The numbers are in and they don’t lie – Texas is still one of the top destinations for homebuyers, in the world. This may come as a surprise to those who don’t call the Lone Star state home, but for those of us who do, this is not a shocker. As we have discussed in length over the last year or so, more and more people are packing up their bags and moving to Texas, North Texas specifically.
This is due to numerous factors – from the strong economy and thriving job market to the abundance of brand new construction homes and forward-thinking communities. According to the Texas International Homebuyers Report released on September 1, 2016, by the Texas Association of Realtors, international homebuyers added more than $10 billion to the state’s economy from April 2015 to March 2016. This is HUGE and yet another reason why we are seeing such an influx of people looking to call Texas home.
Truth in Numbers
According to the report, homes purchased by international home buyers during the time period mentioned above accounted for roughly 7 percent of all sales in the U.S., which equals about 214,885 homes and is 6.75 percent ($102.6 billion) of all U.S. home sales. It is important to note that this is a 3 percent increase in international home sales.
The majority of the people buying homes in Texas from outside the U.S. were from Latin America (which includes Mexico) and Asia/Oceania (which includes both China and India), which Latin American homebuyers having a slight edge (34 percent vs. 36 percent). Approximately 12 percent of Texas’ international home buyers were from Europe, followed by African buyers at 8 percent and Canadian investors at 4 percent.
Yet another interesting fact from the report is that Texas has the highest volume of home buyers from India during the time period mentioned earlier. In fact, one in five Indian homebuyers who are looking to buy in the U.S. end up planting their roots in Texas. Along these same lines, Texas is also home to the highest share of homebuyers from Mexico (35 percent) than any other state in the U.S., which makes sense given the close proximity of the Mexican border.
In addition to Texas, there are four other states that, when combined, account for more than 51 percent of foreign buyers: Florida, California, Arizona, and New York.
As we’ve discussed in the past, the Texas real estate market is continuing to thrive and continues to remain in demand among both national and international homebuyers. According to statistics, there are six Texas metropolitan areas that are in the top 50 for immigration – Houston, Dallas-Fort Worth-Arlington, Austin, San Antonio, El Paso, and McAllen. These numbers are interesting and worth mentioning because many of these people are settling down and eventually buying homes in these areas.
As Frisco’s leading real estate group, The Cheney Group is committed to staying on top of trends – such as this one. It is our intention to ensure our clients are well-informed and have a good idea of what is going on with the market prior to buying or selling a home in the area. To learn more about the Frisco, Plano, or any surrounding area’s real estate market, please do not hesitate to contact The Cheney Group today.