![51 Statistics on Foreign Investment in the US Real Estate [2024]](https://homeabroadinc.com/wp-content/uploads/2022/06/Foreign-Home-Buyers-US-Real-Estate-1-500x343.png)
It is no secret that the United States has long been a desirable destination for foreign home buyers. After all, it offers a stable political environment, world-class infrastructure, and access to some of the best educational institutions in the world.
Not surprisingly, then, international transactions in U.S. residential real estate have been on the rise in recent years.
The following report looks at international transactions in U.S. residential real estate in 2024. It includes highlights, as well as statistics on foreign buyers, properties purchased, the amount of money spent, location uses, etc.
Let’s dive in.
Table of Contents
Highlights: Foreign Investment US Real Estate Statistics 2024
- From April 2023 to March 2024, foreign buyers bought 54,300 properties worth $42 billion in the United States.
- As global economies recover and a stronger dollar makes U.S. purchases more expensive, the number of existing homes bought by foreign buyers decreased to 54,300 from April 2023 to March 2024, the lowest level since NAR began estimating foreign buyer purchases in 2009.
- Immigrants who have been in the country for less than a year and those who are on visas that allow them to reside in the United States bought $22.6 billion worth of existing residential properties.
- Foreign investors who lived outside the country bought $19.4 billion worth of existing houses.
- 57% of foreign buyers who reside in the United States are recent immigrants (less than two years at the time of the transaction) or non-immigrant visa holders.
- The number of international purchasers who made purchases in the United States hit 2% of $2.1 trillion in existing-home sales.
- Due to the areas and sort of properties sought by foreign purchasers, the median existing-home sales price among international buyers was $475,000, compared to $392,600 for all US existing homes sold.
- Chinese buyers had the highest median purchase price, at $697,900, and more than a third – 25% percent – bought a property in California.
- In many American metros, house values are relatively low when compared to the global cities’ center areas. Even in a more expensive US city like San Francisco, per square meter of residential real estate costs $7,520 as opposed to $10,806 in London (UK), $18,845 in Hong Kong (China), $12,504 in Toronto(Canada), etc.
Where are International US Property Buyers From?
11. From April 2023 to March 2024, the most number of foreign purchasers for U.S. residential real estate came from Canada, China, Mexico, India, and Colombia (49% of $42 billion worth of foreign buyer purchases).
12. Canada and China led U.S. residential sales dollar volume at $5.9 billion (13% of foreign buyers) and $7.5 billion (11% of foreign buyers), respectively. Mexico ($2.8 billion, 11% of foreign buyers), India ($4.1 billion, 10% of foreign buyers), and Colombia ($0.7 billion, 4% of foreign buyers) completed the top five on this metric.
13. Canada emerged as the most popular country of origin for foreign purchasers from April 2023 to March 2024, accounting for 13% of foreign buyer purchases.
14. China followed in second place, with an 11% share of all foreign buyers. Mexico ranked third, also with an 11% market share, while India came in fourth at 10%, and Colombia rounded out the top five with 4%.
15. By region of origin, Asian buyers represented the largest group of foreign buyers, accounting for 36% of purchases. Latin American buyers followed as the second largest group, with a 29% share.
16. European buyers made up 17% of foreign buyers, while Canadian buyers alone accounted for 13%.
17. Chinese buyers purchased $7.5 billion of existing homes, making them the largest foreign buyer in terms of the dollar volume of homes purchased.
18. The dollar value of all existing-house sales in the United States to Canadian foreign buyers reached $5.9 billion.
19. Indian buyers purchased $4.1 billion worth of US real estate.
20. Mexican buyers purchased $2.8 billion worth of US real estate.
21. Foreign buyers from Colombia bought $0.7 billion worth of US real estate.
Foreign Real Estate Buyers Financing Statistics [2024]
22. The percentage of foreign buyer purchases that were all-cash sales was 50%.
23. More than two-thirds of Canadian (69%) buyers made an all-cash purchases.
24. Chinese buyers had the highest share of all-cash purchases at 68%, followed by Mexican buyers at 44% and Colombian buyers at 42%.
