AUSTIN, TX — International demand for U.S. real estate slipped slightly in the third quarter of 2025, led by a continued decline in interest from Canadian buyers, according to Realtor.com’s latest International Demand report. While cross-border searches have cooled, Canada remains the top source of international home shopping traffic to the U.S.
International shoppers accounted for 1.5% of total U.S. home search traffic during the quarter, down from 1.6% a year earlier but still above pre-pandemic levels. Realtor.com Chief Economist Danielle Hale said global economic conditions are tempering activity but not erasing interest. “Global economic uncertainty, policy shifts, and the resulting exchange rate fluctuations are creating mixed conditions for international buyers,” Hale explained. “Still, interest remains above pre-pandemic levels, reflecting ongoing engagement from global home shoppers in key U.S. markets.”
Canada’s share of international online home shopping fell from 36.6% in the third quarter of 2024 to 32.1% this year — its lowest in several years. Analysts note that recent U.S. tariffs on Canadian goods and currency volatility may be discouraging some buyers. Yet Canadian shoppers continue to dominate searches in several metros, particularly Cape Coral, Phoenix, and North Port, where they make up more than half of all international traffic.
The U.K., Mexico, Germany, and Australia followed Canada as the next largest sources of U.S. real estate interest.
International buyers continued to favor high-end properties, though the appetite for luxury homes showed signs of cooling. The median home viewed by international shoppers was nearly 30% more expensive than those viewed by U.S. buyers, down from an average premium of 34% between 2022 and 2024. Prices of homes viewed by international users fell 5.2% year over year, compared to a 1.7% drop for domestic shoppers — a sign that even affluent buyers are recalibrating in response to global market pressures.
Miami remained the top destination for international home shoppers, capturing 8.4% of all U.S. views, followed by New York (5.6%) and Los Angeles (4.8%). Orlando and Dallas rounded out the top five.
Looking ahead, Realtor.com Senior Economist Jiayi Xu said immigration and visa policies could reshape where international interest flows next. “Proposed ‘gold’ and ‘platinum visa’ programs may draw more high-net-worth buyers to luxury markets, while restrictions on H-1B visas could weigh on demand in innovation-driven metros such as Austin and San Jose,” Xu noted.
Despite the slowdown, international attention remains well above pre-2019 levels, underscoring the enduring appeal of U.S. real estate to foreign buyers seeking stability, opportunity, and long-term value.
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