According to the US National Association of Realtors (NAR), the Chinese have been the leading foreign buyers of US residential property for the 11th consecutive year.
According to the US National Association of Realtors (NAR), the Chinese have remained the top foreign buyers of US residential property for the 11th consecutive year.
Over the 12 months ending in March 2024, Chinese buyers spent $7.5 billion on US homes, down from $13 billion the previous year, representing a drop of more than 40%. This decline is attributed to a strong dollar and rising property prices.
The NAR, which has tracked this data since 2009 and has 1.5 million members, includes buyers from mainland China, Hong Kong, and Taiwan as Chinese.
The top destinations for international buyers are Florida, Texas, California, Arizona, and Georgia, which together account for 53% of foreign home purchases. The largest foreign buyer groups are from Canada (13%), China (11%), Mexico (11%), India (10%), and Colombia (4%).
Canadians purchased the most residential units, acquiring 7,100 homes, while Chinese buyers acquired 6,000 homes—a 45% decrease from the previous year.
Despite buying fewer units, Chinese buyers had the highest average purchase price among international buyers at $1.26 million and the highest median price at $697,900. This preference for expensive markets like California and New York, which accounted for 25% and 10% of their purchases, respectively, drove the higher prices.
Overall, international buyers accounted for 2% of the $2.1 trillion US residential market, purchasing $42 billion worth of existing homes, which was a 21% decrease from the previous year.
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