By: d-mars.com
News Provider
A recent report from the Texas branch of the National Association of Realtors has highlighted Texas as a prime location for international investors looking to purchase single-family real estate. The report reveals that between April 2022 and March 2023, international investors contributed over $4.3 billion to the Texas real estate market, equivalent to nearly 10,000 homes.
These figures represent 2.8% of the total number of homes sold in the state during that period and 3.6% of the total dollar volume of residential sales. The report also reveals that the median price paid by investors for homes was $320,800, which is lower than the state’s median price of $342,000.
In other words, while the majority of investors purchased homes priced at or below the state’s median price, there was a subset of investors who bought significantly more expensive homes. As a result, the average purchase price for international investors totaled $446,100, which pushed up the overall dollar volume per purchase.
Interestingly, 49% of these investors chose to make cash purchases, indicating their ability to buy properties without relying on traditional mortgages. Additionally, the report showed that 61% of international buyers were already residing in the U.S. on visas. Marcus Phipps, the 2023 Chairman of the Texas Realtors, commented on the popularity of Texas among international buyers, citing the state’s strong economy, diverse population, and high quality of life as attractive factors.
According to a nationwide report from the National Association of Realtors, Texas ranked third among U.S. states in terms of international homebuying activity, with 11.7% of all international buyers purchasing residential properties in the state. Florida took the lead with 23%, followed by California with 12.2%. When it comes to the countries of origin for foreign homebuyers in Texas, Mexico held the highest share at 41%, while China, India, Nigeria, and Venezuela also demonstrated significant interest in the Texas real estate market, with 8%, 7%, 5%, and 5% respectively.
