(NewsNation) — People in the United States are deciding to buy older homes more than ever before, according to a new report.
Redfin.com says right now, the typical home bought in the U.S. hit a record age of 36 years in 2024, nine years older than the median age of homes purchased in 2012, Those numbers are resulting from the lack of new construction over the past 15 years, fast-tracking the aging of America’s housing stock.
Other factors contributing to why people are securing older homes are twofold: Lack of new supply and affordability. There have been fewer homes built in the past 20 years in comparison to earlier decades, especially on the East Coast and in the Rust Belt. Older homes have become a cheaper alternative than new homes. A typical 30-plus-year-old home sells for 15% less than the median price of all homes.
Since the global financial crisis upended the construction industry in 2008, only 9% of America’s homes were built in the 2010s. That marked the lowest share of any decade since the 1940s.
“America’s housing stock is getting older by the year, and it’s not because buyers prefer vintage homes — it’s because we haven’t built enough new ones,” said Redfin Senior Economist Sheharyar Bokhari.
The Metropolitan areas with the oldest homes bought in 2024 included Buffalo, New York; Pittsburgh, Pennsylvania; Syracuse, New York; Springfield, Massachusetts; and Cleveland, Ohio.
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