Bachelor’s in Real Estate Program Guide

In 2018, the foundational economic principle of supply and demand drove a surge in Rhode Island's real estate market. Demand soared while supply shrunk, and the average time to sell a home fell to its lowest level in 14 years. These market conditions supported a prosperous year for Rhode Island real estate agents who enjoyed one of the profession's highest average annual incomes in the country. BLS data from May 2017 shows average earnings of $70,450, and that figure predates 2018's highly profitable run.

While experts predict a return to a more balanced relationship between real estate supply and demand moving forward, Rhode Island's real estate market remains understaffed. According to the BLS, the state housed just 0.308 real estate agents per 1,000 workforce members. Emerging property sales professionals can look forward to graduating into a strong market.

In 2018, Florida saw noteworthy increases in its real estate inventory, median sale prices, and number of new listings. Many analysts expect these positive trends to continue for the rest of the decade. Additionally, like Hawaii, Florida remains a popular retirement and tourism destination. High demand continues to fuel the overall health of the state's real estate market with income and employment figures reflecting continued strength. Florida property sales professionals enjoy annual average incomes of $57,250, which stands about 30% above the the nationwide average for all jobs. Real estate agents also account for 2.108 of every 1,000 jobs in Florida, which represents the fifth-highest total in the country.

However, Florida real estate remains subject to pronounced boom-and-bust cycles. Significant differences in regional markets within the state also impact the career prospects of real estate professionals. For example, home values in southern Florida tend to significantly outpace those in other parts of the Sunshine State.

Propelled by a 10% rise in the median sale price of single-family homes in Salt Lake City, Utah's real estate market enjoyed strong growth going into 2018. Utah also benefits from favorable demographic growth and economic conditions, including affordable mortgages and home prices that sit well within the reach of people earning median incomes. Together, these factors create a strong environment for the state's real estate sales agents, who enjoyed average incomes of $62,050 per year as of May 2017. Utah also features strong employment figures with a 1.09 location quotient, which indicates an average density of real estate agents in the state despite a relatively high property sales volume.

However, some analysts call for caution as property price increases outpace current wage increases. Apart from this, the near-term future of Utah real estate looks strong, especially as it enjoys the fastest population growth rate of any state in the country.

Oregon's economy remains strong, and the state continues to attract large numbers of new residents, many of whom relocate in search of better economic opportunities. Over the 10-year period spanning from 2006-2016, Oregon's population grew by an impressive 11.5%. Many newcomers settle in the state's largest city of Portland. Analysts note a shortage of newly built homes in the city -- a trend that bodes well for real estate agents as it creates a highly competitive bidding landscape for properties on the resale market.

Somewhat surprisingly, Oregon also shows a very low density of real estate agents. The state has a profession-specific location quotient of just 0.34. With a fast-growing population in need of housing, opportunity abounds for property sales professionals in this booming corner of the country.

While Wyoming posts below-average numbers in terms of real estate agent jobs per 1,000 members of the workforce (0.584) and the accompanying location quotient (0.56), the state's property sales professionals earn surprisingly robust and competitive incomes. The typical Wyoming real estate agent makes $64,500 per year, despite the fact that Wyoming ranks last in the nation in terms of population.

Relatively slow appreciation rates create a unique situation in the Wyoming housing market. While this might seem undesirable on the surface, it actually benefits real estate sales professionals in some ways. It keeps prices affordable, which drives a relatively high level of buying activity. Thus, home ownership remains a more viable option in Wyoming than many other parts of the country. The state also features low property tax rates and affordable closing costs.

North Carolina's real estate market continues to perform well, attracting large numbers of investors and traditional homebuyers. Ongoing diversification into profitable, growing industries, such as information technology, finance, and energy, help propel the state's economy. With a solid financial outlook and a surging recorded gain of 12.5% in real estate prices from July 2017 to July 2018, things look rosy for real estate agents seeking a market that offers strong opportunity. North Carolina also fares well when factoring in intangibles, like beautiful scenery, warm year-round weather, and some of the country's best beaches.

BLS data from May 2017 supports the notion that North Carolina has much to offer real estate sales professionals. Balanced employment numbers, a favorable market, and strong average annual incomes of $61,580 per year make the state a desirable destination for property agents.

In May 2017, Nevada's property sales professionals averaged just under $60,000 per year in income, and employment numbers indicated a positive balance between an established presence and strong opportunity. Nevada also offers another feature that makes it particularly appealing; industry reports from the summer of 2018 show that Las Vegas has the hottest real estate market of any major city in the country. In August 2018, it unseated Seattle as the metropolitan center with the fastest-rising property values.

While some pundits question how long the local market can sustain such rapid price growth, analysts harbor little doubt that the demand for property in Las Vegas -- and throughout Nevada -- will continue to climb. This translates into excellent opportunities for commission-based real estate sales representatives who can leverage rising prices to pad their annual earnings.

From a statistical standpoint, Alaska's real estate professionals enjoy some of the most favorable working conditions in the nation. BLS data indicates they enjoy mean incomes of more than $71,000 per year, good for fourth highest in the entire country. The location quotient of 0.61 indicates an underserved market, as does the overall employment figure of 0.629 real estate agents per 1,000 members of the state's workforce. However, intangible factors play a major role in tempering what could otherwise rank as one of the very best states in the country for property sales professionals.

