Texas real estate agents report shows decline in international real estate purchases in Texas

The total number of transactions and dollar volume decreased while the average price increased

AUSTIN, Texas, 15 August 2024 /PRNewswire/ — The number of residential properties sold in Texas to foreign buyers has declined by about 30%, according to a report by Texas Realtors. About 6,900 buyers from other countries purchased Texas Residential properties from April 2023 To March 2024a decrease from 9,900 transactions in the same period last year.

Although the median sales price for all houses in Texas, $337,500was slightly lower during this period than in the previous year, the median price of houses purchased by international buyers rose from 320,000 US dollars To 374,200 USDEven with a higher average purchase price, the total sales volume of 3.5 billion US dollars was below from 4.3 billion US dollars.

International transactions accounted for a smaller percentage of all sales
The international home market in the United States declined during the reporting period, and Texas was no exception. About 2.1% of existing home sales in Texas went to foreign buyers, compared to 2.8% in the previous year. These sales accounted for 3.2% of the total sales volume, a decrease of 3.6%.

29% of home sales were paid for in cash for buyers who are recent immigrants or do not have permanent visas. 66% of home sales were for foreign buyers who live abroad for most of the year.

Mexico remains the most important country of origin for foreign buyers
About 37% of international buyers of Texas Houses came from Mexicofollowed by India (9%), China (6%), Canada (4%) and Great Britain (3%).

Florida The states led the way in international activity: 20% of residential real estate purchases in the United States were made by foreign buyers. Texas Residential property sales were 13%, while California had 11%.

“Whether a person comes from another country, another part of the United States, or within Texasour state has a lot to offer, from thriving cities to charming small towns to beaches, forests and wide open spaces,” said Jeff ConnChairman of Texas Realtors. “Whatever a home buyer's goals are, a Texas real estate agent can provide the professional expertise and advice to achieve them.”

About the Report on international residential real estate transactions in Texas
This study was conducted by the National Association of REALTORS® for Texas REALTORS®. Information on international residential real estate transactions by Texas REALTORS® members covers the period April 2023 through March 2024. The period is referred to in the report as “2024,” while the previous survey period is referred to as “2023.” Because 4,391 members participated in the survey and 460 respondents reported working with an international client, the margin of error at the 95 percent confidence level is +/-1.5 percent.

About Texas REALTORS®
With more than 150,000 members, Texas REALTORS® is a professional membership organization covering all aspects of the real estate industry in Texas. We are the attorneys for REALTORS® and private property rights in Texas. Visit texasrealestate.com to learn more.

About the National Association of REALTORS®
The National Association of REALTORS® (NAR) is America's largest professional association, representing more than 1.5 million members working in all areas 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 adheres to its strict Code of Ethics.

CONTACT: David Gibbs,

SOURCE: Texas Realtors