The Latest Appraisal Industry Statistics Explained
In 2020, the real estate appraisal market in the United States was valued at approximately $9.8 billion.
The statistic indicates that the real estate appraisal market in the United States generated an estimated revenue of $9.8 billion in 2020. This figure represents the total value of transactions within the industry, encompassing the fees charged for evaluating and determining the market value of real estate properties. The size of the market suggests a significant demand for appraisal services, reflecting the importance of accurate property valuations in real estate transactions, lending decisions, taxation, and other areas. This valuation figure provides insight into the economic activity and scale of the real estate appraisal sector within the broader real estate industry in the United States during the specified year.
About half of the appraisers in the U.S. are employed by finance and insurance companies.
This statistic suggests that a significant portion of appraisers in the U.S. work within the finance and insurance sectors, indicating a strong presence of appraisers in these industries. The fact that about half of all appraisers are employed by these companies highlights the importance of accurate valuation and assessment of assets for financial and insurance purposes. This distribution of appraisers further underscores the crucial role they play in determining property values, assessing risks, and facilitating transactions within these sectors.
The industry is expected to grow 0.9% per year on average between 2019 and 2024.
The statistic implies that the industry is projected to experience an average annual growth rate of 0.9% between the years 2019 and 2024. This growth rate represents the expected increase in the industry’s overall size, performance, or market value over the specified time period. The projection suggests that the industry is anticipated to expand moderately over the coming years, indicating potential opportunities for businesses, investors, and stakeholders within the sector. This growth rate serves as a key indicator for forecasting the industry’s trajectory and influencing decision-making processes related to investments, strategic planning, and market positioning.
Residential properties make up the majority of appraisals at 50%.
The statistic “Residential properties make up the majority of appraisals at 50%” indicates that half of all appraisals conducted are for residential properties, making them the most common type of property being appraised. This information suggests that there is a significant demand for appraisals of residential properties compared to other types, such as commercial or industrial properties. It may also reflect the distribution of property types in the real estate market, where residential properties are more prevalent or valued for various purposes, such as buying, selling, or refinancing. Overall, this statistic highlights the importance of residential properties in the real estate appraisal industry and provides insight into the composition of appraisals being carried out.
Commercial appraisals represent more than 16% of industry revenue.
The statistic “Commercial appraisals represent more than 16% of industry revenue” indicates that within the industry being considered, a substantial portion of the total revenue generated comes from commercial appraisals specifically. This suggests that commercial appraisals play a significant role in the industry’s financial performance and overall operations. It could imply that commercial appraisals are in high demand or that they command higher fees compared to other services offered within the industry. Understanding this statistic can be essential for stakeholders such as investors, decision-makers, and industry participants as it sheds light on the revenue composition and the importance of commercial appraisals within the industry.
In 2021, there are over 1000 businesses in the Real Estate Appraisal industry.
The statistic “In 2021, there are over 1000 businesses in the Real Estate Appraisal industry” indicates that the Real Estate Appraisal industry is a sizable and competitive sector with a significant number of companies operating within it. This suggests that there is a demand for real estate appraisal services, potentially driven by factors such as the growing real estate market, increased regulatory requirements, and the importance of accurate property valuations. The presence of over 1000 businesses in this industry also implies that there may be diversity in terms of services offered, pricing strategies, and areas of specialization among these companies, providing consumers with a range of options when seeking appraisal services.
The industry employs more than 20,000 people in the U.S.
The statistic indicates that the industry in question has a substantial workforce, specifically comprising over 20,000 individuals in the United States. This figure suggests that the industry plays a significant role in the country’s economy and job market, providing employment opportunities to a large number of individuals. The size of the workforce signifies the industry’s scale and importance within the U.S. labor market, showcasing its potential impact on various sectors and regions. This statistic can be used to assess the industry’s economic contribution, workforce dynamics, and overall significance within the national employment landscape.
The number of Certified General appraisers declined by 1% in 2020.
The statistic that the number of Certified General appraisers declined by 1% in 2020 indicates a decrease in the total count of professionals holding this certification compared to the previous year. This decline could be due to a variety of factors such as changes in demand for appraisals, regulatory changes impacting the profession, or changes in educational requirements. A 1% decrease may seem small, but in the context of a specialized profession like Certified General appraisers, even a small decline could have implications for the industry, including potential impacts on the availability of services and expertise in the real estate appraisal field. Monitoring trends in certification numbers can provide valuable insights into the health and dynamics of a profession over time.
In 2020, 13,140 out of the 78,050 appraisers were licensed, a decrease by 7%.
In 2020, there were 78,050 appraisers in total, out of which 13,140 were licensed. This indicates that approximately 16.8% of all appraisers held licenses. Compared to the previous year, there was a 7% decrease in the number of licensed appraisers. This decline suggests a potential trend of fewer individuals obtaining or maintaining appraiser licenses in 2020 compared to the previous year. The statistics highlight the importance of monitoring licensing trends within the appraiser industry to ensure an adequate supply of qualified professionals to meet market demands and regulatory standards.
There were 18,000 Trainee appraisers in 2020, which was stable from the previous year.
The statistic states that in 2020, there were a total of 18,000 Trainee appraisers, and this number remained stable compared to the previous year. This means that there was no significant increase or decrease in the number of Trainee appraisers from one year to the next. The stability in the number of Trainee appraisers suggests that the industry may not have experienced significant shifts in demand for appraisal services or changes in the supply of individuals entering the field as Trainee appraisers. This information can provide insights into the overall health and stability of the appraisal industry during the specified time period.
References
0. – https://www.www.appraisalbuzz.com
1. – https://www.www.statista.com
2. – https://www.www.ibisworld.com
