It seems as though the chart-topping accolades for The Sunshine State just continue to stack up. In addition to already being a top destination site for domestic home buyers, a recent analysis shows that international buyers seem to think that Florida is the place to be as well. In fact, nearly a quarter of all international buyers opt for a home in Florida! We discuss the rankings below.
Top states for international buyers
As for the percent of international buyers by state, the top 5 states ranked as follows:
- #1. Florida (24%)
- #2. California (11%)
- #3. Texas (8%)
- #4. Arizona (7%)
- #5. New York (4%)
Not surprisingly, Florida and Arizona tend to attract more buyers from Latin America, Europe and Canada, who are looking to purchase properties in warm climates for vacation purposes. With this said, according to the National Association of Realtors®, the sales volume generated by international home buyers in 2021 hit its lowest level since 2011. This is certainly not surprising given the restrictions caused by the pandemic. As of the latest tracking period ending in March 2022, we have seen an uptick in the amount of foreign buyers again. Thus far this year, the highest dollar volume among international buyers in the United States came from China, followed by Canada, India, Mexico, Brazil and Colombia.
Summary
These data should be encouraging for Floridian homeowners and investors. Although the real estate market is currently in a state of transition due to rapidly rising interest rates, high inflation, & a recession, the demand for Florida housing should still remain stronger than the rest of the country. It should also be noted that while this report only focused on international buyers, there are also a large amount of international renters as well. Are you thinking about investing in an income-producing property? We can help! Contact Natasha at Live South Florida Realty, Inc. today! You will also want to download the free Florida Home Search app for your mobile device. Take the power of the MLS with you right on your phone!
