Current New York Real Estate Income, Sales, and Trends

Indeed, the state is known for its pricey property values, making this an excellent career choice for many people.

Where else can agents and brokers sell 2,289 homes in 2023 at a median sales price of $765,000?¹ Only NY.

How Much Money Do Real Estate Agents Typically Earn in New York?

New York is one of the most populous states, making it a verifiable treasure trove for aspiring brokers and real estate agents eager to work here. It comes with the advantages of flexibility in your work, but how much money can you earn in this role?

Leading job outlets report that full-time real estate agents in Manhattan can make $106,398 on average,² $45.66 per hour.

The lower end of the earnings pool in Manhattan is $49,602, while the most lucrative real estate agents in this area pull in $228,230 per year.

What about the earnings potential elsewhere in the state? Job recruitment resources have a more conservative statewide estimate of $53,616 per year,³ which approximately 50 percent of statewide real estate agents will make.

The data states that the lower 10 percent of agents will earn $51,250, the lower 25 percent will make $52,378, the upper 75 percent will earn $68,199, and the upper 90 percent will bring in $81,475 annually.

It’s a lower income estimate than in Manhattan but still a healthy income overall.

According to Forbes,⁴ the average state income in 2023 is $74,870, so real estate agent earnings are within that range.

You can even make a healthy chunk of change working as a real estate agent part-time. Another leading career resource estimates that part-timers in New York can pull between $31,498 and $161,992 per year.⁵

Factors affecting one’s earnings as a real estate agent include:

• How much experience you have
• How large your client base is
• What part of the state you work in

You might consider working as a broker if you’re eager to generate more commissions.

Real Estate License Revival and Cross-State License Equivalence in New York

Once you have an NY Real Estate Salesperson license, you can only use it for two years, and then it expires. That also applies to brokerage licenses.

The date your license expires is printed on it, so it shouldn’t surprise you when this date arrives. You should receive a postcard and an email about the license expiration three months before it happens, further reducing any surprise.

You shouldn’t wait for your license to expire before reviving it. The lapse in licensing legality puts you in a tricky spot.

You should not practice real estate with an expired license, as it’s just as bad as having no license. You don’t want to put your future career at risk.

Also, you only have a year to renew your real estate license in New York. If you wait over a year after it expires, you cannot renew it easily.

Instead, you must go through the above process of testing and applying again. That’s a lot of time and effort you can avoid.

Reviving your license is fast and efficient. Here is an overview:

Step 1: Log-In to Your eAccessNY Account

Log into your eAccessNY account when ready to start real estate license renewal. Follow the prompts and fill out your form.

You have to renew online.

Step 2: Complete a Change Notice Form

Complete a Change Notice if your name or address has changed in the two years since you applied for your original real estate or broker’s license.

You can find the Change Notice forms to download, print, and fill out online.⁶

Step 3: Pay the Fee

Pay the renewal fee, which is $65 for real estate agents and $185 for brokers. File your renewal on time, as you will have to pay an additional hefty late fee of $200 if you file beyond your license expiration date.

That’s $265 for real estate license renewal and $385 for broker license renewal. Ouch.

Step 4: Complete the CE Form

Complete the continuing education form.⁷ Reapplying brokers or real estate agents should plan for 22.5 hours of CE.

The education should be approved by the New York Department of State.

You will spend two hours on implicit bias, two hours on cultural competency, four hours for agency law, three or more hours for fair housing, one hour on recent legal matters, and two and a half hours or more on ethical business practices.

The Real Estate Continuing Education Course Approval Renewal Application asks for the following information:

• Your title
• The number of CE hours completed
• The types of coursework completed
• The school name, address, and email address
• The name, address, and email address of any primary locations, classroom courses, and secondary locations you completed the CE

Now, it’s time for the second section of the form. This part asks whether any changes have occurred to the course presentation.

Include an explanation of why if you answered yes.

The last part requires the signature of someone authorized to sign the course completion certificate. You can’t request the signature from a real estate licensee.

Can you get a real estate license in a state you don’t live in? New York has license reciprocity.

If you come from another state, you can practice as a real estate agent or broker in NY state.

Here is an overview of how it works and the rules to follow:

• West Virginia (need a current license)
• Pennsylvania (need a current license)
• Oklahoma (need a current license for at least two years)
• Mississippi (only for brokers with current licenses for at least two years)
• Massachusetts (the same requirements as Mississippi)
• Georgia (must take the Georgia exam and hold a current license)
• Connecticut (need a current license)
• Colorado (only for associate brokers and brokers with a current license)
• Arkansas (only for brokers with current licenses for at least two years)

New York gives you many options for becoming a real estate agent or broker, making it a great state to start your career.