Realtor.com®: Canadian Interest in U.S. Real Estate Continues to Cool, but Remains the Top Source of International Home Shopping

Rhea-AI Summary

Realtor.com (NWS) reports international online home-shopping activity edged down in Q3 2025, with international views at 1.5% of U.S. search traffic, versus 1.6% a year earlier and 1.2% in 2019. Canadian interest cooled but remained the largest source at 32.1% of international traffic (down from 36.6% in 2024). International viewers favored higher-priced homes: the median home they viewed in top 20 markets was 29.8% pricier than domestic views, though that gap narrowed from prior years. Miami led markets with 8.4% of international views. The report notes currency moves, trade tensions and visa policy shifts as drivers of changing demand patterns.

Positive

• International share at 1.5% of U.S. online home searches
• Canada remains top source with 32.1% of international traffic
• Median international-viewed price +29.8% vs domestic viewers
• Miami captured the largest international share at 8.4%

Negative

• Canadian traffic share fell from 36.6% in 2024 to 32.1% in 2025Q3
• Median price viewed by international shoppers declined 5.2% year-over-year
• Price gap narrowed from 34.2% (2022–2024) to 29.8% in 2025Q3
• Trade tensions and exchange-rate volatility cited as dampening factors

Insights

International real estate demand analyst

International interest in U.S. homes cooled slightly in 2025Q3 but stays above pre‑pandemic levels; Canadian share fell notably.

International online views represented 1.5% of U.S. search traffic in 2025Q3, down from 1.6% a year earlier yet above the 1.2% share in 2019, indicating persistent cross‑border engagement rather than a collapse in demand. The largest single source, **Canada**, saw its share drop to 32.1% from 36.6% in the prior year, a concrete shift concurrent with reported trade tensions and exchange rate swings.

International shoppers continued to target higher‑end listings: the median property viewed by foreigners in the top 20 markets was 29.8% pricier than the median viewed by domestic shoppers in 2025Q3, though that premium narrowed from a 34.2% average in 2022–2024. Luxury demand softened as median viewed prices for internationals fell -5.2% versus -1.7% for domestic viewers, a factual sign of relative cooling in high‑end segments.

Watch for three monitorable items over the next several quarters: Canadian traffic share movements (already 32.1% in 2025Q3), changes in median viewed price gaps in top metros (e.g., **Los Angeles** at 173.6%, **New York** at 49.2%), and the impact of proposed visa programs and H‑1B policy shifts mentioned as potential demand drivers. These items provide short‑to‑medium term checkpoints to reassess international demand patterns and market concentration.

High-end properties entice international home shoppers, despite geopolitical unease

AUSTIN, Texas, Nov. 4, 2025 /PRNewswire/ -- International home shopping activity edged down slightly in the third quarter of 2025, led by a continued cooling of Canadian interest, according to Realtor.com^®'s latest International Demand report. International shoppers made up 1.5% of U.S. online home search traffic during the quarter, down modestly from 1.6% one year ago but still above the 1.2% share in 2019, pointing to steady global interest in U.S. housing even as market conditions evolve.

"Global economic uncertainty, policy shifts, and the resulting exchange rate fluctuations are creating mixed conditions for international buyers," said Danielle Hale, chief economist at Realtor.com^®. "These factors have led to some moderation in foreign demand for U.S. homes compared to last year. Still, interest remains above pre-pandemic levels, reflecting ongoing engagement from global home shoppers in key U.S. markets."

Canada's Share Slips Again, Down to 32%; Florida and Arizona Remain Top Draws
While Canada remains the top source of international home shopping to the U.S, the share of international online traffic from Canada continued to show year-over-year declines, dropping from 36.6% in the third quarter of 2024 to 32.1% during the same period this year.

This decline coincided with the period following the U.S. imposition of tariffs on Canadian goods, suggesting that trade tensions and exchange rate volatility may have tempered cross-border housing interest. Still, Canadian buyers dominated traffic to several metros, including Cape Coral, Fla. (61.4%), Phoenix, Ariz. (61.0%), and North Port, Fla. (58.8%).

Other major sources of international U.S. home shopping demand included the U.K. (6.5%), Mexico (5.6%), Germany (4.1%), and Australia (3.4%).

Homes Viewed 29.8% Pricier Than Domestic Shoppers, But Luxury Demand Cools
International shoppers typically target higher-end properties, often for investment or employment-related relocation. In Q3 2025, the median home viewed by international buyers in the top 20 U.S. markets was 29.8% more expensive than those viewed by domestic shoppers, although that gap has narrowed from the 34.2% average gap between 2022 and 2024.

The shift reflects a faster decline in median viewed prices for international shoppers (-5.2%) compared to domestic shoppers (-1.7%), suggesting cooling demand for luxury homes. The trend may stem from currency volatility and broader global economic uncertainty.

Markets such as Los Angeles (173.6%), New York (49.2%), San Francisco (33.4%), and Boston (23.8%) posted the largest price gaps, highlighting their status as global luxury destinations. However, Austin (18.6%) stood out for its combination of relative affordability and high-income employment opportunities, attracting both investors and professionals on employment visas.

