by Foreign interest in the U.S. housing market is rebounding—and Chinese nationals are leading the charge, according to a new report by the National Association of Realtors (NAR).
From April 2024 to March 2025, foreign buyers poured $56 billion into U.S. residential real estate, with Chinese buyers accounting for $13.7 billion of that total—an 83% increase from the $7.5 billion they spent the previous year. Chinese buyers were responsible for purchasing 11,700 existing homes, making up 15% of all foreign transactions.
Why the Sudden Surge?
According to Matt Christopherson, Director of Business and Consumer Research at NAR, the surge in activity is tied to ongoing instability in China’s real estate market.
“The Chinese housing market has been slow to recover following the pandemic, so Chinese buyers see a beneficial opportunity in diversifying their investment portfolios with exposure to stronger U.S. markets,” Christopherson told Newsweek.
California Tops the List for Chinese Buyers
While Florida remains the overall favorite among foreign homebuyers, Chinese nationals overwhelmingly prefer California, with 36% of their U.S. home purchases made in the Golden State.
Other popular destinations for Chinese buyers include:
- Maryland and New York (9% each)
- Hawaii (5%)
- Georgia, Idaho, Louisiana, North Carolina, Washington (4% each)
- Arizona, Delaware, and Florida (3% each)
Christopherson noted that proximity to China, cultural communities, and investment potential through rental demand make California particularly attractive. He also highlighted that Maryland’s popularity, especially in the D.C. metro area, is likely due to a high percentage of resident Chinese buyers looking for primary residences.
“Given that the majority of Chinese buyers (57%) are resident buyers… these buyers are likely wishing to live in the D.C. or greater DMV area,” Christopherson said.
What’s Next?
The data precedes the latest trade tensions between the U.S. and China, so it remains unclear how current diplomatic and economic disputes may impact future international real estate activity.
Still, with foreign investment returning to pre-pandemic levels, the U.S. housing market may continue to see strong international demand, particularly from buyers seeking stability, investment growth, and long-term residence options.