25. In contrast, Asian Indian buyers had the lowest share of cash purchases at 27%, as the majority (89%) reside in the U.S. and have access to mortgage financing.
Why are Foreigners Buying Property in the USA?
26. In 2024, 45% of foreign buyers purchased properties for use as vacation homes, rental properties, or both.
27. 68% of foreign buyers living abroad purchased properties for vacation or rental, compared to 27% of buyers residing in the U.S.
28. The average annual gross rental yield is 8%.
29. 49% of Canadian buyers purchased a home for vacation use.
30. 66% of Asian Indian buyers purchased a home for primary residence use.
31. 68% of Colombian buyers purchased a home for residential rental use.
32. 5% of Mexican buyers, 3% of Chinese buyers, and 3% of Colombian buyers purchased a home for student use.
Where are Foreigners Buying Homes in the USA? [2024 Data]
33. Florida remained the top destination for foreign buyers, with 20% of all foreign buyers purchasing in the state.
34. Florida’s main buyers were from Latin America (35%) and Canada (27%). It was the top state destination among Canadian, Indian, and Colombian buyers.
35. Texas became the second-most popular destination for foreign buyers, with a 13% share.
36. 49% of Texas buyers came from Latin America/Caribbean, and 31% from Asia/Oceania. Texas was the top destination among Mexican buyers and the second top destination among Indian buyers.
37. California ranked third with an 11% share of foreign buyers. The majority—55%—of California’s foreign buyers came from Asia/Oceania, followed by Latin America (20%).
38. California was the top destination among Chinese buyers and the second-top destination among Mexican buyers.
39. Arizona was the fourth-most popular destination, with 5% of all foreign buyers, slightly higher than in the prior period. The majority of Arizona’s foreign buyers—60%—were Canadians.
40. Georgia rose in the ranks to become the fifth-most popular destination, attracting 4% of all foreign buyers. Georgia’s foreign buyers were relatively evenly spread between Latin America/Caribbean (31%), Asia/Oceania (28%), Africa (21%), and Europe (21%).
41. Other major destinations included New Jersey, New York, North Carolina, Illinois, and Michigan.
Type of Residential Property Purchased By International Buyers Statistics [2024]
41. Most foreign buyers (65%) purchased detached single-family homes, with 57% of buyers living abroad and 72% of buyers residing in the U.S. opting for them.
42. In the U.S. overall, 90% of all existing-home buyers bought single-family homes.
43. Foreign buyers living abroad were more likely to purchase condominiums, with 23% choosing condos, compared to just 10% of buyers living in the U.S.
44. Colombian buyers were the most likely to buy a condo, typically using the property as a rental.
45. Mexican buyers were more likely to purchase residential land.
Types of Areas Where Foreigners Buy Property Statistics [2024]
45. Foreign buyers most often purchase property in suburban areas, accounting for 45% of foreign buyer purchases.
46. More than three-fourths of Asian Indian buyers purchased property in a suburban area, which aligns with the fact that 66% of these buyers bought a property as a primary residence.
47. Canadian buyers were the most likely to purchase property in a resort area, with nearly half buying a vacation home.
Most Expensive Property Purchased by Foreign Buyers in the USA [2024]
48. Chinese buyers continue to have the highest average purchase price at $1.3 million, often purchasing in expensive states: 25% of Chinese buyers bought property in California, and 10% in New York.
49. Canadian buyers had the second-highest average purchase price at $834,000, primarily purchasing in resort areas, which typically have higher price tags.
50. Chinese buyers also had the highest median purchase price at $697,900, followed closely by Indian buyers at $625,000, a significant increase from the prior period.
51. Indian buyers were more likely to purchase in hot markets like Florida or Texas.
Conclusion:
As the demand for housing continues to increase in the United States, foreign investors are playing an increasingly important role in the U.S. residential real estate market. As the USA holds many reasons to invest in the property, the international foreign real estate buyers are going to continue increasing.
The easy buying process and mortgage approval also contribute to the increasing foreign buyer purchases.
If you are also interested in buying a home in the USA as a foreigner, here is a guide for you: How can foreigners buy property in the USA – A Complete Guide
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