memberships, saying state and local organizations could stay in better sync with individual members.
Last month, a Pennsylvania real estate broker sued NAR, the state Realtor association and his local multiple listing service for $5.6 million over the requirement that he become a Realtor in order to access the MLS. That followed a similar lawsuit filed in August by two Michigan Realtors and brokers.
Compass agent Jason Haber and The Agency CEO Mauricio Umansky launched the American Real Estate Association to compete with NAR and began accumulating members in August. Haber was traveling on Monday and said he couldn’t provide an exact figure but estimated that his group had recruited more than 5,000 members.
Amid that landscape, NAR took steps earlier this year to limit the amount of information it shared about its membership figures. In April, NAR removed decades of membership data from its website, which had historically been updated monthly. Its website previously displayed membership counts dating back to 1908.
NAR didn’t release a detailed look at membership changes this year when it unveiled its latest membership data, instead saying that it fluctuated from month to month.
NAR said at the time that it would continue sharing membership information directly to its members.
“We are recalibrating how those reports are produced to keep our members informed and retain our focus on doing what is most important to them – ensuring a smooth transition with the upcoming rule changes and preparing Realtors for continued success and growth,” NAR spokesman Mantill Williams told Inman in a statement in April.
Monday’s announcement came during the final day of NAR NXT, the annual conference that is being held in Boston. NAR President Kevin Sears said in a statement that the group would focus on delivering value to its members in the coming year.
“Our members recognize the importance of having a strong national association to advocate for their interests in Washington and a strong network working on their behalf in statehouses and municipal buildings around the country,” Sears said. “We also want them to appreciate that no one can beat the package of benefits we offer.”