International buyers purchased more than 78,000 existing US homes
International buyers purchased $56 billion worth of existing homes in the United States between April 2024 and March 2025, according to the National Association of Realtors. The figure, which amounted to about 78,100 residential properties — 1.9% of existing home sales during the period — was a 33.2% increase from the prior 12-month slice and the first year-over-year increase since 2017.
Based on a survey of 15,000 randomly selected NAR members, which garnered nearly 6,800 responses, the study found that 56% of these international buyers lived in the U.S. and that 47% paid all cash, almost double the 28% of all existing homebuyers paying cash. These international buyers often spent more on these homes — with foreign buyers spending a median $494,400 compared to a median $408,500 for all existing homes — and were more likely to purchase the properties for use as a vacation home or rental.
Florida continued a 15-year streak of attracting the greatest number of foreign buyers, most of whom came from Latin America and Canada. Despite that, the biggest segment of foreign buyers came from China (15% spending a collective $13.7 billion) and Canada (14% spending a total $6.2 billion).
For single-family detached homes, lots are getting pricier
Median lot sizes might be shrinking across the United States, but they’re also getting pricier, according to U.S. Census data analyzed by the National Association of Homebuilders. The national median value of lots for detached, single-family homes hit $60,000 in 2024, a total the group said outpaced the nation’s inflation. That increase was still lower than the record levels measured between 2005 and 2006.
But as median lot values expand, their actual size is contracting, the NAHB explained. “The fact that lot values continue to appreciate as their sizes shrink reflects ongoing challenges builders face in obtaining lots,” the report said.
Of course, the median lot value isn’t uniform across the U.S. West Coast lots are often the priciest, hitting a median value of $152,000 in 2024, and lots in the central Southeast are generally cheaper, clocking in at a median $48,000.
These are the most expensive cities for construction in the US — and the world
Building in the United States isn’t cheap; in fact, the country has some of the most expensive construction sites in the world. According to a report from Turner & Townsend, a professional services manager in the United Kingdom, New York City is the priciest place to build, boasting an average construction cost of $5,744 per square meter. Four other U.S. cities appeared in the top 10 list, with San Francisco taking second place with an average building cost of $5,504 per square meter, Los Angeles ranking sixth at $4,786 per square meter, Chicago seventh at $4,695 and Philadelphia ninth at $4,604.
Some of these costs stem from a construction labor shortage plaguing the U.S., the study stated, with 87% of North American construction markets reporting a dearth of mechanical, engineering and plumbing specialists.