Douglas Elliman Real Estate, a long-time real estate heavyweight, has jumped back into the US’s five largest brokerages by full-year 2022 sales volume, according to the T3 Top 5, a ranking of the nation’s largest real estate companies released by T3 Sixty in March.
The New York City-based brokerage ranked No. 3 in 2018 when T3 Sixty debuted its Mega 1000 report, which ranks the nation’s 1,000 largest brokerages by annual sales volume. In the intervening years, the meteoric rise of Compass and eXp Realty had supplanted, but this year with $42.8 billion in 2022 sales it jumped back into the top five by sales volume.
Douglas Elliman, which spun off as a standalone public company on the New York Stock Exchange under the ticker “DOUG” in December 2021, achieved this by leaning into its luxury real estate focus. Among the U.S.’s five largest brokerages, it has by far the highest average sales price of transactions done in 2022, of $1.6 million, outpacing No. 2 Compass by approximately a third.
The company, which has approximately 6,900 agents in 120 offices across New York, Connecticut, New Jersey, Florida, California, Colorado, Massachusetts, Virginia, Maryland, and Washington, D.C., and Nevada, has leaned into its luxury focus as it has slowly expanded from its Manhattan base into other parts of the country.
To provide more context into the brokerage’s recent growth and sustained leadership in the luxury end of real estate, T3 Sixty interviewed Scott Durkin, who succeeded long-time Douglas Elliman CEO Dottie Herman as chief in mid-2021, and has guided the brokerage in its new era as a standalone public firm. See the video interview below.