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New Report for Most Popular States for Foreign Homebuyers
Mike Colagrossi
Foreign buyers have scaled back their purchases of U.S. homes over the past year, yet the amount they are willing to pay has reached an all-time high.
- $42 billion spent by foreign buyers on U.S. residential properties (April 2023 – March 2024)
- 21.2% decrease in purchases from the previous year.
- Approximately 54,300 existing homes bought by international buyers.
- Lowest 12-month total of homes sold to foreign buyers since tracking began in 2009.
Housing: The National Association of Realtors (NAR) report defines international or foreign homebuyers as non-U.S. citizens with permanent residences outside the U.S. or non-citizens who are recent immigrants or non-immigrant visa holders residing in the U.S. for over six months.
Top Destinations for Foreign Buyers
- Florida: 20% of all international home purchases; popular for vacation homes, investment properties, and luxury real estate. Main buyers: Latin America (35%) and Canada (27%).
- Texas: 13% share; valued for affordability and strong job market. Main buyers: Mexico (49%) and India.
- California: 11% share; favored by Asian buyers, particularly from China. Attractions: universities, temperate climate, direct international flights.
- Arizona: 5% share; predominantly Canadian buyers.
- Georgia: 4% share; diverse buyers from Latin America, Asia, Africa, and Europe.
“Homes are priced at points higher than [international buyers] are willing to pay, especially since for a lot of them, it’s not their primary residence,” Matt Christopherson, the NAR’s director of business and consumer research, told The Cincinnati Business Courier.”They’re also not finding homes available even if they’re able and willing to pay.”
An increased investment and shift into electric scooters and bikes comes with its own set of challenges. For a lot of rideshare companies, recharging batteries is a big expense. Dockless vehicles need to be picked up and charged, while many docking stations can’t charge resting bikes.
Despite these challenges, the U.S. real estate market continues to attract international buyers due to its stability and potential for long-term gains. Shelly Cofini, chief strategy officer of Redy, a platform connecting buyers to realtors, told Fortune: “The U.S. real estate market has long been a beacon for international investors.”