From April 2024 through March 2025, international buyers purchased 78,100 U.S. homes, a 44% increase from the prior year, and spent a total of $56 billion. This activity marked the first year-over-year increase in foreign buyer activity since 2017, signaling renewed interest from the global market. At the same time, the $56 billion volume remained well below the 2017 peak of over $150 billion, highlighting ongoing constraints like high mortgage rates and elevated home prices.
A Closer Look at the Numbers
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78,100 U.S. homes were bought by foreign buyers, making up about 1.9% of the roughly 4.04 million total existing home sales in the period.
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The $56 billion in transaction volume represents 2.5% of the approximately $2.2 trillion overall home sales dollar value.
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The median purchase price paid by international buyers reached $494,400, compared to $408,500 for domestic buyers.
Nearly half, 47%, of these international transactions were paid in cash, compared to 28% of all purchases. Foreign buyers were more likely to acquire homes for vacation or rental use (47% opted for this) compared to just 16% among all buyers.
Which Countries Are Buying?
Foreign buyers hailed from a wide range of countries, with the top five most active being:
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China (15% of buyers) – spent approximately $13.7 billion, often purchasing luxury properties at an average price of about $1.2 million per home
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Canada (14%) – spent around $6.2 billion, frequently in vacation or second-home markets
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Mexico (8%) – contributed about $4.4 billion
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India (6%) – responsible for roughly $2.2 billion in purchases
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United Kingdom (4%) – spent about $2 billion
Other notable source countries included Brazil, Nigeria, Colombia, the United Arab Emirates, and Israel.
Where Are They Buying?
Top U.S. destinations for foreign buyers:
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Florida (21%) – the most popular state, with strong demand from Canadian buyers and others seeking vacation or retirement homes
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California (15%) – especially popular with Chinese buyers, seeking urban and luxury properties
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Texas (10%)
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New York (7%)
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Arizona (5%)
Florida alone has remained the top state for international purchases for at least 15 years due to its attractive climate, lifestyle, and vacation-home infrastructure.
Trends in Property Type and Use
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77% of foreign-purchased homes were detached single-family homes or townhouses (versus 90% of all existing home purchases).
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Foreign buyers tend to buy single-family properties more often than condos, often preferring larger properties in resort or suburban areas.
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They are also more likely to use those homes for rentals or vacation purposes, while a smaller share resides in them as primary homes.
Suburban markets such as those in Florida and Texas remained popular, especially among Canadians and migrants looking for either seasonal or primary residences.
What’s Driving the Surge?
Currency Advantages
A weakening U.S. dollar in 2025 has effectively given foreign buyers a 5–10% discount when paying in foreign currencies, especially benefiting Russians, Europeans, and East Asian buyers. This has helped cushion the impact of high mortgage rates for U.S. buyers.
Post-Pandemic Economic Recovery
Global capital is returning to U.S. housing markets after pandemic-related disruptions. As worldwide economies recover, confidence in buying American real estate has rebounded.
U.S. Market Perception
Strong U.S. legal protections for private property, the perceived safety and stability of U.S. assets, and diversified regional markets continue to attract international investors, even if volumes are below 2017 levels.
Economic and Market Implications
For Sellers
International buyers often pay above market rates and use cash, which can accelerate deals and help maintain high selling prices in coastal and luxury areas.
For Buyers
The high entry points can make affordability more difficult for domestic first-time buyers or lower-income families, especially in sought-after markets like California and Florida.
For Rental Markets
Rising foreign-owned investment properties can lead to tighter rental supply and increased rent costs, especially where a high percentage of purchased homes are held as rentals or vacation homes.
Mixed Effects on Local Economies
Studies show foreign investment can boost local jobs in sectors like construction, property management, and services. Yet it can also drive displacement if lower-income residents are priced out.
Key Challenges and Considerations
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Despite the rebound, foreign home purchases remain far below their peak, reflecting constraints like tighter capital controls abroad and fluctuating exchange rates.
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Some luxury markets, especially in Southern California, face criticism for bought-and-held or vacant homes owned by foreign investors, raising concerns around underutilized housing stock.
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Political tensions, tariffs, and changing immigration policies may shift the composition of foreign buyers in the coming years.
What to Watch Next
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Geopolitical shifts and currency trends – further currency weakening or political developments could sway interest from major buyer nations.
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U.S. economic policy changes – tighter restrictions on foreign property ownership or new taxation rules could influence future trends.
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Housing trends among affluent immigrants and visa holders – over half of buyers lived in the U.S. as visa holders or recent immigrants, meaning demographic data may shift quickly.
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Home type and location demand – ongoing urban vacancies and shifting remote work patterns may alter where and what types of homes international buyers favor.
Final Thoughts
International homebuyers invested $56 billion in U.S. homes between April 2024 and March 2025, reflecting renewed global confidence and attractiveness of U.S. real estate. While that amount is well below the 2017 high, it marks an important rebound.
This trend matters for multiple reasons: it introduces demand to luxury hotspots, influences home pricing dynamics, and highlights global capital flows back into the U.S. However, the impact is nuanced, with both positives in investment and economic stimulus, and challenges around affordability and housing equity.
Whether you’re a buyer, seller, investor, or policymaker, understanding these international dynamics is crucial to navigating today’s complex U.S. housing market.
