(The Center Square) – China and Canada led the ranks of foreign buyers snapping up U.S. homes, according to a new report.
Foreigners bought $56 billion worth of existing U.S. homes from April 2024 through March 2025, according to the National Association of Realtors 2025 International Transactions in U.S. Residential Real Estate report.
That’s a 33.2% increase over the previous year. International buyers bought 78,100 properties, up 44% from the prior year and the first year-over-year increase since 2017. The median purchase price for foreign buyers was $494,400, a record high, according to the report.
“International interest in buying U.S. real estate increased following the global economic recovery from several years of pandemic-related disruptions. However, elevated home prices and interest rates continue to dampen overall potential sales activity and remain well below pre-pandemic levels,” NAR Chief Economist Lawrence Yun said.
Chinese buyers led the pack, accounting for 15% of the total foreign buyers, followed by Canada with 14% and Mexico with 8%. India (6%) and the United Kingdom (4%) rounded out the top five nations.
Most foreign buyers flocked to Florida, which accounted for 21% of all purchases, followed by California at 15%. Texas (10%), New York (7%) and Arizona (5%) rounded out the top five U.S. destinations for international buyers, according to the report.
“Boosted by a significant increase in the state’s housing inventory, Florida remained the top destination for foreign home buyers, extending a streak of at least 15 years,” Yun said.
Most of the buyers lived in the U.S. Foreign buyers who resided in the U.S. as recent immigrants or who were holding visas that allowed them to live in the U.S. bought 43,700 homes (56% of all foreign purchases) with a total dollar volume of $26.9 billion. Foreign buyers who lived abroad purchased 34,400 homes (44% of all foreign purchases) with a total dollar volume of $29.1 billion.
“To some degree, due to stubbornly high mortgage rates, a greater share of international home buyers paid cash – 47% compared to 28% among all buyers – and they were more likely to purchase homes priced in the upper end of the market,” Yun said. “Foreign buyers are drawn to investing in American real estate, in part, by our country’s strong protection of private property rights.”
