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Are Foreign Homebuyers Making a Comeback in the 2022 Market?

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Demographics

Are Foreign Homebuyers Making a Comeback in the 2022 Market?

Affluent international buyers are slowly returning to the U.S. housing market after years of COVID restrictions and travel regulations 


July 19, 2022
Small money houses made up of international currencies
Image: Stock.adobe.com

Throughout the pandemic, wealthy foreign buyers were mostly absent from the housing market, but according to Forbes, foreign real estate investments are coming back. A recent survey from the National Association of Realtors estimates that international buyers purchased a total of 98,600 residential properties last year, totaling $59 billion in real estate from April 2021 to March 2022.

Foreign buyers were limited in their home purchasing endeavors throughout the pandemic due to travel restrictions and general caution, but as regulations ease and cases dwindle, their presence could grow in a revitalized post-pandemic market. The average and median existing-home sale prices of properties purchased by international buyers rose sharply year-over-year to reach $598,200 and $366,100, respectively.

The increase in foreign buyer prices partly reflects the increase in U.S. home prices, as the monthly average existing-home sales price rose to $374,300, up 10% from the prior period. At just over $1 million, Chinese buyers had the highest average purchase price, and nearly a third, 31%, purchased property in California.

[Lawrence] Yun said, “Affordability challenges along with the inability to find the right property were the top reasons given for prospective international buyers who showed interest but ultimately did not purchase a home in the United States.”

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