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Based on a recent study by the National Association of Realtors (which is a study based on realtor surveys), foreign buyers bought approximately $56 billion worth of residential real estate in the US between April 2024 and March 2025. This represents about 2.5% of all existing-home sales and is the first year-over-year increase since 2017.
56% of these purchases were by people who legally reside in the US but who are not US citizens. And the remaining 44% were by foreign buyers who live abroad.
Here are the top 5 countries of origin:
China: 15%; 11,700; $13.7 billion
Canada: 14%; 10,900; $6.2 billion
Mexico: 8%; 6,200; $4.4 billion
India: 6%; 4,700; $2.2 billion
United Kingdom: 4%; 3,100; $2 billion
And here are the top 5 destinations:
Florida: 21%
California: 15%
Texas: 10%
New York: 7%
Arizona: 5%
What is clear is that foreign demand has fallen dramatically since 2017. This is likely due to stronger capital controls on money leaving China, a stronger US dollar, rising home prices, and other factors. It's worth noting that this data is up until March 2025 — so right before "Liberation Day." It'll be interesting to see the effects of the current geopolitical climate on next year's data.
Also interesting is the fact that if you go back to the 2008 financial crisis, Canadians made up almost a quarter of all foreign buyers. Let's call it 2008 to 2013. This is not surprising. Our economy fared better during the crisis and the Canadian and US dollars were near parity. It was an ideal time for Canadians to buy and, those who did, ultimately benefited from USD appreciation.
Foreigners buying homes tends not to be politically popular, especially when people are concerned about housing affordability. So I can't imagine that too many people are fussed by the fall off in demand since 2017. Still, it's a bellwether for global capital flows, confidence in the US economy, and wealth being created — or not be created — abroad.
Charts from the National Association of Realtors; cover photo by Colin Lloyd on Unsplash
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Brandon Donnelly
Your data-driven approach provides a much-needed clarification in what is often a purely emotional debate. The distinction you draw between the small overall market percentage and the outsized impact on the high-end, all-cash segment is a crucial one. I believe this concentration at the luxury tier can also have a "price anchoring" effect on local markets, even if the total transaction volume is low. It subtly redefines the ceiling for high-end properties, which can have ripple effects.
The foreigners buying homes in the US https://brandondonnelly.com/the-foreigners-buying-homes-in-the-us