Total transactions and dollar volume dropped, while median price increased
AUSTIN, Texas, Aug. 15, 2024 /PRNewswire-HISPANIC PR WIRE/ — The number of residential properties sold in Texas to foreign buyers has declined about 30%, according to a report released by Texas Realtors. Approximately 6,900 buyers from other countries purchased Texas residential properties from April 2023 to March 2024, down from 9,900 transactions in the same period the previous year.
Though the median sales price for all homes in Texas, $337,500, was slightly lower during this period than the previous year, the median price of homes purchased by international buyers increased from $320,000 to $374,200. Even with a higher median purchase price, the total sales volume of $3.5 billion was down from $4.3 billion.
International transactions made up a smaller percentage of all sales
The international market for homes across the U.S. was down during this reporting period, and Texas was no exception. About 2.1% of the sales of existing homes in Texas went to foreign buyers vs. 2.8% the previous year. Those sales represented 3.2% of the total dollar volume of sales, a decline from 3.6%.
All-cash deals made up 29% of home sales for buyers who are recent immigrants or who hold non-permanent visas and 66% for foreign buyers who live abroad most of the year.
Mexico continued as the top country of origin for foreign buyers
About 37% of international buyers of Texas houses came from Mexico, followed by India (9%), China (6%), Canada (4%), and the U.K. (3%).
Florida led all states in international activity, with 20% of U.S. residential purchases by international buyers. Texas residential sales accounted for 13%, while California had 11%.
“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,” said Jef Conn, chairman of Texas Realtors. “Whatever a homebuyer’s goals, a Texas Realtor can provide the professional expertise and guidance to help achieve them.”
About the Texas International Residential Transactions Report
This study was conducted by the National Association of REALTORS® for Texas REALTORS®. Information about international residential real estate transactions of Texas REALTORS® members pertain to the period April 2023–March 2024. The period is referenced in the report as “2024,” while the prior survey period is referred to as “2023”. With 4,391 members responding to the survey and 460 respondents who reported working with an international client, the margin of error at a 95 percent level of confidence is +/-1.5 percent.
About Texas REALTORS®
With more than 150,000 members, Texas REALTORS® is a professional membership organization that represents all aspects of real estate in Texas. We are the advocates for REALTORS® and private property rights in Texas. Visit texasrealestate.com to learn more.
About National Association of REALTORS®
The National Association of REALTORS® (NAR) is America’s largest trade association, representing more than 1.5 million members involved in all aspects of the real estate industry. The term REALTOR® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTORS® and subscribes to its strict Code of Ethics.
CONTACT: David Gibbs, [email protected]
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SOURCE Texas Realtors
