International Shoppers Were a Larger Share of U.S. Housing Demand During the First Quarter of 2025

Rhea-AI Summary

Realtor.com's Q1 2025 report reveals international home shoppers represented 1.9% of U.S. housing demand, up from 1.7% in Q1 2024. Despite remaining the top source, Canadian interest declined from 40.7% to 34.7%. The UK (5.7%), Mexico (5.4%), Germany (3.8%), and Australia (3.2%) followed as top international sources. Miami led as the most popular U.S. market with 8.7% of international demand, followed by New York and Los Angeles. Texas markets showed significant growth, with Austin and San Antonio entering the top 20 metros for the first time. Canadian buyers showed strong interest in Florida markets, particularly Naples (59.6%) and Cape Coral (59.1%). Mexican buyers primarily focused on border cities due to practical considerations and established networks. The shift in international demand patterns reflects changing trade policies and regional economic factors.

Positive

• Overall international demand for U.S. housing increased from 1.7% to 1.9% year-over-year
• Texas markets showed significant growth with Austin and San Antonio entering top 20 metros for first time
• Miami maintained its position as the most popular U.S. market for international buyers with 8.7% share
• Strong Canadian buyer interest in specific markets with up to 59.6% share in Naples, FL

Negative

• Canadian demand declined significantly from 40.7% to 34.7% year-over-year
• Mexican buyer interest decreased from 5.8% to 5.4%
• International demand remains relatively low at under 2% of total traffic

Insights

Real Estate Market Economist

International homebuyer interest in U.S. properties grew in Q1 2025, with Texas gaining significant traction despite declining Canadian demand.

The latest Realtor.com data reveals a 11.8% increase in international housing demand share in Q1 2025, rising to 1.9% of total traffic compared to 1.7% a year earlier. This growth occurred despite a substantial 14.7% drop in Canadian buyer interest, which still leads international demand at 34.7% of foreign traffic (down from 40.7% in Q1 2024).

The data highlights two significant market shifts worth noting. First, Texas markets are experiencing unprecedented international buyer attention. Austin and San Antonio have broken into the top 20 international demand destinations for the first time in recent tracking history, while Dallas jumped three ranking positions to 5th place, capturing 2.8% of international traffic. Houston secured the 6th position with 2.6% of traffic. This Texas surge likely stems from the state's business-friendly tax structure, lower cost of living, and corporate relocations.

Second, geographic preferences vary significantly by country of origin. Canadian buyers heavily favor Florida markets, dominating international views in Naples (59.6%), Cape Coral (59.1%), and North Port (56.4%). Meanwhile, Mexican buyers (5.4% of international traffic) concentrate almost exclusively on border regions and Texas metros for practical reasons including proximity, established networks, and cross-border access to services.

Traditional coastal powerhouses maintain their dominance, with Miami (8.7%), New York (4.9%), and Los Angeles (4.6%) capturing the largest shares of international buyer interest. The data suggests real estate markets with strong international appeal may be somewhat insulated from purely domestic demand fluctuations, creating potential investment differentiation opportunities in these regions.

Despite larger international housing shopper share in the U.S., demand from Canada – the leading source – has fallen

AUSTIN, Texas, June 3, 2025 /PRNewswire/ -- International demand was a larger share of U.S. housing demand, as 1.9% of Realtor.com^® online traffic came from international home shoppers in the first quarter of 2025 compared to 1.7% in the first quarter of 2024, according to a report from Realtor.com^®.  This overall growth comes despite a decline in demand from Canada, the top source of international home shopping to the U.S., from 40.7% in the first quarter of 2024 to 34.7% in the first quarter of 2025.

"While international demand for U.S. housing was a growing share of total demand, the drop from potential Canadian shoppers underscores the impact of recent trade policies on cross-border real estate interest," said Danielle Hale, chief economist, Realtor.com^®. "While coastal magnets like Miami, New York, and Los Angeles continue to attract global buyers, the growing appeal of Texas markets to international buyers signals a noteworthy regional shift in investment focus, potentially driven by economic factors and business-friendly environments."

Despite a shift from 2024, this year Canadian home shoppers represent the largest percentage of international traffic, at 34.7%, followed by shoppers from the UK (5.7%), Mexico (5.4%), Germany (3.8%) and Australia (3.2%). In the first quarter of 2025, Miami was the most popular U.S. market for international shoppers, capturing 8.7% of international demand to the U.S., followed by New York, Los Angeles, and Orlando, Fla. 

Where Are Shoppers from Canada Looking?
Specifically, among the top 20 markets, Canadian home buyers dominated the international views to Naples, Fla., driving 59.6% of its international demand. This was followed by Cape Coral, Fla., (59.1%), Phoenix (57.5%), North Port, Fla., (56.4%) and Riverside, Calif., (52.2%).

