The trend of international buyers purchasing homes in Texas shows no signs of slowing down, as revealed in the latest Texas International Homebuyers Report.
Released by Texas REALTORS®, the report shows that the Lone Star State remains the No. 3 hottest U.S. destination for international homebuyers. Texas ranks behind Florida and California for the fourth consecutive year.
From April 2022 to March 2023, 9,900 Texas homes were purchased by buyers from outside the U.S. These homes make up 11.7 percent of the total number of Texas REALTORS® sales transactions.
For comparison, Florida (No. 1) accounted for 23 percent of purchases, with California (No. 2) at 12.2 percent.
“Texas has long been one of the most popular states for international buyers,” said 2023 Chairman of the Texas REALTORS® Marcus Phipps in a release. “Our strong economy, diverse population and high quality of life make the Lone Star State an attractive destination.”
International buyers spent $4.3 billion on these Texas homes during the time period, the report says. Nearly half (49 percent) of buyers avoided the need for a mortgage by paying for their homes in all-cash.
In all, 84,600 international buyers bought property in the U.S. between April 2022 to March 2023, down from 98,600 buyers in last year’s report.
The report further states that the median home price for international buyers is slightly lower than the overall Texas median: $320,800 versus $342,000. However, the average purchase price for international buyers was significantly higher, at $446,100.
In a breakdown of the foreign buyers, over half (51 percent) bought a primary residence in Texas. Mexico made up 41 percent of the top buyers, followed by China (8 percent) and India (7 percent). Nigeria and Venezuela accounted for five percent each within the top foreign buyers.
Source: Dallas CultureMap