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

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

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

SOURCE Realtor.com