On July 27, the National Association of REALTORS® released it’s 2018 Profile of International Activity in U.S Residential Real Estate.
The report found that foreign buyers purchased $121.0 billion of residential property from April 2017—March 2018, which was a decrease from $153 billion during the previous 12-month period (April 2016—March 2017).
Foreign buyers did continue to purchase properties at a higher price point compared with all existing home buyers: among existing home buyers, the average price was $290,600 and the median price was $249,300.
The total dollar volume of sales for the top 5 countries (listed below) is as follows:
Ohio held 3% of the overall share of foreign buyers, meaning that Ohio saw approximately $3.6B in residential real estate purchased by foreign buyers from April 2017-March 2018.
Two of those five countries allocated some of their largest spending percentages to the buckeye state:
- Buyers from India purchased $504m (7% of their overall spending) in Ohio residential real estate from April 2017- March 2018
- Buyers from the United Kingdom purchased $803m (11% of their overall spending) in Ohio residential real estate from April 2017- March 2018
In 2016, Dayton REALTORS® launched the Southern Ohio Global Alliance as an Association initiative to educate Association members about working with global clients here in the Miami Valley and abroad by establishing educational programs on the specifics of working with international clients. Dayton REALTORS® is making plans to host the NAR CIPS (Certified International Property Specialist) designation in the 4th quarter for its members and others across the region. To learn more about the global alliance, visit www.dabr.com/global.
“Real estate is now a global business,” said Dayton REALTORS® 2018 President Bob Morrison. “I am excited that our Association is leading the way in preparing our members to work with international clients. We’re also very proud to be involved with our local and state economic development operations as they bring jobs to our region.”
To read the full National Association of REALTORS® report, see the embed below.