The average real estate appraiser salary in 2023 was $102,620, but because there are so many variables in place that affect income including working arrangements, license type, and experience, it can be challenging to determine exactly how much money you can make as an appraiser. Fortunately, the profession is in demand, and according to the Bureau of Labor Statistics, employment in this field is expected to grow by 5 percent (faster than average) over the next decade.1
Appraiser Salary by Designation
According to Payscale, the average salary for appraisers is $69,736 in 2024. However, appraisers’ annual income varies significantly across license levels. This is slightly higher than the medial yearly salary for real estate appraisers in 2023 which was $61,630 according to the Bureau of Labor Statistics, Similarly,
Indeed puts the average base salary for real estate appraisers at $61,939 as of July 2024. They further note that appraisers are paid the most in bigger cities–New York, NT, Austin, TX, Atlanta, GA, and Charlotte, NC round out the highest paying cities.
Increase your earning power by advancing in your appraiser career–find your certification courses based on your state and excel with McKissock!
One of the biggest factors 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.
Trainee Appraisers
Trainee Appraisers earn an average of $53, 218 annually. Trainees must work with a Certified Supervisory Appraiser, and while they can be paid for their work, they usually work part-time and are paid per appraisal. Trainee appraisers usually make between $50 and $150 per appraiser depending on experience.
To work independently, Trainee Appraisers must earn a minimum of 150 hours of qualifying education, 1,000 hours of supervised experience, and pass the National Uniform Licensing and Certification Exam.
Licensed Residential Appraisers
Licensed Residential Appraisers make an average of $89,056 annually, nearly $40,000 more than trainees earn on average. Licensed Residential Appraisers do have limits on what they can do; namely, they can only appraise properties with 1-4 family units, below a certain value threshold determined by complexity.
To become a licensed residential appraiser, you need 150 hours of qualifying education. Once licensed, you can work as an independent appraiser for a government agency, lending institution, or appraisal management company.
Certified Residential Appraisers
Certified Residential Appraisers earn an average of $101,598 each year. This increase is tied to their ability to appraise any residential property with four units or less. There are no limits based on complexity of the property or valuation thresholds, and many are able to work on appraising estates tied to legal proceedings such as divorce and tax assessments.
Those homes valued at over $1 million or those considered complex, according to the standard set by the Uniform Standards of Professional Appraisal Practice (or USPAP).
An additional 50 hours of coursework and 1.500 hours of experience, college degree, and passing score on the certification exam are needed to become a certified residential appraiser.
Certified General Appraisers
Certified General Appraisers make an average of $145,094, which is the highest average appraiser salary. Certified General 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 requires 300 hours of qualifying education, 3,000 of appraising experience, and a bachelor’s degree. Requirements can vary according to state regulations, however.
Other Factors that Affect Real Estate Appraiser Salary
While licensing and certification play the biggest role in the average salary for an appraiser, it’s not the only factor. Location, whether it’s a higher cost of living area, or simply an area with a higher population, means appraisers can charge more or have more opportunities for assignments.
Who You Work For
Appraisers typically work either:
- For appraisal firms
- Independently
- For public/government entities
- For banks
Whichever you choose to work for 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.
Appraisers who work for a firm 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 and Type of Properties
Likewise, the size of a property can net more income–certified residential appraisers can appraiser the largest of homes and can charge by square footage, upping the cost of appraising a property.
Larger cities tend to have higher appraiser fees than more rural areas. The same is true for the size of the property. Certified general appraisers also make more as they are permitted to appraise commercial properties which often have higher appraiser fees than residential properties.
More experienced appraisers are likely to earn more because the longer an appraiser has been working, the more likely they are to grow a larger network, have a solid reputation, and can charge higher prices. Appraisers with more education tend to earn a higher salary as well.
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.
Resource
1. Occupational Outlook Handbook: Property Appraisers and Assessors. Bureau of Labor Statistics.
