Texas is the 3rd hottest state for international homebuyers, new report shows

international homebuying report

Photo by LeeAnn Cline on Unsplash

The trend of international buyers purchasing homes in Texas shows no signs of slowing down, as revealed in the latest Texas International Homebuyers Report.

Released September 6 by Texas Realtors, the report shows that the Lone Star State remains the No. 3 hottest U.S. destination for international homebuyers. Texas ranks behind Florida and California for the fourth consecutive year.

From April 2022 to March 2023, 9,900 Texas homes were purchased by buyers from outside the U.S. These homes make up 11.7 percent of the total number of Texas Realtors sales transactions.

For comparison, Florida (No. 1) accounted for 23 percent of purchases, with California (No. 2) at 12.2 percent.

"Texas has long been one of the most popular states for international buyers," said 2023 Chairman of the Texas Realtors Marcus Phipps in a release. "Our strong economy, diverse population and high quality of life make the Lone Star State an attractive destination."

International buyers spent $4.3 billion on these Texas homes during the time period, the report says. Nearly half (49 percent) of buyers avoided the need for a mortgage by paying for their homes in all-cash.

In all, 84,600 international buyers bought property in the U.S. between April 2022 to March 2023, down from 98,600 buyers in last year's report.

The report further states that the median home price for international buyers is slightly lower than the overall Texas median: $320,800 versus $342,000. However, the average purchase price for international buyers was significantly higher, at $446,100.

In a breakdown of the foreign buyers, over half (51 percent) bought a primary residence in Texas. Mexico made up 41 percent of the top buyers, followed by China (8 percent) and India (7 percent). Nigeria and Venezuela accounted for five percent each within the top foreign buyers.

Photo courtesy of City of McKinney

North Dallas neighbor takes new title as No. 1 U.S. housing market, report says

Real estate report

When it comes to places to buy a house, you can't do any better than McKinney. So says WalletHub's highly anticipated 2023 report on the best real estate markets in the U.S.

The new study by the personal finance website, released August 22, names McKinney the No. 1 most attractive real estate market in the country. It's followed closely by No. 2-ranked Frisco.

Dallas-Fort Worth housing markets have dominated WalletHub's report throughout the years, showing resilience as other markets rise and fall. McKinney and Frisco have been in the top five since 2021, but the 2023 report is the first time McKinney has dethroned Frisco from the No. 1 spot, after ranking No. 3 in WalletHub's 2022 edition and No. 4 in 2021.

With a great housing market come new businesses. It's no wonder that hot new restaurants, coffee shops, and other attractions are opening in McKinney or choosing the city for new locations.

July 2023 data from Realtor.com shows median home prices in McKinney have fallen 2.8 percent year-over-year to $550,000, with homes selling for an average 2.03 percent less than their asking price. Homes are spending an average of 30 days on the market, another indicator that buyers are willing to hold out for that perfect home for the right price.

Potential owners should attempt to buy their home soon while sellers are more willing to negotiate on housing prices in the wake of higher interest rates, according to Kelly Snider, an urban regional planning professor at San Jose State University.

"More important for the housing market is that brokers and agents pay attention to what buyers want and spend less time listening to what sellers 'expect' or "deserve,'" Snider said in the report. "It is becoming a buyers' market, and 2024 should be good for people looking to buy a house."

Two additional Dallas-Fort Worth cities, Denton (No. 4) and Allen (No. 6), earned top 10 spots for the second year in a row. Denton moved up four spots from No. 8 in 2022, while Allen fell four spots from No. 2.

Other Dallas-Fort Worth area cities that earned spots in the report include:

No. 22 – Fort Worth
No. 24 – Plano
No. 28 – Richardson
No. 36 – Irving
No. 42 – Carrollton
No. 43 – Dallas
No. 53 – Grand Prairie
No. 70 – Garland
No. 84 – Arlington
No. 120 – Mesquite

The study analyzed 300 U.S. cities across 17 metrics in two categories to determine the best real estate markets. Datapoints include median home price appreciation, ratio between rent to sale prices, housing affordability, job and population growth, and more.

