AUSTIN, Texas — International homebuyers infused $634 million into the Austin-area housing market from April 2020 to March 2021, according to the Austin Board of Realtors' (ABoR) 2021 Central Texas International Homebuyers Report. That amount is $200 million lower than the same period the year prior due to the impacts of the COVID-19 pandemic.
ABoR said even though the local housing market hit historical highs in both sales volume and median price over the past year, international home buying and selling activity slowed due to international travel restrictions and economic uncertainty.
"Over the last year, international buyers showed a preference for townhouses and condominiums for use as investment or vacation properties. The bottom line is that Austin continues to attract people from all over the world, and we welcome them to our community whether they are looking to relocate or invest," said Susan Horton, ABoR's 2021 president.
The $634 million from international buyers represented 3% of all residential sales dollar volume in the Austin-Round Rock area from April 2020 to March 2021. The median home price among those buyers was $428,100, notably higher than the Austin-Round Rock median price during the survey period ($320,000).
The report states that a majority of the foreign-born Central Texas buyers originated from Mexico (14%), China (14%), Canada (6%), India (6%) and Armenia (5%).
The report also shows that 14% of international buyers in Central Texas utilized mortgage financing from their home countries. The reasons most often cited for not completing a purchase in the U.S. were the pandemic, the cost of the property, a lack of inventory and immigration laws.
"With the added job creation by major corporations such as Tesla, Amazon and Apple, Austin’s reputation as a global leader in tech innovation will only continue to grow," Horton said. "The number of Central Texas REALTORS® who specialize in international real estate is growing equally as rapidly, and it will be exciting to see Austin’s impact on the international housing market as the world begins to open up again."
For additional in-depth analysis and more international homebuyer statistics, read ABoR's full report.
PEOPLE ARE ALSO READING: