According to a recent report from the National Association of Realtors® (NAR), international buyers have faced the same challenges as domestic buyers over the past year. In their latest report dating from April 2022 through March 2023, foreign buyers purchased $53.3 billion worth of U.S. existing homes. This figure comes in at 9.6% lower than what was seen in the previous 12-month period. When looking at where these buyers are purchasing the most homes, Florida continues to lead the way.
Florida: A hotbed for international buyers
Florida is a popular destination for international home buyers, thanks to its warm weather, beautiful beaches, and diverse culture. In fact, Florida attracts more of these home buyers than any other state in the U.S. According to the National Association of Realtors, foreign buyers accounted for 5% of existing home sales in Florida in 2022. This is more than double the national average of 2.6%. So where are the majority of these buyers in Florida coming from? The top 5 countries are:
- #1. Canada
- #2. Latin America and the Caribbean
- #3. Europe
- #4. Asia
- #5. Africa
As for the most popular spots in The Sunshine State for international buyers, Miami-Dade County has the highest number of these buyers in Florida. This is followed by Broward County and Palm Beach County.
Additional insights into international buyers in Florida
- The median purchase price for an international home buyer in Florida is $462,000.
- 69% of international home buyers paid all-cash.
- 72% of international home buyers intended to use the property for vacation, residential rental, or both uses.
- 92% of international home buyers were satisfied with their real estate agent.
Summary
It is no surprise that South Florida continues to attract home buyers from abroad. With its diverse culture, warm weather, beautiful beaches, and low tax burden, it is not surprising that both domestic and foreign buyers are attracted to paradise. Interestingly, 59% of foreign buyers purchased detached, single-family homes and 42% of these purchases were cash transactions.
Are you thinking about buying or selling a home in the South Florida area? We can help! Contact Natasha at Live South Florida Realty, Inc. today! Also, don’t forget to download our free Florida Home Search app for your smartphone or tablet.