At 8.4%, Miami Earns Most International Views
In the third quarter of 2025, Miami remained the top destination for international shoppers, capturing 8.4% of all U.S. international views, followed by New York (5.6%) and Los Angeles (4.8%). Rounding out the top five were Orlando, Fla. (2.7%) and Dallas (2.7%).

Policy Shifts May Shape Next Phase of International Demand
Looking ahead, new immigration and visa policies could drive diverging trends in international demand. The result is likely to be a more uneven pattern of international interest, as policy developments and global market conditions continue to reshape the landscape.

"Proposed "gold" and "platinum visa" programs may draw more high-net-worth buyers to luxury markets, while restrictions on H-1B visas could weigh on demand in innovation-driven metros such as Austin and San Jose," said Jiayi Xu, senior economist at Realtor.com^®.

Top 20 Markets Loved by International Home ShoppersInternational Buyers Viewed

Rank	Market	Traffic Share	Median home viewed by international shoppers, 2025Q3	Median home viewed by domestic shoppers, 2025Q3	Price difference (%), 2025Q3	Price difference (%), Q3 2022-2024
1	Miami-Fort Lauderdale-West Palm Beach, FL	8.4 %	$546,633	$566,167	-3.5 %	-3.1 %
2	New York-Newark-Jersey City, NY-NJ	5.6 %	$1,029,333	$690,000	49.2 %	49.3 %
3	Los Angeles-Long Beach-Anaheim, CA	4.8 %	$3,276,317	$1,197,667	173.6 %	200.4 %
4	Orlando-Kissimmee-Sanford, FL	2.7 %	$454,967	$454,633	0.1 %	2.1 %
5	Dallas-Fort Worth-Arlington, TX	2.7 %	$543,667	$484,933	12.1 %	14.7 %
6	Houston-Pasadena-The Woodlands, TX	2.3 %	$405,000	$362,667	11.7 %	15.1 %
7	Tampa-St. Petersburg-Clearwater, FL	2.3 %	$414,467	$417,497	-0.7 %	3.3 %
8	Chicago-Naperville-Elgin, IL-IN	1.9 %	$431,300	$392,967	9.8 %	11.3 %
9	Phoenix-Mesa-Chandler, AZ	1.9 %	$588,000	$540,330	8.8 %	5.4 %
10	Atlanta-Sandy Springs-Roswell, GA	1.5 %	$481,666	$448,300	7.4 %	14.4 %
11	Detroit-Warren-Dearborn, MI	1.5 %	$342,717	$351,600	-2.5 %	4.3 %
12	Riverside-San Bernardino-Ontario, CA	1.4 %	$647,967	$596,933	8.5 %	15.3 %
13	Cape Coral-Fort Myers, FL	1.4 %	$410,483	$399,300	2.8 %	5.6 %
14	North Port-Bradenton-Sarasota, FL	1.3 %	$461,667	$486,633	-5.1 %	-1.7 %
15	Boston-Cambridge-Newton, MA-NH	1.2 %	$891,000	$719,933	23.8 %	26.1 %
16	Washington-Arlington-Alexandria, DC-VA-MD-WV	1.2 %	$712,100	$631,967	12.7 %	18.5 %
17	Austin-Round Rock-San Marcos, TX	1.1 %	$648,317	$546,667	18.6 %	20.7 %
18	Philadelphia-Camden-Wilmington, PA-NJ-DE-MD	1.1 %	$437,402	$443,300	-1.3 %	6.6 %
19	San Diego-Chula Vista-Carlsbad, CA	1.1 %	$1,228,983	$1,044,663	17.6 %	19.2 %
20	San Francisco-Oakland-Fremont, CA	1.1 %	$1,354,879	$1,015,933	33.4 %	33.1 %

Methodology
This report analyzes international views of for-sale listings on the U.S. Realtor.com^® marketplace from July through September 2025, compared to 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: Sara Wiskerchen, press@realtor.com

 

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SOURCE Realtor.com

FAQ

How much of U.S. online home search traffic came from international shoppers in Q3 2025 for Realtor.com (NWS)?

International shoppers made up 1.5% of U.S. online home search traffic in Q3 2025.

What was Canada’s share of international Realtor.com (NWS) traffic in Q3 2025 vs Q3 2024?

Canada accounted for 32.1% of international traffic in Q3 2025, down from 36.6% in Q3 2024.

Which U.S. market received the most international views on Realtor.com (NWS) in Q3 2025?

Miami–Fort Lauderdale–West Palm Beach led with 8.4% of international views.

How much pricier were homes viewed by international shoppers vs domestic on Realtor.com (NWS) in Q3 2025?

The median home viewed by international shoppers was 29.8% pricier than homes viewed by domestic shoppers in the top 20 markets.

Did international interest in luxury U.S. homes increase or cool in Q3 2025 on Realtor.com (NWS)?

Luxury demand cooled: median international-viewed prices fell 5.2% year-over-year, narrowing the price gap with domestic views.

What factors did Realtor.com (NWS) cite as influencing international buyer demand in Q3 2025?

The report cites currency volatility, trade tensions (including recent tariffs) and proposed visa policy changes as influences on demand.