In the report for 2024, the NAR shows some key trends and data on international transactions in U.S. residential real estate that include April 2023 through March 2024. During this period, foreign buyers bought homes in the United States, amounting to 54,300, which is only 1.3% of total home sales made during this time and an estimated value of about $42 billion. The top five countries from where they come are Canada, China, Mexico, India, and Colombia, whilst Florida, Texas, and California were their main destinations. The median purchase price among foreign nationals was $475,000, higher than the median of $392,600 (U.S.).
Some highlights from the report are:
- Cash Purchases: Half of all non-resident foreigners paid for houses in cash.
- Intended Use: Forty-five percent purchased properties for vacation or rental purposes or both.
- Property Types: Sixty-five percent acquired single-family detached houses.
- Geographical Preferences: Forty-five percent invested in suburban areas, while twenty-seven percent selected urban locations
- The report shows that foreign buyers purchased 54,300 homes from April 2023 to March 2024, the lowest level since 2009 and a 36% decline from the previous period.
Challenges: Common problems were high property costs and difficulty accessing credit.
Since 2009, the NAR has conducted annual surveys to collect information regarding such transactions, focusing on buyer demographics, preferences, and challenges. The term “international client” includes resident foreigners and recent immigrants or non-immigrant visa holders living in America due to work opportunities, education, or otherwise. See the full report ⇒ 2024 International Transactions in U.S. Residential Real Estate
