Current Massachusetts Real Estate Income, Sales, and Trends

Graphic of MA Residential Statistics showing various housing data for Massachusetts including a homeownership rate of 62.2%, total housing units at 2,998,537, and a median gross rent of $1,634, along with a breakdown of housing value percentages in different price ranges.

Many job recruiting websites offer average income information for real estate agents based on earnings people report to the site (and the sample size can be pretty small sometimes for certain states and/or cities). While this information can certainly be helpful, accurately reporting salary potential for commission-based careers like real estate agents is tricky.

There are so many factors determining income potential for a real estate agent such as how many years of experience she has, her specialty, whether she does this full or part-time, the commission structure of her sponsoring broker, and how effectively she networks and markets herself.

But the following numbers can be helpful in giving you a rough idea of your earning potential selling real estate in Massachusetts:

Overall Average

Leading job recruiting sites vary in the reported average earnings, and it is believed to be anywhere from around $84,000 to almost $96,000 a year. First-year agents in the state have earned anywhere from $71,000 to $110,000 in their first year.

Top 10 Cities:

  1. Wakefield: $112,941
  2. Brighton: $95,586
  3. Springfield: $94,355
  4. Boston: $99,430
  5. Quincy: $97,109
  6. Lowell: $92,134
  7. Springfield: $89,860
  8. Leominster: $86,870
  9. Barnstable Town: $86,527
  10. Cambridge: $86,302

Real Estate License Revalidation and Mutual Agreements With Massachusetts

For individuals seeking to renew their real estate license in Massachusetts, the following information is essential according to the guidelines of the Massachusetts Realty Commission:

License Renewal

Real estate agents must complete 12 hours of continuing education every 2 years based on the license expiration date. The curriculum has been designed by the Massachusetts Real Estate Board and must be taken by an approved provider.3

Licensed attorneys in good standing are exempt from continuing education requirements. Courses are typically 2 credit hours, meaning you will usually take 6 classes per renewal period.

The following are the main subject areas and some examples of available classes in each:

1. Fair Housing

  • Fair Housing
  • Short Term Residential Vacation Rental
  • Condominiums, Cooperatives and Timeshares
  • Protecting the Protected Classes in Real Estate
  • Closing and Settlement

2. Access for the Disabled

  • Americans with Disabilities Act (ADA)

3. Agency Law

  • Seller Agency
  • Buyer Agency
  • Dual Agency
  • Facilitator
  • Commonly Used Forms-Mandatory/Optional

4. Environmental Issues in Real Estate

  • Understanding Flood Zones in Real Estate
  • Selling the Sun
  • Title V
  • Environmental Issues
  • Smart Growth/Smart Energy

5. Real Estate Appraisal and Finance

  • Financing
  • Residential Appraisal Process
  • Commercial Appraisal Process
  • Investment Property Basics
  • Auction 101

6. Zoning and Building Codes

  • Architecture
  • Selling Historic Properties
  • Property Management
  • Understanding Title and Title Concerns
  • Overview of Industrial Real Estate: Basics

7. Property Tax Assessments and Valuations

  • Comparative Market Analysis
  • Property Assessments, Valuation and Taxation
  • Property Assessments, Valuation, and Taxation in Commercial Real Estate
  • Commercial Real Estate Basics: Geographic and Financial Analysis
  • Auction 101

8. Real Estate Board Regulations

  • Antitrust
  • Offers
  • Residential Inspections
  • Contract Law
  • Leisure Homes, Second Home, and Age-Restricted Housing

9. Renewal Process

Submit application for renewal on the ePlace portal which will include evidence of completing the continued education requirements and the renewal license fee of $103.4 You will also need your Record ID and Authorization code, which is provided in your renewal letter.

Reciprocity

Massachusetts offers licensing reciprocity for real estate salespersons from the following states:

  • West Virginia
  • Rhode Island
  • Connecticut
  • Nebraska
  • Iowa
  • Tennessee
  • Georgia
  • Colorado
  • Mississippi
  • New Mexico
  • Pennsylvania
  • Oklahoma agents licensed at least two years

What You Need for Your Application

You will not need to take any additional classes or exams specific to the practice of real estate in Massachusetts.

Screenshot of a form titled Educational Waiver Request from the Commonwealth of Massachusetts Board of Registration of Real Estate Brokers and Salespersons, with fields for the applicant's name, contact information, and license details to be filled out.
(Image: Commonwealth of Massachusetts1)

An application for licensure must include the following:

  • Educational waiver form1
  • A certified letter of Good Standing issued from the reciprocating state
  • A Criminal Offender Record Information (CORI) Authorization form, signed and notarized
  • Passport-style recent color photo
  • Any official letters or certificates of standing for any professional licenses issued within 90 days of submitting your application
  • If necessary, any documentation explaining any prior or pending disciplinary actions against your real estate license or any other professional license in any jurisdiction. Include certified copies of any relevant documents.
  • If necessary, documentation detailing any prior felony or misdemeanor convictions in any jurisdiction. Include certified copies of any relevant court records.
  • Fee: It will depend on your birthdate and will be payable online at the time you submit your application.

Application Process

Submit your application on the ePlace portal.2 Keep copies of any submitted documents in the event the Board requests to see them.

It takes a minimum of 10 business days to process and review reciprocity applications. License numbers will appear immediately on your account once your application has been approved, and will appear in the licensing database within 24 to 48 hours.

You will receive a license card in the mail.

What Is the Outlook for the Massachusetts Real Estate Market?

As of July 2023, here are a few facts about market conditions in the state:

  1. Sales of single-family homes and condos were down 26%
  2. The median price increased on both single-family homes and condos. The median price is the price at which half of the houses sell for more and half sell for less and was $640,00 and $569,000 respectively.
  3. July 2023 had the lowest number of single homes and condos on offer for that month since 2004
  4. Listings were down for both types of homes

Current trends suggest a competitive market, with the Massachusetts Realty Commission observing projections for housing prices in various regions to increase between 3.5 to 7% over the coming year, driven by a rising demand for housing as the population of Massachusetts expands.

References

1Commonwealth Of Massachusetts. (2023). Massachusetts Board Of Real Estate Educational Waivers. Commonwealth Of Massachusetts. Retrieved October 30, 2023, from <https://www.mass.gov/doc/real-estate-educational-waiver-application/download>

2Commonwealth Of Massachusetts. (2023). Welcome to the Commonwealth of Massachusetts ePLACE Portal. Commonwealth Of Massachusetts. Retrieved October 30, 2023, from <https://elicensing21.mass.gov/CitizenAccess/Login.aspx>

3Commonwealth of Massachusetts. (2023). Authorized Real Estate Schools. Commonwealth of Massachusetts. Retrieved October 30, 2023, from <https://www.mass.gov/info-details/authorized-real-estate-schools>

4Commonwealth of Massachusetts. (2015). EEA ePLACE Portal. Commonwealth of Massachusetts. Retrieved October 30, 2023, from <https://eplace.eea.mass.gov/CitizenAccess/Default.aspx>