Redfin Reports U.S. Home Prices Fall 5-10% From Last Year for Russian, Japanese and European Buyers as Dollar Weakens
'Some foreign buyers may be considering stepping back into the market now because their currencies have gained ground against the dollar'
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U.S. home prices are down nearly 10% in Russian rubles
Of the foreign currencies Redfin examined, the Russian ruble strengthened the most against the U.S. dollar over the past year: As U.S. home prices rose 1%, the equivalent price fell 9.6% in rubles.
Homebuyers using Swiss francs or Swedish krona saw prices fall 8%, thanks to stronger exchange rates against the U.S. dollar.
Buyers using Japanese yen (-7.6%), euros (-5.6%) or British pounds (-5.3%) recorded the next biggest potential price savings of the currencies analyzed.
Not all currencies have benefited from the weaker greenback, however, with several losing value, largely due to countries' close economic ties to the U.S.
U.S. homes became more expensive over the past year for buyers using the currencies from the top four countries where America's foreign homebuyers originate from: Chinese yuan (+0.1%), Canadian dollar (+0.9%), Mexican peso (+5.7%) and the Indian rupee (+4%).
The U.S. dollar has weakened in 2025 amid economic uncertainty
The U.S. dollar dropped more than 10% in the first six months of the year in comparison to a handful of currencies from America's largest trading partners—the worst start to a year in more than 40 years. Economists have cited President Trump's tariff policies, U.S. government debt and the potential early nomination of a new Federal Reserve chair among the reasons for the depressed dollar.
It's worth noting that foreign buyers who finance a home purchase with a U.S. mortgage may attract a slightly higher rate than domestic buyers. But with elevated mortgage rates and high prices keeping many domestic homebuyers on the sidelines, foreign buyers—who are significantly more likely to pay for homes in cash—are in a position to take advantage of a real estate market that is already turning in favor of buyers.
The National Association of Realtors say foreign purchases of existing homes increased in the 12 months between April 2024-March 2025, compared to the previous 12 months, but still lagged well behind the levels seen in the 2010s.
'Some foreign buyers may be considering stepping back into the market now because their currencies have gained ground against the dollar,' said Chen Zhao, Redfin's head of economic research. 'Their money simply goes further than it did a year ago. It's like getting a discount that domestic buyers can't access.'
Oakland offers biggest potential discount for buyers using foreign currencies
Potential foreign currency discounts are bigger (or smaller) in different parts of the country—due to differences in year-over-year price growth in local markets.
The biggest potential savings for buyers using foreign currencies are, in order: Oakland, CA, West Palm Beach, FL, Jacksonville, FL, San Diego and Atlanta. That's because those metro areas saw home prices fall the most year over year in June.
The five metros where prices grew the most over the past year—and therefore have the smallest potential savings in foreign currencies—are Newark, NJ, Detroit, Cleveland, Pittsburgh and Nassau County, NY.
To view the full report, including charts and full metro-level data, please visit:
About Redfin
Redfin is a technology-driven real estate company with the country's most-visited real estate brokerage website. As part of Rocket Companies (NYSE: RKT), Redfin is creating an integrated homeownership platform from search to close to make the dream of homeownership more affordable and accessible for everyone. Redfin's clients can see homes first with on-demand tours, easily apply for a home loan with Rocket Mortgage, and save thousands in fees while working with a top local agent.
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