NAR recently released the results of a survey of REALTORS® about Existing Home Sales to both resident and nonresident foreign buyers between April 2014 and March 2015.
- International Buyers purchased $104B worth of property in the US in the past year, compared to $92.2 billion the previous year, representing 8% of total existing-home sales dollar volume
- Approx 209,000 houses were sold to foreign buyers, accounting for 4% of total Existing Home Sales
- Five countries – Canada, China, Mexico, India, and the UK – accounted for over half the purchases by foreigners, with China exceeding the others in terms of units purchased and dollar volume
- Four states accounted for 50% of the international sales: FL, CA, TX, AZ
- Foreign clients paid on average $500,000 for a house, compared to the US average of $256,000
- All-cash purchases accounted for approx. 55% of reported foreign transactions
- 35% percent of REALTORS® reported working with international buyers, an increase of 7% from the previous year
- As opposed to other international clients who focus on vacation locales, Indians focus on purchases in business hubs, including Chicago.
- Chicago and/or Illinois was listed as an area of interest for international buyers from China, Russia, India, and Mexico.
- 56% of leads come from contacts and referrals, while website and online listings account for 20%.
To read the entire report, click here.
To see the Infographic, click here.
For presentation slides, click here.
To watch a video breakdown, click here.