The real estate market in the United States can be a great way for a foreign investor to get into the country and cash in. There are many people taking advantage of this opportunity.
The National Association of Realtors created the 2022 Profile of International Transaction in U.S. Residential Real Estate to show the foreign influence in the market. The results give some insight into where these investors come from and how much they are buying.
Before looking at some of the results, it is important to know this survey covered April 2021 to March 2022. Knowing the time gives some perspective because it allows you to look at what was happening in the market at that time. Generally, it was a seller’s market with house prices skyrocketing. The survey also included non-residents and residents who were making purchases.
The survey revealed that foreign buyers, whether living in the US or not, made up over half of the buyers in the market at this time. They represented 57%. They also bought 98,600 existing homes, which made up about 1.6% of the 6.06 million properties available. Despite the large buying group, they only made up 2.6% of the $2.3 trillion of sales for existing homes, which equated to $59 billion.
Most of the foreign buyers came from Canada at 11%, but Mexico was at 8%, and China made up 6%. India was at 5%, and both Brazil and Colombia represented 3% each.
Foreign buyers are common within the U.S. market, so if you are looking to buy and live in another country, do not allow your citizenship to dissuade you. You, too, can buy a part of the US real estate market.