Florida remains the No. 1 U.S. state for homebuyers
Florida remains the preferred destination for international buyers looking to purchase a home in the United States.
24% of home purchases by international buyers are in Florida. California is next at 11% followed by Texas (8%), Arizona (7%) and New York (4%).
Florida and Arizona tend to attract buyers from Latin America, Europe, and Canada, as they look for properties in warm climates for vacation or pure investments. They also consider the affordability and diversity of the markets.
California and New York have long enticed buyers who look for properties that have easy international airport access as well as job and educational opportunities.
So far in 2022, the highest dollar volume among international buyers in the U.S. comes from China, followed by Canada, India, Mexico, Brazil, and Colombia.
Home purchases in the U.S. by international buyers slowed significantly during the height of the COVID-19 pandemic when international travel was closed or severely limited. But the international buyer market has returned this year.
According to the National Association of REALTORS®, the sales volume generated by international homebuyers in 2021 hit its lowest level since 2011. International buyer purchases accounted for just 1.6% of existing home sales, down from a peak of 5.2% in 2017. While transactions further decreased in the most recent period, dollar volume of foreign buyer purchases rose 8.5% to $59 billion in the period ending March 2022.