Foreign homebuying activity is dropping in the U.S., even as overall housing demand soars. Foreign investment in American homes has plunged 27% to $54.4 billion—which marks the lowest level in a decade, according to the National Association of REALTORS®’ 2021 Profile of International Transactions in U.S. Residential Real Estate.
Overall, international buyers made up 2.8% of the $5.8 trillion in existing-home sales from April 2020 through March 2021.
The top five countries of origin for U.S. residential sales were:
China ($4.5 billion)
Canada ($4.2 billion)
India ($3.1 billion)
Mexico ($2.9 billion)
United Kingdom ($2.7 billion)
Top Destinations for Foreign Investors
New Jersey (4%)
New York (4%)
Some additional highlights from NAR’s report:
- The median existing-home sales price among international buyers is $351,800, 15% more than the $305,500 median price for all existing homes sold in the U.S.
- All-cash sales comprise 39% of international buyer transactions.
- 43% of foreign buyers purchased a primary residence in the U.S.
You can view the full report here.