NAR’s 2024 International Transactions in U.S. Residential Real Estate report surveyed members on their transactions with international clients who purchased and sold U.S. residential property from April 2023 through March 2024. Foreign buyers who resided in the U.S. as recent immigrants or were holding visas that allowed them to live in the U.S. purchased $22.6 billion worth of U.S. existing homes, a 3.4% decline from the previous year and representing 54% of the dollar volume of purchases. Foreign buyers who lived abroad purchased $19.4 billion worth of existing homes, down 35% from the 12 months prior and accounting for 46% of the dollar volume. International buyers accounted for 2% of the $2.1 trillion in total U.S. existing-home sales during that period. Overall, U.S. existing-home sales totaled 4.09 million in 2023, down 18.7% from 2022 and the lowest level since 1995.
The average ($780,300) and median ($475,000) purchase prices for foreign buyers were the highest ever recorded by NAR.
Canada, China, Mexico and India were the top countries of origin in terms of the number of U.S. existing homes purchased. The top U.S. destinations for foreign buyers were Florida (20%), Texas (13%), California (11%), Arizona (5%), Georgia, New Jersey, New York and North Carolina (4% each).
“The strong U.S. dollar makes international travel cheaper for Americans, but makes U.S. homes much more expensive for foreigners,” said NAR Chief Economist Lawrence Yun. “Therefore, it’s not surprising to see a pullback in U.S. home sales from foreign buyers.
“Historically low housing inventory and escalating prices remain significant factors in constraining home sales for American and international buyers alike,” Yun added.
The price increase for foreign buyers reflected the overall price increase for all U.S. existing homes, which climbed to $392,600. At $1.3 million, Chinese buyers had the highest average purchase price, with 25% purchasing property in California. In total, 18% of international buyers purchased properties worth more than $1 million from April 2023 to March 2024.
All-cash sales accounted for half of international buyer transactions compared to 28% of all existing homebuyers. Non-resident foreign buyers (68%) were more likely to make an all-cash purchase than resident foreign buyers (36%). More than two-thirds of Canadian (69%) and Chinese (68%) buyers made all-cash purchases, the highest shares among the top foreign buyer nations.
NAR and the REALTOR® brand have developed a network of more than 8,000 international REALTOR® members outside the United States and expanded their global footprint to more than 100 real estate organizations across 78 countries. This expansive network provides growth opportunities by ensuring ethical and accessible markets, allowing NAR members to connect directly with like-minded real estate professionals and international investors worldwide.
For more information, visit https://www.nar.realtor/.