Where Are Shoppers from Mexico Looking?
The international online traffic from Mexico continued to cluster at the US-Mexico border but dropped from 5.8% to 5.4% during the same period. The top destinations for Mexican homebuyers are largely clustered near the U.S.-Mexico border, such as San Diego; San Antonio; Dallas; El Paso, Texas and Houston—a sharp contrast to the scattered coastal preferences of buyers from other countries.

"Mexican buyers likely tend to favor U.S. border cities because of their proximity to home, strong cultural and language connections, established family and business networks, and easier access to education, healthcare and cross-border travel—making these areas both practical and familiar for living and investment," said Hale.

While similar tariffs were also applied to imports from Mexico, the share of international traffic from Mexico to the U.S. dropped only slightly from 5.8% to 5.4% during the same period.

International Interest in Texas Grows
During the first quarter of 2025, Texas has seen a shift in international interest as Austin, Texas and San Antonio broke into the top 20 metros marking a notable shift, as neither market appeared in the top rankings in the first quarter of 2024 or the first quarter of 2020, prior to the pandemic. Two additional Texas metros made notable gains: Dallas climbed three spots from a year ago, while Houston secured the sixth position.

In recent years, Texas markets have become increasingly attractive to both domestic and international home shoppers. Drawn by the state's lower cost of living, lack of state income tax, and pro-business environment, many high-profile firms have expanded or relocated their operations to Texas.

Table 1. Top 20 Markets Loved by International Home Shoppers, 2025 Q1

Market	Traffic Share	Rank 2025Q1	Rank 2024Q1	Rank 2020Q1
Miami-Fort Lauderdale-West Palm Beach, FL	8.7 %	1	1	1
New York-Newark-Jersey City, NY-NJ	4.9 %	2	3	3
Los Angeles-Long Beach-Anaheim, CA	4.6 %	3	2	2
Orlando-Kissimmee-Sanford, FL	2.9 %	4	4	4
Dallas-Fort Worth-Arlington, TX	2.8 %	5	8	7
Houston-Pasadena-The Woodlands, TX	2.6 %	6	6	8
Tampa-St. Petersburg-Clearwater, FL	2.5 %	7	5	5
Phoenix-Mesa-Chandler, AZ	2.3 %	8	7	6
Chicago-Naperville-Elgin, IL-IN	2.0 %	9	10	9
Riverside-San Bernardino-Ontario, CA	1.5 %	10	9	10
Atlanta-Sandy Springs-Roswell, GA	1.4 %	11	13	11
Washington-Arlington-Alexandria, DC-VA-MD-WV	1.4 %	12	15	12
Cape Coral-Fort Myers, FL	1.4 %	13	12	13
Detroit-Warren-Dearborn, MI	1.3 %	14	14	18
North Port-Bradenton-Sarasota, FL	1.3 %	15	11	15
Austin-Round Rock-San Marcos, TX	1.1 %	16	24	25
Boston-Cambridge-Newton, MA-NH	1.1 %	17	17	19
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD	1.0 %	18	22	20
San Antonio-New Braunfels, TX	1.0 %	19	21	22
Naples-Marco Island, FL	1.0 %	20	16	21

Methodology
This report analyzes international views of for-sale listings on the U.S. Realtor.com marketplace between January and March 2025 and previous quarters, as noted above.

About Realtor.com^®
Realtor.com^® pioneered online real estate and has been at the forefront for over 25 years, connecting buyers, sellers, and renters with trusted insights, professional guidance and powerful tools to help them find their perfect home. Recognized as the No. 1 site trusted by real estate professionals, Realtor.com^® is a valued partner, delivering consumer connections and a robust suite of marketing tools to support business growth. Realtor.com^® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc.

Media Contact: Mallory Micetich, press@realtor.com

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SOURCE Realtor.com

FAQ

What percentage of Realtor.com traffic came from international home shoppers in Q1 2025?

International home shoppers accounted for 1.9% of Realtor.com's online traffic in Q1 2025, up from 1.7% in Q1 2024.

Which country was the largest source of international home shoppers for U.S. real estate in Q1 2025?

Canada remained the largest source of international home shoppers at 34.7%, despite declining from 40.7% in Q1 2024.

What was the most popular U.S. market for international home buyers in Q1 2025?

Miami was the most popular U.S. market, capturing 8.7% of international demand, followed by New York and Los Angeles.

Which Texas markets showed notable growth in international buyer interest?

Austin and San Antonio entered the top 20 metros for the first time, while Dallas climbed three spots and Houston secured the sixth position.

Where are Canadian home buyers most interested in purchasing U.S. real estate?

Canadian buyers showed strongest interest in Naples, FL (59.6% of international demand), Cape Coral, FL (59.1%), Phoenix (57.5%), North Port, FL (56.4%), and Riverside, CA (52.2%).