2025 was a year of challenge for most—but great opportunity for some. While the results of RISMedia’s 38th Annual Power Broker Survey saw the Top 1,000 Power Brokers increase their collective sales volume by more than $100B in 2025, the spoils largely went to those with the wherewithal to merge, acquire or otherwise expand their presence on residential real estate’s increasingly altered playing field.
The 2026 Power Broker Report’s Top 1,000 brokerage firms reported over 3.6M collective transactions in 2025 resulting in more than $2.1T in total sales volume. Despite the $100B-plus increase in sales volume in 2025, year-over-year transactions remained relatively flat for Power Brokers, clearly depicting the affordability problems affecting last year’s housing market. In fact, the Top 1,000 Power Brokers ranked “Affordability” as their greatest challenge in the year ahead, displacing “Lack of Inventory” for the first time in nine years. Escalating home prices in 2025 are also reflected in the numerous firms on this year’s list that reported an increase in sales volume last year even though transactions were down.
See the 2026 Top 1,000 Power Brokers Here
“Affordability remains the biggest challenge for our market, as first-time homebuyers face enormous hurdles beyond interest rates,” commented David Howell, EVP and chief information officer of Corcoran McEnearney in the Washington, D.C., metro area. “But our luxury market remains remarkably healthy, particularly given the upheaval and uncertainty specific to the D.C. metro area market brought on by federal layoffs and budget cuts.”
Concerns over affordability are not solely based on rising prices, as the scenario plays out a bit differently across the country.
“Our Midwest market is different than the national market as our region is still facing inventory challenges and increasing property values during a time of higher interest rates, rising insurance costs, tighter insurance requirements and increasing construction costs,” wrote Shawn Schmidt, president of Fargo, North Dakota’s Park Company Realtors. “Affordability is a major concern for our market. Even if rates decline slightly, limited supply and affordability have and continue to price many buyers out of the market.”
“The events of 2025 accelerated trends that were already underway in real estate, particularly around affordability pressure, brokerage consolidation and policy changes following the NAR settlement,” said Nathan Klutznick, CEO of Florida’s Lokation Real Estate. “In 2026, we expect these factors to continue reshaping the industry. Affordability will remain the biggest constraint on transaction volume, but it will also push agents to become more skilled advisors as consumers navigate tighter budgets and creative financing solutions. We believe 2026 will favor companies that invest in technology, training and agent support.”
Corey McCloskey, president of Naples, Florida, firm John R. Wood Properties Christie’s International Real Estate, agrees that the focus needs to be on agents amid the challenges in today’s market.
“As a larger independent, we are able to pivot when necessary—and 2025 forced us to do just that,” she commented. “The lingering policy changes and lawsuit haze from 2024 weighed heavily on our agents, and the constant evolution of technology has left many of us in a perma-crisis. We have doubled down on loving our agents to ensure they feel valued and appreciated in the new normal.”
Amid the squeeze of affordability challenges and industry-wide policy changes, Power Brokers also report an important silver lining.
“In markets like Brooklyn and Staten Island, affordability remains a challenge, but demand is still strong because inventory remains limited,” commented Michael Napolitano with REMAX Edge in New York. “Recent industry policy changes are also leading to more conversations about representation and value, which I believe will continue to elevate professionalism across the industry.”
Topping the chart
RISMedia’s 2026 Power Broker Report marks an important point in history as Anywhere makes its final appearance on the Top 1,000 ranking. A mainstay at the top of the list for decades in all of its incarnations (Realogy, NRT), this time next year, Anywhere and Compass will combine sales volume and transactions under the umbrella of Compass International Holdings, presenting unprecedented production power and market reach.
For 2025, however, Compass once again trumped Anywhere, taking the No. 1 spot with more than $262B in sales volume. Neda Navab, president of Compass, attributes the firm’s ongoing success to its high-performing agents.
“Our real estate professionals intentionally choose Compass because we’re building toward an agent-centric future, and that resonates,” said Navab. “They’re drawn to a company that’s bold, innovative and willing to do things differently. The agents who join us are leaders and creative thinkers who lean into change, and that mindset continues to drive our momentum.
“I also like to say big is our engine, but boutique is our edge…you get the scale, resources and network of a big company, but it still feels personal. That combination is what really sets us apart.”
To remain one of the industry’s elite brokerage firms requires more than big production numbers, however; it requires diversifying in order to meet evolving consumer demand.
“At the core of our success is what we call the ‘complete real estate experience,’ said Chris Kelly, CEO of HomeServices of America, ranking No. 4 in sales volume and No. 4 in transactions. “We’ve built a model where brokerage, mortgage, title and insurance are all owned and operated together, allowing us to deliver a truly connected, end-to-end experience for both agents and consumers, not one stitched together through third-party partnerships. In a market that has become more complex, simplicity matters. Consumers want fewer handoffs, more accountability and a more coordinated process. Our model delivers that, while keeping the agent at the center of the relationship.”
