The median price of a U.S. home rose 1% to a record $447,035 in June 2025, impacting affordability for many Americans. However, a new report from Redfin, a real estate brokerage powered by Rocket Companies, indicates that international buyers utilizing Russian, Japanese, or European currencies are finding the typical home costing 5% to 10% less than it did a year ago, attributed to a weaker U.S. dollar.
Among the foreign currencies examined by Redfin, the Russian ruble exhibited the most significant strengthening against the U.S. dollar over the past year. While U.S. home prices increased by 1%, the equivalent price in rubles decreased by 9.6%. Buyers using Swiss francs or Swedish krona also saw effective price reductions of 8% due to stronger exchange rates. Additional savings were recorded for buyers using Japanese yen (-7.6%), euros (-5.6%), or British pounds (-5.3%).
Conversely, not all currencies benefited. U.S. homes became more expensive for buyers from the top four countries of origin for America’s foreign homebuyers: China (+0.1% in yuan), Canada (+0.9% in dollar), Mexico (+5.7% in peso), and India (+4% in rupee). This trend is largely due to these countries’ close economic ties to the U.S.
The U.S. dollar weakened over 10% in the first six months of 2025 against several currencies from major trading partners, marking its poorest start to a year in over four decades. Economists have cited various factors for the dollar’s depreciation, including President Trump’s tariff policies, U.S. government debt levels, and the potential early nomination of a new Federal Reserve chair.
For foreign buyers, particularly those who are significantly more likely to pay cash for homes, this currency shift offers an advantage. While foreign buyers financing a home purchase with a U.S. mortgage might encounter slightly higher rates than domestic buyers, the elevated mortgage rates and high prices that are sideline many domestic homebuyers position foreign buyers to benefit from a real estate market that is showing signs of turning in favor of buyers. The National Association of Realtors noted an increase in foreign purchases of existing homes in the 12 months between April 2024 and March 2025, though levels remained below those seen in the 2010s.
Chen Zhao, Redfin’s head of economic research, stated, “Some foreign buyers may be considering stepping back into the market now because their currencies have gained ground against the dollar. Their money simply goes further than it did a year ago. It’s like getting a discount that domestic buyers can’t access.”
The potential foreign currency discounts vary across different U.S. regions, influenced by localized year-over-year price growth. The largest potential savings for foreign currency buyers are in Oakland, CA, West Palm Beach, FL, Jacksonville, FL, San Diego, CA, and Atlanta, GA, as these metropolitan areas experienced the most significant year-over-year home price declines in June. Conversely, the smallest potential savings are in metros where prices grew most over the past year: Newark, NJ, Detroit, MI, Cleveland, OH, Pittsburgh, PA, and Nassau County, NY.
