Where Have All the Realtors Gone?

By: J. David Chapman, PhD, / June 19, 2026

Not long ago, it seemed like everyone knew someone getting a real estate license. The pandemic housing boom created a rush into the profession. Homes were selling in days, sometimes hours. Multiple offers became the norm. Buyers waived inspections. Sellers named their price. Real estate appeared to be one of the hottest careers in America.

Today, the story is very different. According to industry reports, membership in the National Association of Realtors has fallen dramatically from its pandemic peak of approximately 1.6 million members. Some projections suggest membership could decline to around 1.2 million by the end of this year. That represents roughly 400,000 fewer Realtors in just a few years.

The question is simple: Where have all the Realtors gone? The answer begins with a housing market that has largely stalled. Higher mortgage rates, affordability challenges, and economic uncertainty have caused many buyers and sellers to remain on the sidelines. Homes are taking longer to sell. Transactions have slowed. For many agents, fewer transactions mean less income.

What many consumers do not realize is that real estate agents are essentially small business owners. Most are independent contractors who pay their own association dues, licensing fees, lockbox subscriptions, marketing expenses, continuing education costs, and brokerage fees. Those expenses continue whether homes are selling or not.

I often tell my students that real estate brokerage is one of the few professions where you can work for months and receive no paycheck if a transaction fails to close.

As an Oklahoma Real Estate Commissioner, I also know that the public perception of the industry does not always match reality. Contrary to popular belief, most agents are not selling dozens of homes every year. Many close only a handful of transactions annually. When market activity declines, the economics become difficult very quickly.

But the housing slowdown is only part of the story. The industry is simultaneously facing commission lawsuits, increased regulatory scrutiny, and growing competition from technology platforms. Consumers have more information than ever before. Artificial intelligence can now generate listing descriptions, analyze market trends, answer questions, and automate tasks that once required significant time and effort.

Not surprisingly, many agents are wondering what the future holds. I believe the profession will survive, but it will look different. The agents who thrive will likely be those with strong relationships, specialized expertise, and the ability to embrace new technology rather than fear it. Large brokerages with resources and experienced agents with established networks are generally better positioned to weather challenging markets than newer entrants trying to gain a foothold.

In many ways, what we are witnessing is not the disappearance of the real estate profession but its evolution. Every industry eventually faces a moment when technology collides with oversupply. Travel agents experienced it. Stockbrokers experienced it. Local banks experienced it. Real estate may be entering that phase now.

Homes, however, remain emotional purchases, complex transactions, and significant financial decisions. Most people buy or sell only a few homes during their lifetime. They still want advice. They still want negotiation. They still want someone to guide them through one of the largest financial decisions they will ever make.

The future of real estate brokerage is not extinction. It is adaptation. The number of Realtors may shrink, but the value of expertise may become even more important. The question is not whether the profession survives. The question is which professionals will evolve with it.

Dr. J. David Chapman is Chair of Finance & Professor of Real Estate at The University of Central Oklahoma (jchapman7@uco.edu)