The following information is provided by the Center for REALTOR® Development (CRD).
If you’re already involved in global real estate, here’s reason to celebrate: Foreign investment in residential U.S. real estate has skyrocketed up to $153 billion, according to the 2017 Profile of International Activity in U.S. Residential Real Estate. The new survey high indicates that despite political and economic uncertainty both here and abroad, the United States is still a safe and secure place to live, work and invest. While China is still the top buyer of U.S. residential real estate, Canada accounted for the most growth in the past year, from $8.9 billion in 2016 to $19 billion in 2017. Key takeaways from the report:
- Sales Dollar Volume:$153.0 billion – up 49 percent from 2016 ($102.6 billion); all-time survey high (since 2009)
- Total Transactions:284,455 – up 32 percent from 2016 (208,947)
- Top Countries: China ($31.7 billion), Canada ($19.0 billion), U.K. ($9.5 billion), Mexico ($9.3 billion), India ($7.8 billion) – all five countries saw increases from the 2016 survey
- Median Sales Price:$302,290 – up 9.0 percent from 2016 ($277,389); 28 percent higher than U.S. national median price of $277,389; approximately 10 percent of all buyers paid over $1 million; 44 percent paid all cash (50 percent in 2016)
- Top States:Florida (22 percent), California (12 percent), Texas (12 percent), New Jersey and Arizona (4 percent)
- International Clients: Twenty-nine percent of REALTORS® worked with international clients (31 percent in 2016) – referrals/personal or business contacts accounted for 64 percent of international client business
Read the full report, press release and infographic. (NAR member login required.)
To learn much more about expanding your business internationally, consider taking one of the six individual international courses or six bundles on our platform developed by the Global Business and Alliances division of NAR. All of these online products can be used towards earning NAR’s Certified International Property Specialist (CIPS) designation. This entire month of August, all CIPS courses and bundles are 25% off at the Center for REALTOR® Development.
Cindy Fauth (CIPS, e-PRO®) is director of Global Marketing & Communications for the National Association of REALTORS® Commercial & Global Services division. She joined NAR in September 2009, and lends her expertise to the promotion and growth of the Certified International Property Specialist (CIPS) designation, At Home With Diversity certification, and International REALTOR® membership, along with the many other programs NAR Commercial & Global Services offers.
A version of this article originally appeared on NAR’s The Global View blog.
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