Texas Ranks as the 3rd Most Attractive State for International Homebuyers
The continuous growth in international homebuyers investing in real estate in Texas is evident in the recently published Texas International Homebuyers Report.
According to the report published by Texas Realtors on September 6, the Lone Star State remains the third most popular destination for international homebuyers in the United States. Texas has consistently ranked behind Florida and California for the past four years.
Between April 2022 and March 2023, a total of 9,900 homes in Texas were purchased by buyers from outside the U.S., accounting for 11.7 percent of all Texas Realtors sales transactions.
To provide a comparison, Florida accounted for 23 percent of purchases (ranking first), followed by California at 12.2 percent (ranking second).
“The popularity of Texas among international buyers has been long-standing,” stated Marcus Phipps, the 2023 Chairman of the Texas Realtors, in a press release. “The state’s strong economy, diverse population, and high quality of life make it an attractive destination.”
During the specified time period, international buyers spent $4.3 billion on Texas homes, with almost half of the buyers (49 percent) making all-cash transactions, thus avoiding the need for a mortgage.
In total, the report indicates that 84,600 international buyers acquired properties across the United States between April 2022 and March 2023, a decrease from 98,600 buyers in the previous year’s report.
As per the report, the median home price for international buyers in Texas is slightly lower than the overall median price, with $320,800 compared to $342,000. However, the average purchase price for international buyers is significantly higher at $446,100.
A breakdown of the foreign buyers reveals that more than half (51 percent) purchased a primary residence in Texas. Among the top buyers, Mexico accounted for 41 percent, followed by China (8 percent) and India (7 percent). Nigeria and Venezuela each represented five percent of the top foreign buyers.
