Cleveland has one of the nation's oldest housing stocks
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The median home bought in Cleveland in 2024 was 65 years old, according to a new Redfin report.
Why it matters: We've got one of the oldest housing stocks in the nation, with more than 80% of homes sold last year at least 30 years old.
The big picture: A major construction slowdown "has fast-tracked the aging of America's housing stock," per Redfin.
- The median U.S. home bought last year was 36 years old — the oldest since at least 2012.
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.
What they're saying: "We always take a close look at the plumbing and electrical systems, along with the concrete foundations and the roof," said Jerry Quade, a Redfin agent in Cleveland.
- "Most of the old homes in Cleveland have basements, so we also look for any signs of water intrusion. At the end of the day, getting a building inspection is critical."
Zoom out: The number of homes built this decade is projected to remain historically low, even after construction picked up during the pandemic.