As the National Association of Realtors® (NAR) seeks to execute what the organization has described as a significant and broad-based turnaround, financial disclosures from 2024 provide the first glimpse into how—or if—that effort is showing up on the balance sheet, as Realtors® (and big brokerage leaders) closely scrutinize decisions made by NAR after multiple scandals and court losses.
NAR provided RISMedia a copy of its Form 990—essentially a tax return for certain tax-exempt organizations—covering 2024, the year it settled the commission lawsuits and named Nykia Wright permanent CEO.
In a statement, an NAR spokesperson said that because the disclosure is only for 2024, the form “does not reflect the significant progress NAR has made this year enhancing member value, modernizing the association, and strengthening fiscal discipline.”
“In an annual report we are publishing in the first quarter of 2026, we will transparently show the impact of our work to improve the association and its usefulness to members as well preview the steps we will take in 2026 to further improve how NAR operates and delivers for members moving forward,” the spokesperson said.
Here are the key takeaways from the disclosure:
The bottom line
In 2024, NAR reported $360 million in revenue, compared to $358 million in 2023. It took in $9 million less in member dues, but appeared to make up most of that through investment income, which was up about $20 million. NAR’s total net assets sat at $387 million at the end of 2024, up from $363 million.
That includes $199 million in “savings and temporary cash investments” at the end of the year, up from $166 million in 2023. The $418 million settlement in the commission lawsuits is being paid out over multiple years, with the next payment coming due in February of 2026.
At its midyear meetings, NAR predicted a much more significant drop in membership going into 2026, and also floated plans to “carve out” some money from consumer ad campaign contributions.
Total assets controlled by NAR came in valued at $1.08 billion, with a $143 million book value in land, buildings and equipment.
NAR took in $10.7 million after expenses in 2024, down from $39 million in 2023. Total liabilities were at $690 million, down from $695 million—with “litigation settlement” accounting for $440 million of that.
Salaries
NAR paid a total of $76 million in salaries, wages and employee benefits, essentially the same as the year before, with 365 total employees. Wright, who was paid $427,000 in the interim CEO role in 2023—starting officially in November of that year—made just over $2.5 million in 2024. She was named the permanent CEO in August of 2024.
Wright’s predecessor, Bob Goldberg, who retired weeks after the Burnett verdict, was paid $2.6 million in his last full year as CEO in 2022, and $3 million for his time in 2023.
More than half a million ($642,000) of Goldberg’s compensation in 2023 was designated as an incentive or bonus, compared to $250,000 of Wright’s total compensation.
Two other NAR executives made over $1 million in 2024—SVP of Strategic Business Innovation and Technology Mark Birschbach ($1.2 million), and Chief Advocacy Officer Shannon McGahn ($1.1 million). President Kevin Sears was paid $357,000.
NAR made several significant hires—and some reductions—to its workforce in 2025 that are not reflected in the disclosure.
Expenses
One of the biggest jumps in expenses between 2023 and 2024 was in the “public policy expenses” line item, which rose from $17 million to $48 million, representing a significant increase in lobbying during an election year. Total lobbying and political expenditures came in at $86 million.
NAR paid at least $100,000 to 113 independent contractors in 2024, with the biggest expenditures going to media and communications firm Havas Media Group (almost $43 million). That is down from $53 million paid to Havas in 2023.
The top legal firm NAR reported paying, Cooley LLP, got $5.6 million in 2024, down from $12.4 million the year before. Cooley led NAR’s legal defense against the commission lawsuits. Total outside legal expenses fell from $19.5 million to just under $18 million. NAR also paid $7.9 million to Uncommon Creative Studio, which led the organization’s new consumer ad campaign in 2025.
Expenditures on advertising and promotion, came in at $37 million, down from $39 million in 2023. Travel expenses were down to $8 million from about $9.5 million.
As far as grants, the biggest recipient was the American Property Owner’s Alliance, with $6.6 million, up from $4.6 million. That non-profit, which is controlled by NAR, makes contributions to specific political causes and organizations, and was the subject of a New York Times expose last year that claimed it funded organizations unrelated to housing on the political right. NAR vehemently disputed the findings in that article, calling it “not only biased, but at times, factually incorrect.”
In 2023, NAR paid $21 million for conferences, conventions and meetings, down slightly from $25 million in 2023. NAR dropped about $28 million for office and IT expenses, slightly up from 2023.
NAR paid out $24 million in total grants in 2024, up from $17 million in 2023. The vast majority of these went to local Realtor® associations.
