International homebuyers are flocking to the Lone Star State, according to a new report from the Texas Association of Realtors. From April 2016 to March 2017, more than 34,000 Texas homes worth $18.66 billion were sold to buyers from across the globe, figures compiled in the Texas International Homebuyers Report indicate.
Sales of such residences in Texas were up 59 percent during that period, and the dollar sales volume nearly doubled from the previous year.
Texas ranks No. 2, behind Florida and ahead of California, New Jersey, and Arizona, in the number of international home sales.
“This surge in international home sales activity underscores the growing reputation Texas has as a global destination for owning a home or investment property,” Vicki Fullerton, chairman of the Texas Association of Realtors, said in a statement. “The state’s low unemployment, diverse industry base, and world-class higher education institutions are just some of the reasons why international residents seek to attend college, raise a family or do business in Texas.”
Nearly half (43 percent) of Mexican homebuyers who purchased a home in the U.S. chose Texas. The Lone Star State also experienced a significant share of Chinese buyers, with 11 percent of international homebuyers from China purchasing a home in Texas. Ten percent of India homebuyers purchased in Texas.
Nationwide, foreign buyers paid an average of $536,852 for a residence in the United States. The median purchase price was $302,300.