2025 NAR Report: 5 Things the NAR Report Reveals About Foreign Buyers

Contrary to recent headlines about foreigners pulling out, global interest in U.S. real estate is actually heating up.

Each year, the National Association of Realtors surveys agents across the country to track international activity in the housing market. The 2025 report confirms what Waltz is seeing based on our loan application volume: demand from foreign buyers is on the rise. There was a 33.2% increase in the dollar volume of foreign buyer purchases compared to last year, signaling strong momentum in cross-border investment.

Why?
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The U.S. continues to stand out as a reliable and attractive destination for international capital, thanks to its economic stability and investor-friendly policies. Among the various trends in the NAR report, there are five that stand out. Let’s unpack these trends together!

Key takeaways

• When it comes to prime real estate, the U.S. stands out for its relative affordability, enabling foreign buyers to stretch their budgets further.
  
  
• Latin American buyers continue to play a major role, making up 28% of all U.S. property purchases by foreign buyers.
  
  
• 47% of foreigners pay all-cash. Increasing access to financing options has the potential to greatly expand the potential of foreign investment in U.S. real estate.

1. Foreign capital is flowing rapidly into the U.S. housing market

The proof is in the numbers. International buyers are playing a larger role in U.S. real estate than they did a year ago, gaining momentum as a powerful and growing segment of the market. Here’s a snapshot of what the 2025 NAR report reveals:

• The share of international clients for realtors rose to 20%. This is a 5% increase from last year. As foreign demand grows, more realtors are relying on international buyers as a key source of business. In hotspot states like California, Texas, and Florida—the top three destinations for foreign real estate purchases—that percentage is likely even higher.

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• $56 billion in dollar volume of foreign buyer residential purchases. These transactions accounted for 2.5% of the total dollar volume– a 0.5% increase from last year. While that may seem modest at first glance, it signals meaningful upward momentum and indicates that foreigners purchase at higher price points. In a country as large as the U.S., even small percentage shifts represent billions in capital and growing international influence.

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• 78,100 in existing-home purchases. Foreigners accounting for 1.9% of all existing-home sales—up from 1.3% the year prior. It’s also important to note that this data only includes existing-home purchases and does not capture sales of new construction, which are often popular among foreign buyers for their turnkey appeal and lower maintenance requirements. That means the true scope of foreign buyer activity is likely higher than reported.

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• Median price purchase rose to $494,400. In just the past year, the median purchase price has risen by $85,900. A major contributing factor is that 18% of foreign buyers purchased homes priced at over $1 million. Foreigners on average spend more than their American counterparts, which is clearly reflected in these numbers.
  
  Learn more: 2025 NAR Report: A Closer Look at Foreign Buyers Purchasing U.S. Real Estate

2. Demographics: familiar buyers dominate, but new players are emerging

Demographic trends play a vital role in shaping the dynamics of the U.S. real estate market, especially when it comes to foreign investment. Different countries and regions bring unique buying behaviors, preferences, and financial capabilities that influence where and what types of properties are in demand. Top foreign buyers include:

• China: 15%. Chinese investors continue to allocate capital to U.S. real estate, driven by a longstanding belief in property as a stable asset. With the Chinese economy facing challenges since the pandemic, many are seeking alternative sources of income and ways to protect their wealth outside of China.
  
  
• Canada: 14%. Canadian buyers maintain a strong presence in the U.S. real estate market, often favoring Florida—a popular vacation destination with a well-understood market. States near the Canadian border like Ohio were also popular. Despite occasional trade tensions, the close economic and social ties between Canada and the U.S. continue to support robust cross-border investment activity.
  
  
• Mexico: 8%. Close geographic and economic ties keep Mexico among the top foreign buyers. Mexican investors tend to focus on border states such as Texas, Arizona, and California, reflecting both proximity and cultural connections. These areas offer familiarity and convenience, making them attractive options for buyers looking to invest close to home.
  
  
• India: 6%. Indian buyers, although slightly down from the previous year, remain a significant force in the market, showing strong interest in states like Texas, Indiana, Florida, Arizona, and California.
  
  
• United Kingdom: 4%. The U.K. has re-entered the top five foreign buyer rankings for the first time since 2021, boosted by a strengthening pound.

Another emerging trend is the rise of buyers from Nigeria, the U.A.E., and Israel, who have recently entered the top 10 countries investing in U.S. real estate. This shift reflects growing economic ties, increasing global mobility, and a desire among investors from these regions to diversify their portfolios internationally.

LATAM remains confident in U.S. real estate’s stability and growth

Latin American (LATAM) investors continue to be a powerful force in the U.S. real estate market, holding the position as the second-largest group of foreign buyers with a 28% share. Countries like Mexico (8%), Brazil (3%), and Colombia (3%) rank among the top 10 foreign buyer nations. Their preferred destinations reflect both economic opportunity and cultural connections. LATAM buyers' favorite destinations of purchase are Texas (44% of buyers), Florida (31%), New York (26%), Arizona (26%), and California (18%).

