Current Alaska Real Estate Income, Sales, and Trends

Knowing the current real estate trends in Alaska can be key for grabbing the right opportunities and making the most of your Alaska real estate career.

The following data is updated every few months to keep it relevant.

What’s the Average Compensation for Real Estate Agents in Alaska?

Many factors impact Alaska real estate agent earnings, including local market conditions, commission structures, and personal sales abilities.

However, leading job recruitment sites report average salaries for real estate professionals in Alaska fall within:

• $40,000 to $60,000 annually

That said, it’s possible for top agents focusing on high-end properties to earn $75,000 to $100,000 or more in metro areas. However, most new agents earn $30,000 to $50,000 during their first one to three years as they build up clients.

The latest data available from the U.S. Bureau of Labor Statistics (2022) shows that the national annual mean wage for real estate brokers was $91,120.²

The median compensation for real estate agents in Alaska is about $79,000.

Alaska’s major metro areas like Anchorage tend to offer the highest wages for real estate agents compared to remote regions. Urban markets have more sales opportunities and inventory for agents to capitalize on.

Rural small towns have lower average home prices that keep commissions in a lower range.

Ultimately, the income potential for Alaska real estate agents is strong with dedicated effort. Leveraging local housing booms and extensive marketing provides substantial earning possibilities over an agent’s career lifespan.

Extending Your Real Estate License and Interstate Compatibility in Alaska

Here are some pointers you need to remember about extending the validity of your license and what are the requirements so that you can use your Alaska real estate license and work as an agent in other states.

Post-Licensing Education Requirements

Alaska requires new real estate licensees to complete 30 hours of post-licensing education within one year from the date of initial licensure as a real estate salesperson in addition to the continuing education requirement. The post-licensing courses provide additional training beyond pre-licensing material to help new agents apply their skills in real-world practice.

Once a licensee finishes the required 30 hours of post-licensing coursework through an accredited school, they must submit an Affidavit of Post Licensing Education form to the Alaska Real Estate Commission along with a $50 processing fee.¹

This affidavit and fees must be submitted within 30 days after the end of the one-year period from initial licensure. Failure to complete post-licensing education and submit the affidavit on time can lead to license inactivation.

License Renewal and Continuing Education

Alaska real estate licenses must be renewed every two years by January 31st of even-numbered years. For example, licenses expiring in 2022 must complete renewal by January 31, 2022.

The Alaska Real Estate Commission mails detailed renewal information and instructions to licensees approximately 8-10 weeks prior to the expiration date.

To renew a license, Alaska real estate agents must complete the following:

• Finish at least 20 hours of AREC-approved continuing education courses, including eight hours of required “core” topics specified by the Commission and 12 hours of approved elective continuing education.
• Submit the completed renewal application form either online or by mail.
• Pay the license renewal fee.

Alaska does not have an administrative grace period for renewals. Licenses that are not renewed on time by January 31st will enter an expired status.

Additional late fees, education, and/or application requirements apply for reinstating an expired license.

License Reciprocity

Alaska has reciprocal licensing agreements with every U.S. state and jurisdiction. This allows real estate agents who have held an active real estate license from another U.S. state for at least one year may also transfer their license to Alaska through a streamlined “application by endorsement” process.³

To qualify for license reciprocity, the applicant’s current out-of-state license must be in good standing with no history of discipline. They must have originally met their home state’s education and testing requirements to earn the license as well.

They will need to complete a six-hour course focused specifically on Alaska real estate law and practices. Applicants must also pass the state portion of the Alaska real estate licensing exam.

Finally, proof of E&O coverage, license history, and application fees must be submitted to transfer an eligible out-of-state license through endorsement in Alaska.

The Real Estate Salesperson Application by Endorsement form should be submitted for this simplified alternative to meeting all of Alaska’s standard licensing requirements.³

How Long Does It Take To Sell a Home in Alaska?

In September 2023, Alaska’s average home market duration was 51 days, slower by 42 days than the yearly average. The city of Palmer saw homes selling quickly at 14 days on average while Fairbanks took on average 82 days.

What Is the Trend for Home Prices in Alaska Over the Past Year?

Leading real estate analysts in Alaska report that Alaska’s median sale price across all home types increased 6.3% year over year to $362,200 as of September 2023; single-family homes saw 5.9% year-on-year appreciation while condo prices saw 9.5% annual increases.

Overall, maintaining your Alaska real estate license in good standing simply involves staying active, keeping up with continuing education, and renewing on time.