The full report can be found on wallethub.com.

Photo by Sean Pavone/iStock

Dallas deemed the No. 8 U.S. housing market for growth and stability in 2023

HOUSING MARKET REPORT

Despite concerns about housing prices and availability in the state, a new study deemed six major Texas metropolitan areas some of the best housing markets in the nation for their growth and stability. And Dallas took the No. 8 spot.

In SmartAsset’s 2023 report, Dallas-Plano-Irving earned its eighth best housing market ranking due to its massive 213 percent home price increase since 1998. Dallas ranked seventh in the same report last year.

The report looked at home value data from 400 nationwide metro areas between 1998 and 2022. Overall, home prices have grown an average of 154 percent since 1998.

Considering Dallas is the third largest city in the state based on its population, the housing market’s skyrocketing growth was inevitable. Plano was recently named one of the best suburbs to buy a house in. The area is also home to some of the nation's best large employers.

Interestingly, the neighboring Fort Worth-Arlington-Grapevine market ranked No. 14 in the SmartAsset study. Home prices there have shot up 202 percent since 1998, the study says. It ranked 15th in last year's survey.

Five other Texas metro areas earned spots in the top 10 best housing markets, making it pretty clear why the Lone Star State has the sixth highest property tax rate in the U.S.

Austin-Round Rock earned the No. 1 spot with an eye-popping 354 percent growth rate, which is vastly greater than any other area in the country.

Two West Texas markets, Midland and Odessa, ranked No. 2 and No. 7, respectively, with similar growth rates of 256 percent and 226 percent.

Home prices in San Antonio-New Braunfels have tripled since 1998, a 204 percent increase, earning them the No. 9 spot. Houston-The Woodlands-Sugar Land rounded out the top 10 with a 204 percent growth rate.

The top 10 best housing markets for growth and stability are:

No. 1 – Austin-Round Rock
No. 2 – Midland, Texas
No. 3 – Boulder, Colorado
No. 4 – Fort Collins, Colorado
No. 5 – Kennewick-Richland, Washington
No. 6 – Rapid City, South Dakota
No. 7 – Odessa, Texas
No. 8 – Dallas-Plano-Irving
No. 9 – San Antonio-New Braunfels
No. 10 – Houston-The Woodlands-Sugar Land

Other Texas housing markets that earned spots in the report include Waco (No. 13), San Angelo (No. 15), College Station-Bryan (No. 18), Sherman-Denison (No. 19), and Abilene (No. 20).

In a similar analysis of the worst housing markets for growth and stability, 13 out of 20 on the list are located in Michigan and Ohio. No Texas cities appear on the list.

The full report can be found on smartasset.com.

Ad Placement 300x100

Ad Placement 300x600

CultureMap Emails are Awesome

Property Showcase

Prominent Hill Country winery cracks open new tasting room in Fredericksburg

Winery news

One of the most prominent names in Hill Country wines has uncorked a new tasting room in Fredericksburg. On September 22, Grape Creek Vineyard’s owners, Brian and Jennifer Heath, cut the ribbon to their latest property, Invention Vineyards, at 4222 S. State Hwy. 16.

Heath Family Brands has used the name for some time, first as a vintage from the Grape Creek portfolio. A 2022 purchase of Slate Mill Wine Collective cleared the way for Invention to be born as its own estate label.

Under longtime winemaker Jason Eglert, Invention crafts mostly Texas blends. The line also includes several single-varietal wines, focusing on Old World grapes like Tempranillo, Mourvèdre, and Viognier.

The property echoes that approach. The tasting room is on the former 35-acre site of Pioneer Flour Mills founder Carl Hilmar Guenther’s original mill. The entrepreneur did business in Fredericksburg for eight years before volatile weather conditions prompted a move to San Antonio.

A handful of Guenther’s original stone buildings still stand near the entry to Invention, but new construction houses the brand’s tasting room and state-of-the-art production facility. Nodding to the original structures, the rustic-industrial facility utilizes weathered brick and a corrugated roof.

