AUSTIN, Texas — International homebuyers in the Austin area contributed around $613 million to the economy in a one-year period, according to a new study.
A new homebuyers report published by the Austin Board of REALTORS (ABoR) found that 3% of all residential sales dollar volume from April 2021 to March 2022 came from international buyers. The majority of the overseas homebuying population comes from India, with a 21% share of the market, followed by Mexico (10%), China (6%) and Canada (4%).
This is the first time India has taken over one-fifth of the buying share.
“Our region has worked hard to establish itself as a global destination for job creation and capital investment for the last 20 years,” said Cord Shiflet, 2022 ABoR president. “That only works if people want to live here. Our quality of life and economic opportunity make us one of the most desirable places to live in the world, and we’re seeing that reflected in a consistent level of international homebuyers purchasing property here. This is another sign of Austin’s evolution from a college town into a global economic and lifestyle destination.”
ABoR partnered with the National Association of REALTORS to find the nationwide profile of international transactions in U.S. real estate. The profile found that the median home price for international buyers was $513,900, which is almost $200,000 more than the median home price nationally for international buyers ($366,100).
“As COVID-19 travel restrictions have been lifted, REALTORS® are seeing international homebuying and selling activity begin to return to pre-pandemic levels,” said Jefre Outlaw, 2022 ABoR global advisory group chair. “The dream of purchasing an international property or relocating to a new global destination is now more accessible, which may be why the data shows a spike in the number of international buyers who are relocating to Central Texas with their purchase.”
In a change from last year's report, only 3% of international buyers bought a home in Central Texas specifically for a vacation home or rental property, compared to 59% of international buyers for a new primary residence. Furthermore, 63% of those buyers used a U.S. mortgage to finance the property, which is a 9% increase compared to last year.
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