Foreign buyers are returning to the U.S. residential real estate market, but international demand remains far below the peak years.
NAR reported that foreign buyers purchased $56 billion worth of U.S. existing homes from April 2024 through March 2025, up 33.2% from $42 billion in the prior period. International buyers purchased 78,100 existing homes, up 44% from 54,300.
That rebound matters for agents, brokers, luxury sellers, developers and investors. But it also needs context: NAR’s report says the 78,100 foreign-buyer purchases were still the second-lowest level since NAR began estimating foreign buyer purchases in 2009.
Key takeaways
- Foreign buyers purchased $56 billion of U.S. existing homes from April 2024 to March 2025.
- That was up 33.2% from the prior 12-month period.
- Foreign buyers purchased 78,100 existing homes, up 44%.
- Foreign buyers represented 1.9% of existing-home sales and 2.5% of dollar volume.
- 47% of foreign buyers made all-cash purchases.
- China, Canada, Mexico, India and the United Kingdom were the top five countries of origin by share of purchases.
- Florida, California, Texas, New York and Arizona were the top five destination states.
Foreign buyer activity rebounded
The 2025 NAR international transactions report marked a rebound after a weak prior year.
NAR reported $56 billion in foreign-buyer residential purchases during the April 2024–March 2025 period, equal to 2.5% of the $2.2 trillion dollar volume of existing-home sales. The report also estimated 78,100 foreign-buyer purchases, equal to 1.9% of 4.04 million existing-home sales.
That makes international demand meaningful, especially in certain states and price tiers, but not large enough to dominate the national housing market.
In other words, foreign buyers can matter a lot in specific markets, while remaining a relatively small share of the overall U.S. resale market.
Resident vs. nonresident foreign buyers
NAR divides foreign buyers into two broad groups.
Foreign buyers who resided in the U.S. as recent immigrants or who held visas allowing them to live in the U.S. purchased 43,700 homes, representing 56% of foreign purchases, with a dollar volume of $26.9 billion. Foreign buyers who lived abroad purchased 34,400 homes, representing 44% of foreign purchases, with a dollar volume of $29.1 billion.
That split matters because not every international transaction is a second-home or overseas-investor purchase. Many foreign buyers already live in the United States and are buying as residents, workers, students, families or recent immigrants.
Which countries are leading foreign purchases?
NAR reported the top five countries of origin by share of foreign purchases as:
- China: 15%, 11,700 homes, $13.7 billion
- Canada: 14%, 10,900 homes, $6.2 billion
- Mexico: 8%, 6,200 homes, $4.4 billion
- India: 6%, 4,700 homes, $2.2 billion
- United Kingdom: 4%, 3,100 homes, $2 billion
China also remained the largest source by dollar volume, helped by a higher average purchase price. The NAR report said Chinese buyers purchased $13.7 billion of existing homes, with an average purchase price of $1.2 million.
For luxury markets, that price point matters. International demand can have an outsized effect in high-end segments even when the total number of transactions is limited.
Which states are attracting foreign buyers?
NAR reported the top five U.S. destinations for foreign buyers as:
- Florida: 21%
- California: 15%
- Texas: 10%
- New York: 7%
- Arizona: 5%
Those states combine factors such as global gateways, immigration patterns, employment centers, education, lifestyle demand, warmer climates, investment demand and established international buyer networks.
Cash purchases remain important
Foreign buyers are often more cash-heavy than domestic buyers.
NAR reported that 47% of foreign buyers made all-cash purchases during the April 2024–March 2025 period.
That can affect competition in certain markets. Cash buyers may have more flexibility, fewer financing contingencies and faster closing timelines. However, cash does not automatically mean a buyer will overpay. International buyers still evaluate exchange rates, taxes, insurance, property management, rental rules, political risk and resale prospects.
Why international demand matters locally
Foreign buyers are a small share nationally but can be highly visible locally.
They may concentrate in gateway metros, luxury condo markets, university towns, technology and employment hubs, vacation destinations, second-home markets and investor-friendly rental markets.
For sellers, international demand can widen the buyer pool. For agents, it creates a need for cross-border transaction knowledge, tax awareness, financing familiarity, cultural competence and referral networks. For local policymakers, it can raise questions about affordability, vacant homes, rental restrictions and investment flows.
What this means
Foreign buyer activity is not back to peak levels, but it is no longer falling the way it was in the prior period.
The strongest interpretation is balanced: international buyers are again contributing more dollars and more transactions to the U.S. existing-home market, but they remain a modest share of national sales. Their impact is most important in specific states, metros and price tiers.
For RealtyWire readers, the key question is not whether foreign buyers are “taking over” the market. The better question is where international demand is concentrated and how it affects pricing, cash competition and listing strategy in those markets.
FAQ
How much U.S. real estate did foreign buyers purchase?
NAR reported that foreign buyers purchased $56 billion worth of U.S. existing homes from April 2024 through March 2025.
How many homes did foreign buyers purchase?
NAR estimated 78,100 foreign-buyer existing-home purchases during the April 2024–March 2025 period.
Which countries are the top sources of foreign buyers?
NAR reported the top five countries of origin were China, Canada, Mexico, India and the United Kingdom.
Which states attract the most foreign buyers?
NAR reported the top five destination states were Florida, California, Texas, New York and Arizona.
Are foreign buyers mostly cash buyers?
Nearly half are. NAR reported that 47% of foreign buyers made all-cash purchases during the April 2024–March 2025 period.
Are foreign buyers a large share of the U.S. housing market?
They are important in specific markets, but modest nationally. NAR reported foreign buyers accounted for 1.9% of existing-home sales and 2.5% of dollar volume during the period.
Sources:
- [NAR — International Buyers Purchased $56 Billion Worth of U.S. Homes](https://www.nar.realtor/press-releases/international-buyers-purchased-56-billion-worth-of-u-s-homes-from-april-24-to-march-25)
- [NAR — 2025 International Transactions in U.S. Residential Real Estate Report](https://cms.nar.realtor/sites/default/files/2025-07/2025-international-transactions-in-us-residential-real-estate-report-07-09-2025.pdf)
- [NAR — International Transactions in U.S. Residential Real Estate Research Page](https://www.nar.realtor/research-and-statistics/research-reports/international-transactions-in-u-s-residential-real-estate)
- [NAR — Foreign Buyers Purchased $56 Billion of U.S. Real Estate Infographic](https://www.nar.realtor/infographics/foreign-buyers-purchased-56-billion-of-us-real-estate)