The number of foreigners moving to the U.S. in search of homes declined over the past year.
The total dollar amount that foreign buyers spent on existing U.S. homes between April 2023 and March 2024 fell 21.2% to $42 billion in transactions, according to the National Association of Realtors’ latest annual report on international transactions in the U.S. residential real estate market.
The number of existing homes foreign buyers purchased during that period plunged by 36% to 54,300, the lowest level since the NAR began estimating foreign buyer purchases in 2009.
In a summary of the findings, NAR chief economist Lawrence Yun says:
“The strong U.S. dollar makes international travel cheaper for Americans but makes U.S. homes much more expensive for foreigners. Therefore, it’s not surprising to see a pullback in U.S. home sales from foreign buyers.”
Still, there are many states that remain especially attractive to foreign homebuyers. Following are the top states for home purchases by people from other countries from April 2023 to March 2024.
Florida
Share of total foreign-homebuyer purchases made in this state: 20%
People from all over the world have been moving to Florida for many decades, so it’s no surprise that foreigners continue to flock to the state.
Florida was the No. 1 destination for homebuyers from Canada, Colombia and India.
Texas
Share of total foreign-homebuyer purchases made in this state: 13%
Texas has long been a popular choice for those moving to America from Mexico, and the Lone Star State also continues to attract folks from around the rest of the world.
California
Share of total foreign-homebuyer purchases made in this state: 11%
Although California has seen population growth stall in recent years, it remains a hit with those from abroad. That’s especially true of people in China.
Arizona
Share of total foreign-homebuyer purchases made in this state: 5%
Arizona is another place that attracts folks from around the world who are looking for warm weather and new opportunities. The majority of foreign buyers — 60% — were from Canada.
Georgia (four-way tie)
Share of total foreign-homebuyer purchases made in this state: 4%
Georgia is rising in the eyes of foreign buyers, with sales going to folks from:
- Latin America and the Caribbean: 31%
- Asia and Oceania: 28%
- Africa: 21%
- Europe: 21%
New Jersey (four-way tie)
Share of total foreign-homebuyer purchases made in this state: 4%
If New York seems like too big of a bite, next-door New Jersey can offer an easier-to-digest location for those moving to the northeastern U.S. New Jersey is the third most popular place for buyers from India, behind Florida and Texas and tied with Massachusetts.
New York (four-way tie)
Share of total foreign-homebuyer purchases made in this state: 4%
No place in the U.S. can match New York City’s reputation for attracting immigrants. Generations of “huddled masses” from around the world have come to the Big Apple. New York state is the third most popular destination for Chinese buyers, after California and Florida.
North Carolina (four-way tie)
Share of total foreign-homebuyer purchases made in this state: 4%
North Carolina has it all — mountains, coastline and a couple of major Southern cities. Immigrants from around the world appear to have noticed. The state is popular with buyers from Canada, Mexico, India and Colombia.
Illinois
Share of total foreign-homebuyer purchases made in this state: 3%
Illinois is home to one of the greatest cities in the U.S. and the world — Chicago. That city’s reputation probably woos folks from across the pond. Illinois is the third most popular landing spot for Mexican buyers, after Texas and California.
Michigan
Share of total foreign-homebuyer purchases made in this state: 2%
Michigan’s cold winters aren’t scaring away buyers from Colombia. The Wolverine State is the fifth most popular location in the U.S. for buyers from the South American nation.
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