Nevada real estate agent salary

How Much Do Real Estate Agents Make in Nevada?

The Mojave Desert isn’t the only thing in Nevada that is hot these days. The Nevada real estate market is heating up, with nearly 400,000 new residents moving to the Silver State from 2020 to 2023. But what does this mean for Nevada real estate agents?

This article outlines how much you can expect to earn as a licensed Nevada real estate agent, how real estate agents get paid, and what influences real estate agent income.

Do Real Estate Agents Earn a Base Salary?

Real estate agent income generally consists of commissions earned from facilitating real estate transactions. However, some brokerages, like Redfin, offer agents a base salary plus bonuses collected from real estate transactions. This might be more appealing to newly licensed agents since real estate income tends to be lower for those with little experience than those who have worked in the real estate industry for several years.

How Much Does a Real Estate Agent Make in Nevada?

According to Glassdoor.com, the median total pay for real estate agents in Nevada (based on over 8,300 reported salaries) is $231,000. But that’s just the median. Top earners reported earning up to $305,000 annually. However, real estate agent income is influenced by various factors, including years of experience.

For those with less than a year of experience as a real estate agent, the median income is $125,000. However, the more experience you have in the industry, the more you can expect to earn. For instance, the median income for Nevada real estate agents with one to three years of experience is $145,000.

Which Cities in Nevada Are the Most Lucrative for Real Estate Agents?

Another factor that influences real estate income is location. Generally, cities with higher home prices have higher average annual income for real estate agents. This makes sense since real estate agent income is based on commission, so the higher the home price, the higher the commission. The table below outlines the top cities in Nevada for real estate agent income, according to Indeed.com.

Top 5 Cities in Nevada for Real Estate Agent Income

CityAvg. agent annual income
Las Vegas$100,757
Henderson$97,389
Enterprise$76,315
Paradise$76,315
Lake Tahoe$75,431

What Is the Average Commission for Agents in Nevada?

Commission rates vary from brokerage to brokerage, city to city, and year to year, but, in general, the national average commission rate is 5.8%, which is split between the buyer’s agent and the listing agent. Often, the listing agent takes a higher proportion of the total commission rate, but this is not always the case.

In Las Vegas, the average commission rate from 2018 to 2022 was approximately 5.26%. The table below outlines what a real estate agent can expect to earn from a real estate transaction with this commission rate at a range of price points. For simplicity, we divided the total commission rate evenly between the buyer’s and seller’s agents.

Home selling priceCommission rate at 5.26%Buyer’s agent commission (2.63%)Seller’s agent commission (2.63%)
$300,000$15,780$7,890$7,890
$400,000$21,040$10,520$10,520
$500,000$26,300$13,150$13,150
$750,000$39,450$19,725$19,725
$1,000,000$52,600$26,300$26,300

Additionally, it’s important to remember that, depending on your brokerage agreement, your brokerage will take a cut of the agent commission.

How Does the Recent NAR Settlement Affect Real Estate Agent Commission?

The recent National Association of REALTORS® (NAR) settlement concerning commission rates may slightly impact real estate agent commissions, but it’s too early to tell. Essentially, the settlement increases transparency surrounding commissions and fees for NAR members and potentially gives buyers more leverage to negotiate commission rates.

However, the proposed changes do not reduce the need for licensed real estate agents. In fact, this presents a perfect opportunity to enlighten those who may not understand the value that real estate agents bring to both sides of the real estate transaction and may, therefore, improve the public’s perception of real estate agents and brokers.

To learn more about this subject, watch our free webinar, which discusses this topic in depth.

Sources:

  1. Blennerhassett, Patrick. “How Many Californians Have Moved to Nevada since 2020?” Journal, April 11, 2024. https://www.reviewjournal.com/business/housing/how-many-californians-have-moved-to-nevada-since-2020-3032074/#:~:text=The%20total%20number%20of%20new,from%20other%20states%20besides%20California.

2. “Real Estate Agent Commissions in Las Vegas, NV.” HomeLight. Accessed July 9, 2024. https://www.homelight.com/las-vegas-nv/real-estate-agent-commissions#agents-commission-calculator.

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