The Texas real estate market saw a significant decrease in international buyers during the period from April 2023 to March 2024, according to a report released by Texas Realtors. The number of residential properties sold to foreign buyers fell by approximately 30%, with only 6,900 transactions recorded compared to 9,900 in the previous year. This decline was mirrored in the overall international market for homes across the United States.
While the total dollar volume of sales from international buyers decreased from $4.3 billion to $3.5 billion, the median price of homes purchased by them rose from $320,000 to $374,200. This suggests that international buyers, despite fewer in number, are opting for more expensive properties in Texas.
Despite the downturn, Mexico continued to be the top country of origin for international buyers, accounting for roughly 37% of all transactions. Other prominent origins included India (9%), China (6%), Canada (4%), and the United Kingdom (3%).
Texas ranked second in international homebuying activity, behind Florida which accounted for 20% of all U.S. residential purchases by international buyers. Texas captured 13% of the market, followed by California at 11%.
Jef Conn, chairman of Texas Realtors, emphasized the diverse appeal of the state, stating, “Whether a person is from another country, some other part of the U.S., or is moving within Texas, our state has a lot to offer, from thriving large cities to charming small towns to beaches, forests, and wide-open spaces. Whatever a homebuyer’s goals, a Texas Realtor can provide the professional expertise and guidance to help achieve them.”
The report, conducted by the National Association of REALTORS® for Texas REALTORS®, analyzed data from April 2023 to March 2024, encompassing responses from 4,391 members. The margin of error at a 95% confidence level is +/-1.5%.
