Homes bought in 2024 were the oldest on record
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The median U.S. home bought last year was 36 years old — the oldest since at least 2012, per Redfin records.
Why it matters: A major construction slowdown "has fast-tracked the aging of America's housing stock," the real estate site reports.
By the numbers: In 2024, roughly 55% of homes sold were 30 years old or older, while 17% were under five years old.
Reality check: It's not that most buyers want older houses, which often come with dated infrastructure and higher upkeep. The U.S. hasn't built enough new ones, experts say.
- Just 9% of homes were built in the 2010s, after the global financial crisis — the smallest share for any decade since the 1940s, per Redfin.
The big picture: The number of homes built this decade is projected to remain historically low, even after construction picked up during the pandemic, particularly in the Sun Belt and Mountain West regions.
Zoom in: The median age of homes sold in 2024 hit 69 in Buffalo, New York, the oldest among the metros analyzed.
- In Provo, Utah, it was six.
What's next: Older homes are usually cheaper, though research shows the discount is shrinking as builders offer lower prices and other perks.
- New builds have been costing less per square foot than existing houses in a dozen major metros, according to Zillow.
