Florida remains the preferred destination for international buyers looking to purchase a home in the United States, according to the Coldwell Banker International Buyers Guide.
The guide shows 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 who are looking to purchase properties in warm climates for vacation purposes,” the guide said. “Affordability and diversity of housing in these states are also considerations for many international buyers.
“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. Texas, with its affordable (and plentiful) housing, has historically drawn buyers from Latin America and the Caribbean as well as Asian buyers.”
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,” the Coldwell Banker guide said. “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.”