Though the business has been open during the build-out, the grand opening marked the first opportunity for guests to see the completed compound.

For hours, memberships, tastings, and more, visit the website.

Cidercade cider and games venue opens mega-facility in heart of Arlington

Cider News

Cider and games are coming to Arlington with the opening of Cidercade, a new entertainment venue opening at 500 E. Division St. in the heart of Arlington on September 29.

Cidercade has hundreds of arcade games, shuffleboard, pool tables, and more, all available for playing with a single admission fee, as well as dozens of drinks on tap. It's all ages during the day then turns 21+ at 8 pm.

Arlington is the fifth location in Texas, following existing Cidercades in Dallas, Fort Worth, Austin, and Houston, and is the largest yet with a huge space spanning 25,000-plus square feet.

It houses more than 300 retro and modern arcade games, pool tables, ping pong tables, shuffleboard courts (a Cidercade first), party rooms, and event spaces for groups of all sizes.

In a statement, co-founder and CEO Joel Malone says that with Arlington's reputation as an entertainment destination, he knew they had to build "something awesome."

"Cidercade Arlington is not only our largest location yet, but it includes a much larger variety of games and experiences," he says.

Cidercade customers pay an admission fee of $12 and get unlimited play on all the games and activities once inside. Cidercade also offers a $20 monthly membership that includes unlimited admissions as well as discounts on drinks and merch.

Beyond the games, multiple bars serve a big lineup of adult beverages on tap, all made by Bishop Cider, and soft drinks from soda machines with unlimited refills.

Customers are allowed to bring their own food or have it delivered from nearby restaurants.

In addition to the Arlington expansion, Bishop is also relocating the Dallas Cidercade to a new site near Love Field Airport, where it will be expanded dramatically to 79,000 square feet, nearly 10 times larger. It will feature concepts, games, and activities that aren’t offered anywhere else in Texas, and will open in 2024. The current location will remain open until then.

Malone and and his wife and partner Laura Malone initially founded Bishop Cider as a quaint 704-square-foot cider bar a decade ago. The company has since grown into a leader in beverage manufacturing and beverage experiences comprising four brands:

TexBev, a co-packer for carbonated soft drinks, juice, energy drinks, wine, beer, and RTDs.
Cidercade, the cider and game venue
Bishop Cider, the hard cider company
Wild Acre Brewing, a brewery and beer garden venue in Fort Worth that produces seasonal brews and year-round core beers like Texas Blonde, Juice Slinger IPA, and Sundance Wheat.

Dallas can now rent pickleball and tennis courts in people's backyards

PLAY BALL

Dallas-Fort Worth pickleball and tennis lovers can now play on courts that were previously inaccessible: in people's backyards.

The service is from Swimply, the online provider that has previously let homeowners rent out their private pools by the hour. They've now expanded their services to include courts.

Swimply says in a release that other backyard spaces for rent were the "logical next step" -- especially given the popularity of pickleball.

"Pickleball is a phenomenon and there aren't enough courts to meet demand," the release says."Tennis, likewise, has historically been an exclusive leisure activity where people pay upwards of $100 an hour at private clubs for court time."

In addition to tennis and pickleball, basketball courts will also be listed for rent on the site, beginning at $25 an hour. There are currently nine pickleball courts for rent in the DFW area and one tennis court, spanning from Allen to Aubrey to Mansfield to McKinney. (The DFW service has just started and will surely amass more options.)

These join 200 spaces in Austin, and 300-plus available across markets in Houston, New York, and Los Angeles.

Swimply founder and CEO Bunim Laskin says this new launch is a "game changer" for communities whose members want greater accessibility to recreational spaces.

"We're excited to offer this new opportunity for families and friends to have fun, exercise, and connect with each other in a safe, affordable, and convenient way," Laskin says. "Our mission has always been about democratizing access to exclusive spaces and creating positive social impact, and we believe that court rentals are a natural extension of that vision."

It won't stop there: Swimply is looking into expanding their recreational offerings to include backyards for events, music studios, and more.

View All Listings