If you’re thinking about getting your Virginia real estate license, you probably have one big question: How much do real estate agents make in Virginia?
Unfortunately, that answer can get a little complicated. Real estate agents don’t have a typical salary because their pay is based on commission. As of May 2021, the Bureau of Labor Statistics found that the average salary for a Virginia real estate agent was $69,190 annually. That clocks in at about $33.26 an hour.
There are a few factors that might affect how much you make as a real estate agent. Need more detail? Let's take a deeper look!
A Lot Depends on Where You Are
If you’re wondering how much do real estate agents make per sale, the short answer is, it depends. While the hustle and hard work (and of course, whether or not you work a full-time schedule) will greatly impact your earnings as a real estate agent, where you are is a huge factor too.
Since real estate agents are paid a percentage commission, the higher home prices are where you are working, the more you will get paid per sale.
Let’s take a look at some of the average salaries in a few different cities in Virginia.
How much do real estate agents make in Richmond?
If you’re considering being a real estate agent in Richmond, the state capital of Virginia, you could potentially make an average of $83,483 per year. That’s quite a bit higher than the statewide average salary!
How much do real estate agents make in Virginia Beach?
If you’d prefer the fresh breeze and beautiful oceanfront views, you might consider being a real estate agent in Virginia Beach instead. About 400,000 people live in Virginia Beach, making it the most populous city in Virginia. More people means more potential clients! Agents who work in Virginia Beach make an average salary of $82,010.
How much do real estate agents make in Charlottesville?
With a population of only 46,000 people, Charlottesville makes for a much smaller market than other cities in Virginia. Known for its rich American history, real estate agents can make an average of $80,529.
How Taxes Affect Take Home Pay
Virginia is one of the U.S. states that has a state income tax. Workers pay this tax on top of their federal taxes.
State income tax in Virginia ranges from 2% (for annual salaries under $3,000) to 5.75% (for annual salaries over $17,000).
If you made the average Virginia real estate agent salary of $66,230, your take-home pay for the year would be $49,170.
According to Indeed, the average salary for a real estate agent in the United States is a little under $100k. That’s almost double than the Florida mean annual real estate agent salary, which according to the Bureau of Labor Statistics data from May of 2021, is a respectable $56,460.
Meanwhile, the National Association of REALTORS® found the median gross income of a Realtor was $43,330 in 2020.
So why are those numbers so vastly different? And what’s the difference between a real estate agent and a Realtor anyway? Let’s break it down.
How Are Real Estate Agents Paid in Virginia?
Real estate agents don’t have a typical salary or hourly rate, but instead, work off commission. The commission you'll earn as a real estate agent in Virginia can vary. Agents just entering the field might receive a lower commission split (for example, a first-year agent often receives about 50% of the commission paid to the broker). They may also have to split the commission with the buyer’s real estate agent.
Most real estate agents are paid through a listing agreement, which is signed by the seller and the listing agent. The listing broker then shares part of that commission with the brokerage that represents the buyer.
Still think being a real estate agent in Virginia is the career for you? Let’s get you started today!