A new Realtor.com® report reveals how global buyer demand is shifting across the US market
A new Realtor.com report shows international home shopping demand in the United States is growing but increasingly concentrated, with Sun Belt markets capturing the bulk of global attention while Los Angeles continues to lose its once-unassailable lure.
In the first quarter of 2026, international home shoppers accounted for 1.6% of online shopping demand on Realtor.com, up from 1.2% in the first quarter of 2020.
Miami held its place as the top US destination for international buyers, drawing 10.3% of all international online views.
Sun Belt ascendant as Los Angeles loses global standing
The seismic shift in global buyer preferences is nowhere more apparent than in California's largest market.
Los Angeles, historically a magnet for wealthy international buyers, has seen its share of international online views fall from 7.9% in Q1 2020 to 4.6% in Q1 2026 . That's a six-year slide that shows no sign of reversing.
Danielle Hale, chief economist at Realtor.com, attributed the decline to structural factors that are reshaping the calculus for high-net-worth international buyers.
"Skyrocketing insurance costs from wildfires, and California's high tax burden, have made ownership increasingly punishing for wealthy international buyers," Hale said.
"As high-net-worth residents relocate to Miami and Dallas, the social networks that once made Los Angeles a must-own address are thinning – and global interest follows. Sun Belt markets now offer a compelling combination of affordability, growth, and lower taxes that Los Angeles simply can't match."
Read more: Home insurance costs have doubled since 2019 — is relief coming?
Dallas, Texas has been among the clearest beneficiaries of LA's decline. North American interest in Dallas grew from 1.6% of international demand in 2020 to 2.7% in 2026, while Oceania's share climbed from 3.0% to 4.2%, and South American interest rose from 1.5% to 2.3%.
The trend aligns with broader domestic reshuffling documented by housing analysts. A Zillow analysis earlier this year identified Miami and Tampa among the top ten most buyer-friendly US markets in 2026, a designation that is clearly resonating with buyers beyond American borders as well.
Miami's own gains are not limited to one region. European buyers have increased their interest in the city, with their share rising from 6.9% to 8.0%, while Asian buyers have shifted attention toward New York, where their demand climbed from 6.2% to 6.6%.
The data points to a US market increasingly bifurcated between globally competitive Sun Belt metros and legacy coastal cities that are losing ground.
Canadian buyers cautiously return, but tariff damage lingers
The most politically charged finding in Realtor.com's report concerns Canada.
One year after sweeping US tariffs on Canadian goods disrupted cross-border sentiment, the effects on housing demand are still measurable, and incomplete recovery remains the story.
Read more: Federal court strikes down Trump’s 10% global tariff — what it means for brokers
Canadian home shoppers remain the number one source of international demand on Realtor.com, accounting for 37.8% of international traffic in Q1 2026.
But Canadian interest plunged from 41.8% in Q1 2024 to 34.8% in Q1 2025 in the immediate aftermath of tariffs. The partial rebound to 37.8% signals cautious re-engagement, but interest remains well below pre-tariff levels.
Jiayi Xu, economist at Realtor.com, noted the recovery is real but incomplete.
"The rebound in interest we're seeing in Sun Belt and Southwest metros reflects that the appeal of warm weather and relative affordability hasn't faded – but the full recovery of pre-tariff enthusiasm has yet to materialize," Xu said.
"These trends underscore how geopolitical and economic policy decisions can have lasting ripple effects on real estate demand, even across borders."
Canadian buyers showed the strongest preference for Florida and Arizona.
Cape Coral, Florida led all markets with 71.0% of its international demand coming from Canada, followed by Naples, Florida (70.9%), Phoenix (66.9%), North Port, Florida (66.2%), Tampa (58.8%), and Riverside, California (56.0%).
The same markets also recorded the steepest year-over-year gains in Canadian interest between 2025 and 2026, led by Cape Coral (+9.2 percentage points), Naples (+8.8 ppt), and Phoenix (+6.7 ppt).
Beyond Canada, Mexico ranked second in international demand at 6.4%, followed by the United Kingdom at 5.9%, Germany at 3.9%, and Australia at 3.0%.
Stay updated with the freshest mortgage news. Get exclusive interviews, breaking news, and industry events in your inbox, and always be the first to know by subscribing to our FREE daily newsletter.
