The typical home sold during 2024 was 36 years old, according to a new report from Redfin (NASDAQ: RDFN). This marked a new record for the average age of sold homes, and it was also nine years older than the median age of homes purchased in 2012. Condominiums being sold are the oldest properties, with a median 38 years in 2024 – up from 26 years in 2012.
Redfin defined newer homes as less than five years old and older homes as being more than 30 years old. In some areas, the situation is more pronounced. The most extreme case was in Buffalo, New York, where typical home sold last year was 69 years old – only 2.6% of bought homes in Buffalo were less than five years old. At the other end of the extreme spectrum, the typical home that sold last year in Provo, Utah, was only six years old.
The new report called attention to how the slowing of new construction over the past 15 years, resulting in a greater number of older homes. Only 9% of US homes were built in the 2010s, the lowest share of any decade since the 1940s – but at that time, World War II put a halt to construction.
On the flip side, older homes are generally cheaper than new homes, with the typical 30-plus-year-old home selling for 15% less than the median price of all homes. The typical price paid for a home that was less than five years old in 2024 was $425,000, 31.6% more than the $323,000 paid for home that is 30 or more years old. In comparison, buyers back in 2012 paid 77.9% more for a newer home ($243,730 vs. $137,000).
“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. “Without more construction, buyers are forced to choose from a pool of aging properties that present a new set of financial challenges, especially for those trying to save enough money to climb onto the property ladder. Older homes have aging systems, energy inefficiencies, and a steady stream of maintenance costs that can quickly add up after move-in.”