Latin Americans favor U.S. real estate because it offers a stable, reliable way to protect and grow wealth amid economic uncertainty at home. With currencies in countries like Argentina often losing value due to inflation, investing in U.S. property backed by the strong U.S. dollar provides security and a hedge against market volatility. Decades of steady appreciation and income potential through rent make U.S. real estate an attractive investment vehicle. Strong cultural ties and familiar communities in key markets like Texas and Florida further build trust and confidence, making these locations natural choices for Latin American buyers.

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Read more: The Case for Latin America Doubling Down on U.S. Real Estate in 2025

3. Florida slowing? Not for foreigners. 

Florida remains the top destination for foreign investment.

There’s been talk that Florida overbuilt and that many areas are seeing that supply doesn’t reflect demand. That’s not proving to be true among foreigners with Florida representing 21% of all purchases made by internationals. Canadians and the LATAM community are naturally drawn to Florida for its warm climate, lifestyle, and cultural familiarity—but even more so for its business-friendly environment, including no state income tax and investor-focused policies that make property ownership more appealing.

In addition to no state income tax, Florida’s governor is pushing for the elimination of property taxes. This incentivizes foreigners to buy housing in a place where their mortgage payments could be lower without property taxes, while accomplishing another goal: preserving their currency in a historically inflation proof asset. It’s possible that this will accelerate the influx of global capital into Florida’s housing market.

4. Despite currency imbalance, U.S. real estate remains a bargain 

The value of foreign currency in relation to USD decreased, making U.S. real estate more expensive for foreigners to purchase. According to the NAR report:

“When a currency depreciates against the U.S. dollar, more of the local currency is needed to buy a U.S. dollar, making the price of a U.S. home more expensive in terms of the foreign buyer’s local currency. As of March 2025, significantly more pesos (24%), and slightly more Canadian dollars (9%), Chinese yuan (3%), euros (3%), and British pounds (1%) were needed to purchase a U.S. dollar compared to one year ago.”

So, why are more foreigners buying U.S. real estate even if it’s more expensive than just a year prior?

• Foreign-friendly policies. The United States government policies are geared towards bringing investment dollars into the country. Even tariffs and the movement to manufacture goods in the U.S. require stimulating job growth and attracting capital into the economy. Foreign investment, especially in real estate, plays a crucial role here—it not only injects significant funds but also supports local businesses, creates construction and service jobs, and helps revitalize communities. By welcoming international buyers, the U.S. can boost economic activity and strengthen its workforce, making real estate investment an effective driver of broader economic growth.
  
  
• It’s still cheaper than buying in their own countries a lot of the time. The U.S.  offers a wide range of price points across different regions, allowing buyers to select locations where they find the best value or affordability. Oftentimes it’s quite the opposite in other parts of the world where property ownership costs can be prohibitively high. In these places, buying a primary residence, as well as a vacation home or rental property, often costs significantly more compared to what is available in the United States. In addition to lower entry prices, the U.S. often offers stronger rental income potential than other global markets—meaning investors can generate better returns for each dollar spent.
  
  
• Real estate today is a better deal than it will be in a year. Even at a higher price point, foreigners have come to expect appreciation from purchasing U.S. real estate. Its value has tripled over the past 20 years. Given this strong trajectory and proven track record, foreign buyers recognize that investing in U.S. real estate sooner rather than later maximizes their opportunity to build wealth and avoid being priced out as property values continue to rise.

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5. Global investments potential is only scratching the surface

Growth over the past year has proven that the world has an appetite for U.S. real estate. Yet, we’re only scratching the surface of what’s possible.

69% of realtors reported they had an international client who decided not to or was unable to purchase U.S. residential property, which is the highest share recorded. Aside from finding a property and the cost of a property, the biggest contributor to this deterrence is not being able to obtain financing. 19% of international clients cited the inability to secure financing as the reason they didn’t move forward with a purchase. This challenge is reflected in the fact that forty-seven percent of foreign buyers pay in all cash—not necessarily because they want to, but because they feel they have no other option. Many are concerned about being rejected by banks or traditional U.S. lenders, leading them to rely on cash to ensure their offers are taken seriously.

Waltz is addressing the financing obstacle head-on. Access to financing enables foreign buyers to stretch their capital further, diversify their portfolios, and secure multiple properties instead of tying up funds in just one. In markets where rental income is strong, financing can increase returns by amplifying the yield on invested capital. Rather than limiting themselves to a single high-cost property, buyers who use leverage can explore different markets and property types, creating a more balanced and scalable investment strategy.

We’ve received significant demand from across the world with over $300 million in loan applications because getting a mortgage should be simple and seamless—not the reason stopping you from buying U.S. real estate.

See what Waltz has to offer!

The future outlook of global investors in the U.S.

The future outlook of global investors in the U.S. is trending upwards with no sign of slowing down. U.S. real estate continues to be one of the most sought-after assets worldwide, offering a reliable way to preserve wealth in a market that typically keeps pace with inflation. A stable government and pro-investment policies further support long-term confidence. Against this backdrop, and based on trends highlighted in the 2025 NAR report, foreign investment in U.S. real estate is positioned to keep growing in the years ahead.

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