International homebuyers contributed $618M to Central Texas economy
Mexico surpasses India and lands as top country of origin
AUSTIN, Texas — International homebuyers contributed $618 million to the Central Texas economy from April 2023 to March 2024, according to the 2024 Central Texas International Homebuyers Report released today by Unlock MLS. The $618 million in sales dollar volume from foreign buyers comprised 3% of all residential sales dollar volume in the Austin-Round Rock-San Marcos MSA with closed sales increasing 2% year-over-year to 1,020 sales while the median close price also ticked up 0.8% year-over-year to $577,778. The data reflects that Central Texas continues to be a sought after destination for international homebuyers, sellers and investors.
“Over the past decade, one in six new Austin-area residents relocated from abroad,” Kent Redding, 2024 ABoR president, said. “With our resilient economy, business-friendly environment and high quality of life, the Central Texas region continues to be a top choice for international homebuyers and investors. Unlock MLS is committed to providing Central Texas REALTORS® with unmatched regional market data and resources to serve their clients from virtually any corner of the world.”
This year, Mexico (20%) was the top country of origin for international homebuyers in Central Texas, with India (17%), Canada (7%), China (5%) and Brazil (5%) securing the top five countries of origin for foreign buyers.
The report identified that over one-third (35%) of international clients, buyers and sellers, were U.S. permanent residents while 36% had Type A visas and 28% had Type B visas.
“Despite economic challenges–such as inflation, geopolitical conflicts and elevated interest rates–international interest in Central Texas remained stable year-over-year,” Clare Knapp, Ph.D, housing economist for Unlock MLS and the Austin Board of REALTORS®, said. “The data highlighted a gradual increase in international home sales activity, which can be attributed to a number of factors that include the MSA ranking number one among the fastest-growing U.S. metros, the concentration of high-skilled jobs, and the relative affordability of the region compared to other international cities. With these factors combined, it is clear why international buyers are choosing to establish roots in Austin.”
59% of foreign buyers purchased a Central Texas home for a new primary residence, down from 63% in 2020. Additionally, the research indicates that 58% of foreign buyers used mortgage financing from entities within the U.S. to purchase property compared to 61% in 2023.
Additionally, more than two-fifths of international buyers purchased a piece of residential property in Travis County, while 21% bought in Williamson County and 14% in Hays County. Bastrop and Caldwell Counties combined to account for 11%.
Knapp added that survey respondents were optimistic about the 12-month outlook for international real estate transactions, with nearly half (49%) expecting an increase, a significant jump from last year’s 29%.
“It’s clear that Central Texas will continue to serve as a destination for international homebuyers and investors and the data suggests we can anticipate continued growth in international home buying activity in the years to come.”
To download the full 2024 Central Texas International Homebuyers Report or to stay connected with international real estate news through the ABoR Global Business Alliance, visit www.ABoR.com/Global.
The Austin Board of REALTORS® a nonprofit organization that has been serving the needs of Central Texas REALTORS® and homebuyers, sellers, and renters for nearly a century. Through professional development, grassroots advocacy, and community, we give our 20,000+ members the power they need to ensure people have homes. Our multiple listing service (MLS) connects both agents and consumers with the most accurate and robust real estate marketplace in the region. For more information, contact the ABoR public relations team at abor@ecprtexas.com . For the latest local housing market listings, visit AustinHomeSearch.com.
Unlock MLS Research is the economic research and publication arm of Unlock MLS, the most complete, accurate, and timely source of Central Texas listing information. Led by Unlock MLS Housing Economist, Dr. Clare Knapp, Unlock MLS Research delivers timely market intelligence that helps Central Texas real estate professionals, consumers, and policymakers understand trends and economic factors impacting the region's housing market.