South Florida, California, Texas, New York, and Arizona All Stand To Gain From the Uptick in International Interest in U.S. Real Estate

The old saying about real estate being about “location, location, location” usually applies to a home’s proximity to amenities. Yet for wealthy foreign buyers, the calculus has shifted toward how much more their currency now commands on U.S. soil.

Indeed, after a long period in which a powerful dollar priced out many overseas purchasers, recent money moves are giving buyers across the world something they haven’t had in a while: a currency advantage.

The euro, pound, Canadian dollar, Japanese yen, and Indian rupee all gained ground against the U.S. dollar from October 2024 to October 2025, according to one-year comparative currency data provided by the Dow Jones Market Data team.

Foreign buyers seemingly pounced on their currency’s uptick. Between April 2024 and March 2025, global home seekers purchased $56 billion worth of U.S. existing homes, according to the National Association of Realtors International Transactions Report. That figure represents a 33.2% increase from the prior year and the largest jump in international activity since before the pandemic.

No doubt the dollar’s slide against several major currencies has played a role in this surge of foreign activity, opening a favorable window for high-net-worth overseas buyers that translates into real savings at the top end of the market. 

“When a currency moves in a foreign buyer’s favor, it’s like the seller quietly cut the price without ever changing the list number,” said Josh Cosenza, an agent at South Florida’s Serhant. As a result, Cosenza noted that foreign buyers didn’t simply come back to the U.S. housing market; “they roared back, which led to bigger budgets, and a much shorter fuse and faster decision-making process,” he added.

At luxury price points, the math reinforces the momentum.

As Ugo Colombo, CEO of CMC Group, a co-developer of Four Seasons Private Residences in Coconut Grove, Florida put it: “Small swings translate into six-figure savings.”

Currencies That Reclaimed an Advantage

The euro has emerged as one of the strongest winners against the U.S. dollar over the past year.

Indeed, the euro strengthened roughly 7.48% against the dollar according to the Dow Jones data analysis. For buyers in everywhere from France to Italy, that equals a substantial increase in purchasing power. A penthouse in New York or a beachfront property in California became 7% to 8% cheaper in euro terms over the course of the year.

“When you’re talking about $5 million to $20 million homes, a few percentage points in currency movement can function like an automatic discount,” said George Sarkis, CEO and partner of the Sarkis Team at Douglas Elliman in Boston.

The pound also gained approximately 2.85%, giving British buyers a smaller but still notable currency advantage.

“Many nationalities invest in U.S. real estate through good and bad economic times, seeing it as a long-term way to grow wealth,” said Yuval Golan, CEO of Waltz, a Miami-based real estate investment firm for foreign buyers. “However, the U.K. is a prime example of increased activity over the past year compared to years prior.”

Less dramatic but still consequential were improvements in the Canadian dollar, rupee and yen. The loonie climbed 1.22%, the rupee rose 4.15%, and the yen edged up 0.53%. While modest, each gain effectively expanded buyers’ bottom lines.

These buyers often fall into two distinct categories. 

“First are investors looking for appreciation and stability, buyers who hedge against uncertainty in their home countries and act quickly when currency shifts create opportunity,” said Peggy Olin, CEO of the Florida-based luxury real estate brokerage, OneWorld Properties. “The second segment consists of lifestyle buyers purchasing second or primary residences.”

U.S. Markets That Will Benefit From the Influx

The NAR report revealed that the total number of properties sold to foreign buyers between April 2024 and March 2025climbed to 78,100, up 44%, with nearly half of all foreign purchasers paying all cash. (The median foreign-buyer purchase price was $494,400, a record high.)

Yet, international capital rarely disperses evenly across the U.S. Instead, it concentrates in select metros defined by international recognition, liquidity and lifestyle appeal.

“South Florida, California, Texas, New York and Arizona are basically the ‘Big Five’ for global capital now,” Cosenza said. “When exchange rates tilt, those markets feel it first.” As for what attracts foreign investment, Cosenza pointed to “luxury waterfront and new development.”

The latest NAR figures underscore Cosenza’s observation.

Florida captured 21% of all foreign-buyer purchases over the past year, far more than any other state. The Miami metro and its surrounding coastal markets remain magnets for international capital.

Certain nationalities tend to be highly attuned to macroeconomic shifts, and when the currency advantage moves in their favor, they act quickly.

As a result, “Miami has rapidly become a preferred destination for British wealth,” Colombo said.

Those from across the pond also snapped up properties on the opposite U.S. coast, with California accounting for 15% of foreign purchases. 

“California saw an uptick from eurozone buyers who want lifestyle-driven purchases, Los Angeles, Malibu and Orange County, which became far more appealing when the euro strengthened,” Sarkis said.

Completing the “Big Five,” Texas and Arizona accounted for 10% and 5% of buyers, respectively, in the NAR report. Southwestern home buyers often seek value, lower taxes and new construction. Arizona remains popular among Canadians, who several agents noted tend to re-engage quickly when the Canadian dollar moves in their favor.

“International buyers have preferences for certain U.S. markets based upon cultural ties and vacation destinations,” Golan added. 

Indian buyers are becoming a more visible force in U.S. housing, accounting for roughly 6% of all foreign purchasers, according to NAR. Their purchases skew suburban and track closely with the broader foreign-buyer footprint, concentrating in states such as Texas, California, Florida, New York and Arizona, where job corridors and established communities continue to anchor demand.

“The bottom line is that currency shifts don’t change where international buyers shop, they change how boldly they shop,” said Reza Motalebpour, who advises international investors and mobile families on U.S. and global real estate purchases through Canadian firm INGWE Immigration. “A slightly softer dollar is often the difference between ‘wait and see’ and ‘close this month.’”

By Margaret Heidenry