Remote, disconnected from the contiguous states, and with a cold northern climate, Alaska may not be everyone's preference. However, for those who enjoy stunning nature and long, snowy winters, Alaska may prove to be a lucrative and fulfilling place to work in real estate.

With the median New Jersey property listing equal to $334,900 in August 2018, the Garden State broke the top 10 nationwide. Many of the state's most valuable properties sit within commuting distance of New York City, which means that New Jersey real estate sales professionals stand to benefit from the Big Apple's cross-state spillover. According to the BLS, the typical New Jersey property agent generates an income of $58,690 per year, handily exceeding the nationwide average for all occupations. Top-performing agents who deal in premium properties stand to earn much more, as New Jersey hosts many wealthy neighborhoods.

Overall, the state's employment of real estate agents remains relatively low, both in terms of raw numbers as well as its meager location quotient of 0.56. While emerging real estate agents must compete hard to make inroads in the state's high-end property market, opportunities exist and New Jersey has plenty to offer professionals looking to establish themselves in favorable markets.

For real estate agents, Maine's landscape has several things to love as well as some drawbacks to consider. On the plus side, Maine property sales professionals earn high average incomes, topping $60,000 per year as of May 2017. Maine also enjoys one of the highest rates of home ownership of any state in the U.S., and real estate continues to stand as a top driver of the state's gross domestic product. In 2018, sources reported that Maine posted record-breaking home sales for the third consecutive year, despite suffering from a noted lack of property sales professionals. For every 1,000 jobs in the state, only 0.505 qualify as real estate agents. Clear opportunities exist for realtors.

However, Maine's property values rank in the bottom half of the country, and many of the state's properties need significant upgrades and repairs. These factors can pose challenges for real estate agents, but enterprising professionals can still find success in Maine.

The South Carolina real estate market features many aspects that make it attractive to buyers with varying budgets. The state ranked 29th in median listing prices as of August 2018, averaging $129 per square foot. However, throughout 2018, buyers could still find properties in move-in condition for $100,000 or less. With such attainable pricing levels growing increasingly rare, South Carolina remains an attractive option for budget-conscious buyers.

Fundamental figures point to a thriving real estate market in South Carolina, where the average sales agent made a healthy $52,070 per year (as of May 2017). Employment numbers continue to be strong, with real estate agents accounting for 2.238 of every 1,000 jobs in the state. The state's location quotient of 2.16 also ranks as one of the highest in the U.S. -- the profession is well established and popular due to its profitability, although agents may face significant competition for business.

New Mexico's housing market continues to improve. Looking ahead into 2019 and 2020, analysts note that the property market in major cities like Albuquerque sits at its most promising point in years. Supported by a stable, growing local economy and favorable fundamentals, property prices rose as low inventory drove a seller's market. Forecasters predict ongoing price increases through the turn of the coming decade. This, along with an average density of real estate sales professionals working in New Mexico, translates into opportunity.

New Mexico real estate agents continue to enjoy above-average earnings compared to the average worker in the country. If property market predictions for the coming years prove accurate, the state's profile could skyrocket as a destination for property sales professionals seeking a laid-back lifestyle in a diverse environment.

Looking ahead to 2019-2020, many experts predict Missouri's housing market to shake off an extended spell of stagnation. With two of the largest cities in the Midwest -- St. Louis and Kansas City -- and with population growth that significantly outpaces the national average, Missouri figures to return to healthy property appreciation rates soon. This bodes well for the state's property sales professionals, who still managed to generate average incomes north of $50,000 per year as of May 2017 -- a period when experts generally characterized the state's housing market as underperforming.

Assuming prices and sales pick up as many expect, Missouri offers above-average opportunities. It employs just 0.74 real estate agents per 1,000 jobs for a location quotient of 0.71, both of which fall well below national averages.

In Idaho, real estate agents averaged an income of $55,790 per year as of May 2017. The market's location quotient of 1.02 puts it right in the middle nationally, indicating plenty of room for capable property sales professionals. The state's stunning beauty may also appeal to those seeking an escape from the hectic pressures of city living.

Despite these bright spots, Idaho's real estate market poses some challenges. Since the American housing market began its post-recession recovery in 2012-2013, Idaho home sales volumes have been marked by alternating periods of heavy activity and sharp drop-offs. On the whole, sales have trended downward since 2013, despite generally affordable home prices. Low supply partially explains this tendency, but ongoing home construction could improve the landscape in the near future.

Based on average income, Illinois real estate agents enjoy earnings that outpace the national average for all occupations by a considerable margin. BLS data from May 2017 puts the average annual income for the profession at $59,010. Thus, the state offers some favorable prospects for real estate professionals; however, some drawbacks exist that prevent Illinois from earning a higher ranking.

The main negative factor to consider comes from the Chicago market, which largely drives real estate trends in the rest of the state. While high-end Chicago properties command handsome premiums, the city ranks at the bottom of 100 major metropolitan areas in the U.S. in terms of its property outlook going into 2019. A sluggish local economy marked by slow economic and employment growth and a drag on overall prices resulting from depressed neighborhoods within the city endure as key contributing factors. Home sales could fall in 2019, making for a challenging market. However, real estate professionals who establish themselves in well-to-do areas can continue to enjoy strong earnings.