The United States Bureau of Labor Statistics projects strong job growth, and industry surveys found that the need is even greater due to an increasing number of appraisers approaching retirement age.
Growth of Real Estate Appraisal Industry
The Bureau of Labor Statistics projects that the job growth in the real estate appraisal industry will be 8% from 2014 to 2024. The growth in the appraisal industry is higher growth than the projected average rate of only 7% for all other occupations.
The BLS also reports that there were 85,800 real estate appraisers in 2014. By 2024, the BLS projects a net increase of 6,800 appraisers.
Information above was provided by the Bureau of Labor Statistics report published December 17, 2015.
Current Appraisers are Approaching Retirement Age
Meanwhile, a staggering 62% of appraisers are over the age of 50, and 11% of them are over the age of 65, according to a 2014 survey by the Appraisal Institute. Considering the typical retirement age in the United States is 65, a large percentage of real estate appraisers are older than, or approaching, the age of retirement.
Since many appraisers will soon retire or leave the industry, the industry will need many more than 6,800 new appraisers to replace those who leave.
As we stated in the beginning, the job prospects for people considering a career in real estate appraisal are very strong. The industry is not only projected to have a higher than average growth in number of positions, but many existing appraisers are approaching the retirement age.
There is a large need for new appraisers. If you are considering a career in real estate appraisal, then you can be confident that you are choosing a career with a strong job outlook.
Still interested in pursuing a career in real estate appraisals? Check out the online appraisal courses available in your state from our partner at Mbition.