The average real estate appraiser salary in 2022 was $102,620, according to McKissock’s bi-annual income survey of 1,047 licensed appraisers in the United States.1 But because there are so many variables in place that affect income—including license type, location, and experience—it can be challenging to determine exactly how much money you can make as an appraiser.
Here’s a quick look at average annual real estate appraiser earnings, according to a handful of trusted sources:1-4
- $102,620 (McKissock Learning)
- $76,110 (U.S. Bureau of Labor Statistics)
- $133,516 (Glassdoor)
- $70,458 (Payscale)
Additionally, Salary.com lists the typical pay range for residential real estate appraisers as $51,722 to $104,201 and the typical pay range for commercial real estate appraisers as $45,419 to $137,933—depending on experience level.5-8
The profession is in demand, with 40% of appraisers planning to retire in the next few years.1 And according to the Bureau of Labor Statistics, employment in this field is expected to grow by 4% (as fast as average) over the next decade.9
Appraiser Salary by License Type
The biggest factor affecting the salary of a real estate appraiser is the license level. Not surprisingly, those appraisers with a more advanced license tend to make more money.
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Trainee Appraisers
Trainee Appraisers earn an average of $53, 218 annually.1 Trainees must work with a Certified Supervisory Appraiser, and while they are typically paid for their work, they usually work part-time and are paid per appraisal.
To become a Trainee (sometimes called an Associate or Apprentice Appraiser), you must complete 75 hours of appraisal qualifying education, find a supervisor, and submit an application and background check to your state’s licensing agency.
The Trainee stage is a temporary stepping-stone to becoming a licensed or certified appraiser in your state. You don’t need any experience or college education to get started!
Licensed Residential Appraisers
Licensed Residential Appraisers make an average of $89,056 annually.1 Licensed Residential Appraisers do have limits on what they can do; namely, they can only appraise non-complex properties with 1-4 family units below a certain value threshold (usually homes below $250,000 or $400,000).
In most states, you need a total of 150 hours of coursework, 6+ months of supervised appraisal experience, and a passing score on the National Uniform Licensing and Certification Exam to become a Licensed Residential Appraiser.
Once licensed, you can work independently as a fee appraiser, start your own appraisal business, or seek full-time employment at a government agency, lending institution, or large appraisal firm.
Certified Residential Appraisers
Certified Residential Appraisers earn an average of $101,598 each year.1 This pay increase is tied to their ability to appraise any residential property with 1–4 units or less. There are no limits based on complexity or transaction value.
This opens more opportunities to appraise homes valued at over $1 million or those considered complex according to the Uniform Standards of Professional Appraisal Practice (USPAP).
You typically need 200 total hours of appraisal coursework, 12+ months of supervised appraisal experience, a passing score on the appraisal exam, and possibly a degree or some college credits (depending on your state) to become a Certified Residential Appraiser.
Certified General Appraisers
Certified General Appraisers make an average of $145,094, which is the highest average real estate appraiser salary.1 Certified General Appraisers (also called commercial appraisers) have no limits on their license, so they can appraise residential, commercial, and industrial properties as well as vacant land.
Becoming a Certified General Appraiser usually requires 300 total hours of qualifying education, 18+ months of supervised appraisal experience, a passing score on the appraisal exam, and a bachelor’s degree or higher in any field.
Requirements can vary according to state regulations, so be sure to verify all licensing requirements with your state’s appraiser regulatory agency.
Other Factors that Affect Real Estate Appraiser Salary
While license level has the biggest impact on the average salary for an appraiser, it’s not the only influencing factor. Who you work for, your location, and your experience level will also play a big role in shaping your income potential.
Who You Work For
Appraisers typically work either:
- Independently (self-employed)
- For appraisal firms
- For public/government entities
- For banks/financial institutions
Whichever option you choose will have an impact on your salary.
Keep in mind that independent appraisers are usually paid per appraisal, so if you don’t mind working longer hours, you could potentially book multiple appraisals in a day to boost your income. Independent appraisers determine their own hours and how many appraisal projects they take on.
About 65% of appraisers are self-employed, and they tend to have the highest annual income compared to other employment types.1
Appraisers who work for a firm may earn less because they can see their commission split with roughly a quarter going to their firm. In some cases, it may be possible to negotiate a more advantageous fee split.
Location
Appraisal income also varies across different regions, states, and cities. Some locations offer more opportunities for income growth due to having a higher population density, a higher cost of living, a smaller pool of licensed appraisers, or some combination of those.
Larger cities with a higher cost of living and/or higher population tend to have higher appraiser fees than more rural areas. However, that doesn’t mean appraisers can’t thrive in rural areas. Farm appraisal can be a profitable niche, for example.
Experience
More experienced appraisers tend to earn more because the longer an appraiser has been working, the more time they have to grow their network, establish a solid reputation, streamline their process, and develop a niche specialty that enables them to charge higher fees.
On average, appraisers with 6–10 years of experience make more than double the salary of appraisers with less than 2 years of experience.1
Take a Deeper Dive into Appraiser Income
Download the 2023 Appraisal Salary Guide for an in-depth look at real estate appraiser salary by license level, region, property type, years of experience, and more.
Sources cited:
- 2023 Appraisal Salary Guide (McKissock Learning)
- Occupational Employment and Wage Statistics: Property Appraisers and Assessors (US Bureau of Labor Statistics)
- Average Real Estate Appraiser Salary (Payscale)
- Real Estate Appraiser Salaries in the United States (Glassdoor)
- 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)
- Occupational Outlook Handbook: Property Appraisers and Assessors (US Bureau of Labor Statistics)
