The U.S. Bureau of Labor Statistics gives a positive job outlook for real estate appraisers. BLS projects that job growth for appraisers will be 5% between 2022–2032, which is faster than average for all occupations. Since the real estate market impacts their work, demand for appraisers can fluctuate from year to year. However, regardless of market fluctuations, there’s a general demand for new appraisers right now.
The pool of appraisal professionals is shrinking, and this trend is expected to continue as many are older and nearing retirement age. This presents an excellent opportunity for up-and-coming and experienced professionals looking to enter a new field—especially those who are highly analytical, tech-savvy, and ready to learn and adapt.
So, is now a good time to become an appraiser? Keep reading to learn about real estate appraiser job outlook, income potential, opportunities for new appraisers, and tips for leveraging the real estate market to launch a successful appraisal career.
Want to learn how to become an appraiser? Check out our free career guide.
Job outlook for real estate appraisers
Within the next decade, employment for appraisers and assessors of real estate is predicted to rise by 5%. That growth rate is on pace with the projected 5% job growth for financial specialists and faster than the projected 3% overall job growth in the U.S. economy.
Appraiser salary and income snapshot
According to McKissock’s 2023 Appraisal Salary Guide, real estate appraisers earned $102,620, on average, in 2022. Appraisal income varied significantly across license levels, with Appraisal Trainees earning $53, 218, Licensed Appraisers earning $89,056, Certified Residential Appraisers earning $101,598, and Certified General Appraisers (also known as commercial appraisers) earning $145,094.
The U.S. Bureau of Labor Statistics lists the mean annual wage of property appraisers and assessors as $76,110, as of May 2023.1
In 2024, Salary.com reports that most residential real estate appraisers in the United States earn between $51,469 and $103,712 and most commercial appraisers earn between $45,182 and $137,253, depending on experience level.2-5
Glassdoor gives higher salary estimates for appraisers, stating that U.S. home appraisers make an average salary of $133,509 per year and U.S. commercial appraisers make an average of $127,103 per year.6-7
Appraisal income can vary significantly based on key factors such as license level, years of experience, and location—including city, state, and region.
Real estate appraiser job outlook by state
The top twenty states with the highest employment rates for real estate appraisers are as follows, according to Zippia8:
- Massachusetts (%13 employment/1000ppl)
- Iowa (11%)
- Delaware (11%)
- Washington D.C. (10%)
- Connecticut (9%)
- New Hampshire (8%)
- Rhode Island (7%)
- Vermont (7%)
- Pennsylvania (6%)
- Arizona (6%)
- Tennessee (6%)
- Alabama (6%)
- New Jersey (5%)
- Kentucky (5%)
- Nebraska (5%)
- New York (4%)
- Michigan (4%)
- Maryland (4%)
- Oregon (4%)
- Kansas (3%)
The twelve top-paying states with the highest mean annual wages for property appraisers and assessors are as follows, according to the Bureau of Labor Statistics1:
- Washington D.C. ($109,670)
- Iowa ($96,620)
- New Jersey ($90,940)
- California ($90,310)
- Connecticut ($89,980)
- Massachusetts ($87,080)
- Washington ($85,890)
- New York ($85,840)
- Minnesota ($83,990)
- Maryland ($81,410)
- Wisconsin ($81,000)
- Maine ($80,410)
The top-paying region of the United States with the highest average annual income for real estate appraisers is the Northeast, according to data from McKissock’s 2023 Appraisal Salary Guide.
The highest income is earned by appraisers in the Northeast, with the Midwest earning the least. The average Northwest appraiser salary is $121,833, and the South averages $95,834. Meanwhile, appraisers in the West make an average annual salary of $94,744 and those residing in the Midwest make $81,800.
If you’re seeking to relocate, it’s good to note that the cost of living will also vary across these regions.
Opportunities for future appraisers
Technology
Technology has a tremendous effect on how efficiently and credibly appraisers can complete assignments, which is appealing to the next generation of appraisers. The tech trend will increase dramatically over the next few years, making “big data” more accessible to appraisers. Mobile technology and artificial intelligence will also help appraisers to complete assignments more efficiently.
Retiring appraisers
A whopping 45% of appraisers have plans to retire in the next few years, especially certified appraisers, those over 45, and those living in the Northeast. In recent years, as veterans have retired, there haven’t been enough new appraisers to take their place. This could present great opportunities for newbies entering the field and experienced appraisers considering investing more time and money into upgrading their qualifications.
Stabilizing fees
The financial benefits of an appraisal career can be rewarding. Fees have begun to rebound after being stagnant or declining for several years. Those who embrace technology and data will have a significant opportunity awaiting them in a profession on the edge of a very exciting period. Income will also grow for appraisers who gain experience, upgrade license levels, and demonstrate expertise in certain markets and specialties.
When’s the best time to jump in?
No matter the current state of the real estate market, now is an excellent time to start an appraisal career. There is a general demand for appraisers and a need for new blood in the profession. If there’s a need for appraisers in your local area, it’s a great time to jump in.
Understanding real estate market cycles
Residential appraisal volume (for lending purposes) follows the same cyclical pattern of upward and downward trends seen in housing transactions. When the housing market is up, there will be more work for appraisers. When it goes back down, residential appraisal volume will slow.
Choosing to jump in either during an upturn or downturn in the housing market offers different benefits.
Advantages of starting in a slow market
The best way to leverage the cyclical real estate market may be to begin your appraisal education and get your trainee license when the market is slower. Complete your initial coursework and start building connections with certified appraisers while the market is in a downward trend. Then, when the market turns around and appraisal volume increases again, those appraisers will be more likely to hire and train you because they’ll need extra help keeping up with the added workload.
Advantages of starting in a hot market
On the other hand, when the housing market is hot, the demand for appraisers will be even higher. You might be able to jump in and start gaining experience hours while also finishing your qualifying education—especially if you already have connections in the profession.
It really comes down to your personal preference. Do you want to dip your toes or dive in headfirst?
Learn more about how to become an appraiser
Want to find out more about the appraisal profession and how to get started? Browse our blog for an overview of how to become an appraiser, appraisal business start-up costs, and more. Get additional insights into this promising career path when you download our free career guide full of tips for launching your appraisal career. And if you want more real estate appraiser job outlook and salary info, check out our bi-annual appraisal income guide. The new 2025 Appraisal Income Guide is coming soon!
Ready to jump in? McKissock offers all the appraisal courses and support you need to launch and grow your career. Find courses in your state.
Sources cited
- Occupational Employment and Wage Statistics: Property Appraisers and Assessors (US Bureau of Labor Statistics)
- Appraiser (Residential Real Estate) Salary in the United States (Salary.com)
- Appraiser Sr. (Residential Real Estate) Salary in the United States (Salary.com)
- Appraiser I (Commercial Real Estate) Salary in the United States (Salary.com)
- Appraiser IV (Commercial Real Estate) Salary in the United States (Salary.com)
- Residential Real Estate Appraiser Salaries (Glassdoor)
- Commercial Real Estate Appraiser Salaries (Glassdoor)
- Zippia Career Platform (Zippia.com)
