Residential Properties Ltd., Rhode Island’s leading real estate company, has been announced as a member of the 2023 REAL Trends 500 ‒ an independently verified list of the top 500 most successful real estate companies in the entire nation. This marks the 11th straight year that RPL has earned a spot on this prestigious list and is now the third straight year that the brokerage has achieved inclusion in the REAL Trends Billionaires’ Club.
Residential Properties ranked 326 in the nation for sales volume with $1,149,423,471. For three consecutive years, RPL has compiled over $1 billion in State-Wide MLS sales and is the first and only RI brokerage to do so, attaining over $379,000,000 more than the next closest competitor in 2022. With 1,806.5 transaction sides, Residential Properties was also ranked 118 among Top Independent brokerages in the nation.
After record 2020 and 2021 years, the 2023 RealTrends 500 brokerage rankings again show that the largest firms are gaining share at rates not seen before 2020. The top four real estate firms in the country stayed at around 20% market share in the U.S. with just over $20 billion in residential gross commission revenue, which shows steady growth in a down market.
According to RealTrends Senior Advisor Steve Murray, “In the 2021 rankings (based on 2020 data), these same firms closed just over $14 billion, so the increase was 43% in one year among just these four firms and stayed the same between 2022 and 2023. We’ve seen three years in a row of record growth of the RealTrends 500 firms in share of transactions, volume and number of Realtors.”
Murray also notes that the larger firms — with well known national or local brands and access to technology and marketing tools that are not generally available to all others — gained ground as well. “Most importantly, growth was not owned solely by one brand or model or market area. This leads us to conclude that leadership at the local level remains the most important factor in growth,” he said.
“This year’s list shows the impact of a shifting market on the top brokerage firms in the country,” Mark Adams, Vice President of Real Estate at HW Media said. “While transaction sides and volume were understandably down from their 2021 peak, the firms represented in the RealTrends 500 outperformed the market and their peers in almost all categories.”
REAL Trends has been recognized as the trusted source of news, analysis, and information on the residential brokerage industry since 1987. This year's survey represents the most comprehensive collection of data assembled on the leaders of the residential brokerage industry, and all numbers were documented by outside accounting firms. To view the REAL Trends rankings, go to RealTrends.com/500-by-volume.
*Information based in whole or in part on data supplied by State-Wide Multiple Listing Service. The MLS does not guarantee and is not in any way responsible for its accuracy. Data maintained by the MLS may not reflect all real estate activity in the market. Based on information from State-Wide MLS as of March 2023.
