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Average Real Estate Brokers Salary in Richmond, VA

Real Estate Brokers in Richmond, VA, can expect an average annual salary of $57,920. This figure is notably lower than the national average of $91,770, reflecting regional economic factors and market dynamics specific to the Richmond area. The local demand and supply for real estate services play a significant role in shaping compensation levels for these professionals.

Executive Summary

  • Average Salary: $57,920 per year.
  • Growth Trend: Salaries have shifted 34.8% ↘ over the last 5 years.
  • Top Earners: Senior professionals (90th percentile) earn up to $72,550.
  • Outlook: Richmond, VA, hosts a local workforce of 660 Real Estate Brokers, with a Location Quotient of 3.14, indicating a significantly higher concentration of these professionals compared to the national average. This robust presence suggests a dynamic and active real estate market, implying consistent demand for skilled brokers within the region.
2024 Market Data

Salary Overview

$57,920

The average Real Estate Brokers in Richmond, VA earns-36.9%below the national average.

BreakdownBased on 40h/week
Hourly

$27.9

Weekly

$1,114

Monthly

$4,827

Real Estate Brokers Salary Distribution in Richmond, VA

The career trajectory for Real Estate Brokers in Richmond, VA, typically sees a significant salary increase with experience. Entry-level positions might start at a lower percentile, while seasoned brokers with a proven track record and extensive client networks can command salaries in the higher percentiles, reflecting their accumulated expertise and market influence.

Experience LevelMarket PercentileAnnual WageHourly Rate
SDR / BDRLead generation, prospecting, cold calling.10% (Entry)$49,990$24
Account ExecutiveClosing deals, managing small-mid market clients.25% (Junior)$43,440$20.9
Senior AEHandling enterprise clients and complex negotiations.50% (Median)$49,990$24
Sales ManagerManaging a team of reps, setting quotas & strategy.75% (Senior)$72,400$34.8
VP of SalesRevenue strategy, expansion, C-suite relationships.90% (Expert)$72,550$34.9

Detailed Real Estate Brokers Market Analysis

Relocation Context

Nominal Salary

$57,920

Gross Pay

Real Wage (Purchasing Power)

$57,920

Adjusted for COL (100)

With an average annual salary of $57,920 and a Cost of Living Index of 100 (matching the national average), Real Estate Brokers in Richmond, VA, find their nominal earnings align closely with the national cost of living. This means that while the salary is below the national average, the purchasing power of that salary is relatively stable compared to other parts of the country.

Job Market Context

660

Total Jobs

1.01

Per 1K Jobs

3.14

Location Quotient

Major Hub

Richmond, VA has 3.1x the national concentration of Real Estate Brokers jobs — a major employment hub for this role. Job seekers will find significantly more opportunities here than in most other areas.

The Location Quotient of 3.14 for Real Estate Brokers in Richmond, VA, signifies a substantial concentration of talent and activity in this profession relative to the national landscape. This high concentration suggests a competitive market where brokers may need to differentiate themselves through specialized services or strong networking to thrive.

Nearby Job Markets

Nearby Cities for Real Estate Brokers

CitySalaryDist.
Southwest Virginia nonmetropolitan area Real Estate Brokers Salary$61,190↑ 6%41 mi
Northwest Virginia nonmetropolitan area Real Estate Brokers Salary$70,970↑ 23%41 mi

Comparing salaries near Richmond, VA

Hiring Real Estate Brokerss?

Frequently Asked Questions

How much does a Real Estate Brokers make in Richmond, VA?

The median annual salary for a Real Estate Brokers in Richmond, VA is $57,920. This typically ranges from $49,990 for entry-level positions to $72,550 for top-level roles.

How does the salary compare to the national average?

The average salary for this role in Richmond, VA is 36.9% lower than the national median of $91,770.

Is Richmond, VA a lucrative place for Real Estate Brokers?

No, not compared to the national average.While Richmond, VA, has a strong concentration of Real Estate Brokers, the average salary of $57,920 is significantly lower than the national average of $91,770.

Is Richmond, VA a good place to live for Real Estate Brokers?

The Cost of Living Index in Richmond, VA is 100. While higher than average, this often correlates with higher wages.

Where are the highest paying cities near Richmond, VA?

Some top paying nearby cities include Southwest Virginia nonmetropolitan area ($61,190) and Northwest Virginia nonmetropolitan area.

What is the average salary for a Real Estate Broker in Richmond, VA?

The average annual salary for a Real Estate Broker in Richmond, VA, is $57,920.

How does Richmond's cost of living compare to the national average?

Richmond, VA, has a Cost of Living Index of 100, which is exactly the national average.

Is the job market for Real Estate Brokers strong in Richmond, VA?

Yes, the Location Quotient of 3.14 indicates a significantly higher concentration of Real Estate Brokers in Richmond compared to the national average, suggesting a robust market.

How does experience affect a Real Estate Broker's salary in Richmond, VA?

Experience plays a crucial role, with entry-level brokers earning less and senior brokers with established networks and expertise commanding higher salaries, often reflected in percentile differences.

Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 660 employees in the Richmond, VA area with a job density of 1.01 per 1,000 jobs. Cost of Living data is estimated based on state and metro averages.

Semantic Salary Analysis for Real Estate Brokers • Data source: BLS OEWS 2024 •Jobs in Richmond, VA