Freddie Mac Data Highlights Regional Differences in Appraisal Workload

As the housing market continues to normalize following the unprecedented refinance boom of 2020 and 2021, a newly updated Freddie Mac analysis provides an interesting look at how appraisal activity is distributed across the country and what it may say about changing market dynamics.

The centerpiece of the report is a state-by-state heat map showing the average number of GSE appraisals completed per active appraiser credential during the first five months of 2026. Rather than measuring the number of appraisers in each state, the map illustrates average appraisal workload, revealing considerable variation from one market to another.

States including Nevada, Utah, Texas, Florida, California, New York, and New Jersey recorded the highest average number of GSE appraisals per appraiser, while states such as Vermont, North Dakota, Montana, Alaska, and Hawaii were among the lowest. These differences closely align with broader mortgage lending patterns observed over the past several years.

The relationship becomes even more apparent when viewed alongside national mortgage application and origination trends. As higher interest rates dramatically reduced refinance activity beginning in 2022, purchase lending became the primary driver of appraisal demand. Markets that continued to experience stronger home sales, population growth, and residential construction generally generated more appraisal assignments, while slower housing markets experienced lighter workloads.

The report's historical volume chart reinforces this shift. Appraisal volume reached historic highs during the refinance wave but declined substantially as that market subsided. At the same time, the number of active appraiser licenses changed much more gradually, suggesting that appraisal activity has increasingly become concentrated in markets where purchase lending remains strongest rather than being evenly distributed across the country.

For the appraisal profession, the data underscore the importance of looking beyond national averages. Local housing conditions, demographic trends, and mortgage market activity all influence appraisal workloads, meaning that market conditions can differ significantly from one state, or even one metropolitan area, to another.

As policymakers and industry stakeholders continue discussions about appraisal modernization and workforce development, analyses like this highlight the value of understanding where appraisal demand is occurring and how it changes over time. Rather than drawing broad national conclusions, the data encourage a more market-specific view of appraisal capacity and reinforce that appraisal activity remains closely tied to the health and composition of local mortgage markets.