If you’re already involved in global real estate, here’s reason to celebrate: Foreign investment in residential U.S. real estate has skyrocketed up to $153 billion, according to the newly released 2017 Profile of International Activity in U.S. Residential Real Estate. The new survey high indicates that despite political and economic uncertainty both here and abroad, the United States is still a safe and secure place to live, work, and invest. While China is still the top buyer of U.S. residential real estate, Canada accounted for the most growth in the past year, from $8.9 billion in 2016 to $19 billion in 2017. Key takeaways from the report:
- Sales dollar volume: $153.0 billion – up 49% from 2016 ($102.6 billion); all-time survey high (since 2009)
- Total transactions: 284,455 – up 32% from 2016 (208,947)
- Top countries: China ($31.7B); Canada ($19.0B); U.K. ($9.5B); Mexico ($9.3B); India ($7.8B) – All five countries saw increases from the 2016 survey
- Median sales price: $302,290; up 9.0% from 2016 ($277,389) – 28% Higher than U.S. national median price of $277,389 – Approx. 10% of all buyers paid over $1M; 44% paid all cash (50% in 2016)
- Top states: Florida (22%), California (12%), Texas (12%), New Jersey and Arizona (4%)
- International Clients: 29% of Realtors® worked with international clients (31% in 2016) – Referrals/personal or business contacts accounted for 64% of international client business
Read the full report, press release, and infographic here.