Kelly also expressed the importance of local leadership to HomeServices’ success strategy, citing the firm’s continued investment in experienced operators who understand the nuances of individual markets.
“That local expertise, combined with national scale, is a meaningful advantage,” he said. “While others are working to build versions of this model, we’ve been operating it for decades. That experience shows up in execution, consistency and ultimately, results. That combination—an integrated model, strong local leadership and a focus on simplifying the experience—is what continues to drive our success.”
The firms at the top of this year’s Power Broker Top 1,000 also reflect the advancement of virtual brokerage models on today’s market. Cloud brokerage eXp Realty, for example, once again took the No. 1 spot in transactions, reporting more than 343,000 closed deals in 2025—close to 100,000 more than No. 2 Anywhere and No. 3 Compass—and the No. 3 spot in volume.
“It comes down to proximity and scale,” said eXp CEO Leo Pareja. “At eXp, we’ve built a borderless ecosystem designed to help agents compress time. When you join eXp, you aren’t just joining a brokerage; you’re entering a global platform that puts you in close proximity to some of the most productive professionals in the world, so you can learn faster and perform at a higher level.
“Our growth is fueled by removing the friction inherent in traditional brick-and-mortar models. We’ve turned the brokerage model into a launchpad rather than a landlord.”
Fellow virtual firm, The Real Brokerage, took the No. 5 spot in sales volume and reported a 32% jump in agent count year-over-year, and LPT Realty claimed the No. 8 spot. Collectively, eXp, Real and LPT reported more than $244B in sales volume, more than 535K transactions and nearly 114,000 agents—no office required.
Only time will tell if the virtual trend will gain strength or begin to retreat should agents and consumers long for the good ol’ days of brick, mortar and conversations by the coffee machine.
Who’s not on the list
Even ahead of the Compass/Anywhere merger, this year’s Power Broker Report depicts the impact of consolidation on the residential real estate industry in 2025. So if you’re wondering why certain firms are not on this year’s list, there’s a chance they may be part of a new family.
One of the biggest examples is Peerage Realty, the Canadian-based conglomerate that owns nine leading U.S. real estate firms, putting it in the No. 9 ranking as owner of former Power Broker stalwarts:
– CENTURY 21 New Millennium
– Four Seasons Sotheby’s International Realty
– Premier Sotheby’s International Realty
– Jameson Sotheby’s International Realty
– Briggs Freeman Sotheby’s International Realty
– Pacific Sotheby’s International Realty
– Cascade Hasson Sotheby’s International Realty
– Madison & Company
– Chestnut Park Christie’s International Realty
Many consolidations also appear to have taken place within the Keller Williams family of companies, as market centers (the KW term for brokerage firm) merged with other market centers to form larger entities. The acquisition of additional offices and agents explains the big jumps in year-over-year data, given the market challenges of 2025.
How are Power Brokers feeling about the future, given ongoing consolidation? A bit wary but mostly confident.
“Consolidation is just going to create a lot more recruiting possibilities for us,” said Donny Samson, CEO of the Mid-Atlantic’s Samson Properties. “Many Realtors feel in love with their own local brand/franchise and don’t want to be a part of the big bad wolf. Smart Realtors also realize that the private listings push is a greedy push for the company and not what’s best for our industry.”
“Consolidation will affect the industry as the true entrepreneurs venture out to start their own companies,” commented Mike Hickman, CEO of Orange County, California’s Seven Gables Real Estate. “History is repeating itself. Indies will flourish as tech catches up with consolidated companies.”
“Upheaval in the mega-consolidation realm is sometimes a threat and sometimes a blessing to mid-sized independents,” commented Claudia Stallings, chief operating officer and partner at Tennessee’s Wallace Real Estate. “We can retain our identity and provide familiarity to the consumer.”
“With the consolidation of Compass and Anywhere, we see a powerful opportunity for independent brokerages to thrive,” commented Susan Lowe, president and corporate broker for Lake Tahoe’s Chase International Real Estate. “Our strength lies in individuality and authenticity, offering agents a more personal, high-touch home where they receive meaningful one-on-one broker support, hands-on training and a platform built around their success.”
Those firms swept up by the Compass/Anywhere merger, however, are anticipating unique advantages from being part of such a powerful force.
