Mexico Surpasses India as Top Country of Origin for International Homebuyers in Central Texas
AUSTIN, Texas — According to the latest 2024 Central Texas International Homebuyers Report by Unlock MLS, international homebuyers have significantly impacted the local economy, contributing an impressive $618 million from April 2023 to March 2024.
This figure accounts for 3% of all residential sales in the Austin-Round Rock-San Marcos metropolitan area, with closed sales increasing by 2% compared to the previous year, totaling 1,020 transactions. The median home price also saw a slight rise of 0.8%, now standing at $577,778.
Key Market Drivers
Kent Redding, president of the Austin Board of REALTORS® (ABoR), noted that over the past decade, one in six new residents in the Austin area has relocated from abroad. He emphasized the region's strong economy, welcoming business environment, and high quality of life as key factors attracting international interest.
Shifting Demographics
In an interesting shift, Mexico has emerged as the leading country of origin for international homebuyers, accounting for 20% of buyers, while India follows closely at 17%. Other notable contributors include:
- Canada (7%)
- China (5%)
- Brazil (5%)
Clare Knapp, Ph.D., a housing economist at Unlock MLS, pointed out that despite challenges such as inflation and high interest rates, interest in Central Texas remains robust due to high-skilled jobs and relative affordability compared to other global cities.
Geographic Preferences
In terms of where these buyers are settling, the distribution across Central Texas is as follows:
- Travis County: 40%
- Williamson County: 21%
- Hays County: 14%
- Bastrop and Caldwell Counties: 11% (combined)
Looking ahead, nearly half (49%) of survey respondents anticipate an increase in international transactions over the next year, suggesting that Central Texas will continue to be a prime destination for foreign investment.
For more insights, you can download the full 2024 Central Texas International Homebuyers Report.
Written by Better Broker, Texas Realty
Sarah White
Meet Sarah White, a proud Californian with a passion that extends far beyond the Golden State's borders. While her journey began in the hospitality industry, where she refined her leadership skills an....
