Did you know that international buyers spent $7.8 billion on real estate in Texas last year?
According to the Texas Association of Realtors’ 2019 Texas International Homebuyers Report, Texas currently represents 10% of ALL international sales of homes in the US, with 18,310 Texas homes sold to foreign buyers between April 2018 and March 2019.
In this 2019 report, Texas ranks third in US home sales to international buyers, with Florida in the lead at 20%, and trailing closely behind California at 12%.
Foreign buyers in Texas. Source: Texas International homebuyers Report 2019
Texas’s Target (International) Market
Despite slowing sales in the US, Texas still represents 10% percent of all US homes sales to international buyers, and is especially popular with purchasers from Mexico and India. The Texas International Homebuyers 2019 Report reveals that 28% of international homebuyers from Mexico and 13% of homebuyers from India purchased a home in Texas in the last year.
Where are foreign buyers coming from in Texas Source: Texas International homebuyers Report 2019
According to Tray Bates, chairman of Texas Realtors, Texas is seen as a solid state for investments due to it's strong economy, business environment, and large metropolitan areas.
“Investors are interested in residential and commercial real estate in Texas where they can deploy their resources to make an attractive return. Specifically, we’re seeing international investors look to Texas for large-scale investments in subdivisions and master planned communities", says Tray Bates.
Texas is Trending UP
While Texas and the US in general, have experienced a decreased number of foreign buyers in recent years, 2020 promises a renewed interest in the Lone Star State.
In a 2019 Forbes article, real estate expert Ingo Winzer asserts that investing in Texas real estate has essentially been a no-brainer, due to high economic growth, rising home values and demand for housing. Winzer explains that in the big three Texas markets – Houston, Dallas and Austin – job growth is close to 4%, which is nearly twice the national average.
Texas markets in 2019. Source: Local Market Monitor, Cary NC
The 2019 Zillow Texas Data report also shows a rise in housing values, with the median home value in Texas at $200,100. In the past year, home values have gone up by 5.0%, and Zillow predicts that numbers will continue to rise by 3.7% over the next year. The current median price of homes listed in Texas is $278,900, with the median list price of $130 per square foot.
Data from this report suggests an increased demand for housing, as listed properties are typically on the market for 65 days, down considerably from an 89-day average back in February 2019.
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If you’re a Real Estate Professional or property seller and you’d like to expand your international network, to advertise or engage with international property buyers considering investing in your market, or if you’re interested in learning more, contact us at ListGlobally.
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