The Impact of Russia-Ukraine Tensions on the U.S. Housing Market
https://www.nar.realtor/blogs/economists-outlook/the-impact-of-russia-ukraine-tensions-on-the-u-s-housing-market
Highlights:
- Russia has little direct impact on the U.S. real estate market as it accounted for less than 1% (0.8%) of all foreign buyers who purchased U.S. residential property from April 2015 through March 2021, according to data from NAR's survey of foreign buyer transactions of its members (about 5,000 respondents).
- The top five destinations for Russian foreign buyers purchasing property were Florida (29%), Georgia (16%), New York (13%), California (8%), and Illinois (5%).
- The median purchase price among Russian buyers was $325,000, just slightly higher than the median purchase price among all U.S. foreign buyers of $303,200.
- However, the average purchase price among Russian buyers was $652,915, compared to $480,695 among all foreign buyers, suggesting there were more high-end Russian buyers.
- 41% of Russian foreign buyers who purchased residential property lived abroad, and the majority already lived in the U.S. as visa holders (e.g., for work, as diplomats, students) when they purchased the property. This is about the same share as all U.S. foreign buyers.
- Because a majority of Russian foreign buyers reside in the U.S., 54%, purchased the property for use as a primary residence, and only 36% purchased the property for vacation use or to rent out.
- Slightly more than half of Russian foreign buyer purchases were all-cash, and this is more likely of foreign buyers who lived abroad.
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