Chinese were the top foreign buyers of US real estate last year


Chinese buying US homes

Last year, Chinese buyers spent more than US$6 billion on US homes.   This is based on the latest report of the National Association of Realtors. Below are the key points:

- On average, a Chinese buys a home in the US with a purchase price of US$1 mm. This is more than double the average purchase price of an American buyer (which is around US$ 430,000). 

- A third of all purchases made by Chinese were done in California.

- All foreigners combined spent a total of US$59 billion on US real estate - this equals to almost 100,000 homes

- Of all the home purchases that foreigners made last year, 44% were done in all-cash. Of all purchases done by Chinese buyers, 60% were all-cash deals

It is projected that more foreigners will buy US homes this year, with Chinese continuing to be the number one foreign buyer. NAR Chief Economist Lawrence Yun says: “Foreign buyers are likely to step up purchases, as those making all-cash offers will be immune from changes in interest rates.” He added: “In addition, international flights have increased in recent months with the lifting of pandemic-related travel restrictions.”

Read all the details on Chinese and foreigners buying real estate in the US here.

In the Media

South China Morning Post
Shanghai Times
Shanghai Office
Capital Weekly
The New York Times
Financial Times