“Industry consolidation is proving to be a net positive,” commented Shawn Evans, co-owner of Monument Sotheby’s International Realty serving Maryland, Delaware, southern Pennsylvania and the D.C. area. “Our partnership under Compass International Holdings creates an exciting opportunity for 2026—enhancing capital strength, operational resources and cross-market collaboration. This alignment is generating meaningful attraction and momentum among top-tier agents while reinforcing consumer confidence in a market that values expertise and elevated service.”
Beyond consolidation, certain firms are absent from the 2026 Power Broker ranking by choice, with some opting to avoid exposing their data to the prying eyes of class-action lawyers, and others finding less value in traditional industry rankings. Realty ONE Group, for example, chose not to submit data on behalf of its firms, leaving individual franchisees to submit at their discretion.
“As a privately held company, we are selective about submitting data for rankings as our primary focus instead is on our continued global expansion and the growth of our franchisees and real estate professionals,” explained Cory Vasquez, president and CMO of Realty One Group. “For us, success is reflected in the lives we impact, the opportunities we create, the professionals we empower and the communities we serve. While traditional rankings often focus on numerical performance, we’re increasingly prioritizing recognition that aligns with our values including culture, innovation, purpose and long-term progress. This approach allows us to stay true to who we are, protect our COOLTURE® and continue building a brand that stands for something bigger.”
Finally, a return to balance?
Perhaps the greatest takeaway from this year’s Power Broker Report is that sentiment among the Top 1,000 has finally improved after several years of struggle.
Notwithstanding the fact that surveys were completed prior to the commencement of the conflict in Iran, the majority of Power Brokers (51%) described their markets as “Balanced/Healthy” after describing them as “Challenged” for the past three years in a row. Survey comments reflect that this long-awaited improvement is based on several key factors, such as increasing inventory and pent-up demand.
“Atlanta saw a return to historically normal inventory levels,” commented Todd Emerson, president of Georgia’s Harry Norman Realtors. “This has resulted in lower price appreciation on an annual basis, which has helped curb the affordability challenges we have seen recently for homebuyers. If inventory levels remain more balanced in 2026, it should create more buyer activity and more sales. If interest rates get below 6%, it will definitely bring more buyers to the market and could put pressure on maintaining a balanced inventory market.”
“The uncertainty from previous years has decreased. This has released pent-up demand by buyers,” commented Jennifer Shemwell, CEO of San Antonio, Texas-based Phyllis Browning Company. “At the same time, there is an increasing inventory from willing sellers while prices have remained steady. This makes 2026 look like a great year for real estate.”
Positive vibes aside, Power Brokers continue to deal with stubborn market challenges.
“We still have a shortage of good inventory and pent-up buyer demand,” wrote Sarah Szczodrowski, broker in charge at North Carolina’s Dickens Mitchener Real Estate. “Charlotte is a strong market for corporate relocations, which continues to increase the demand for housing units. Many empty-nesters or potential move-up buyers are sitting with their lower interest rate and concerns over capital gains and fear of nowhere to go; so unless a life event encourages them to move, they are staying in their current homes longer.”
Success is attainable
Top-ranking Power Brokers know the secret to consistent success is not market conditions but strong agents, and to that end, plan to invest in supporting their sales associates in the months ahead.
“We are in an era where the traditional way of doing business is being completely dismantled,” said Pareja. “The agents who win in the coming months aren’t the ones waiting for the phone to ring; they are the ones who understand that proximity is power and that your personal brand is no longer an option, it’s your only survival strategy.”
Jillian Young, president of Florida’s Premier Plus Realty, intends to ramp up agent education, training and support in order to help agents turn industry challenges into positives.”
“By positioning themselves as local experts who can guide clients through uncertainty, agents turn market fear into opportunities for deepening client relationships,” commented Young.
Such is the philosophy at Realty ONE Group Next Level in Bedford, New Hampshire. “We train our agents to sell regardless of exterior market conditions. Everyone needs somewhere to live,” said Owner and Managing Broker Peter Beauchemin.
John Finn, senior managing broker of United Real Estate Richmond in Virginia, summed up the challenges that shaped last year and their effect on opportunities in the year ahead.
“The changes we saw in 2025 are likely to lead to a more balanced and stable housing market in 2026,” he commented. “Affordability will still slow things down compared to the boom years, but that’s not all bad; it means fewer bidding wars and more reasonable pricing. Well-priced homes in good locations should continue to sell, while buyers and sellers can expect a calmer, more predictable process.
“Overall, prices are expected to hold steady, and the market should feel more normal. On the business side, bigger companies and new rules are reshaping real estate, and much of that change is for the better. Clearer agreements and greater transparency help set expectations and reduce surprises down the road. As competition increases, experience and local knowledge become even more valuable.
“2026 is shaping up to be a steadier, fairer market where prepared buyers, realistic sellers and professional agents are rewarded.”
