Homebuyers from overseas spent $4.3 billion on nearly 10,000 residential property purchases in Texas between April 2022 to March 2023, according to new data from Texas Realtors. This activity represented 2.8% of the total number of homes sold and 3.6% of total dollar volume of residential sales during that 12-month period.
The median home price for international buyers was $320,800, compared to the overall Texas median of $342,000, while the average purchase price for international buyers was $446,100. Nearly half of the international buyers opted for all-cash transactions.
Most of the overseas buyers seeking Texas residences came from Mexico (41%), followed by China (8%), India (7%), Nigeria (5%) and Venezuela (5%). According to separate National Association of Realtors data, Texas accounts for 11.7% of all international buyer purchases of U.S. residential properties – only Florida (23%) and California (12.2%) attract more overseas interest. However, 61% of these buyers were already residing in the U.S. on visas.
“Texas has long been one of the most popular states for international buyers,” said Marcus Phipps, 2023 Chairman of the Texas Realtors. “Our strong economy, diverse population and high quality of life make the Lone Star State an attractive destination.”
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Texas makes a fuss about foreigners living and buying property in Texas.
Is this political propaganda?
Texas seems happy when the money flows into Texas from those foreign buyers.