Louisiana homes bought in 2024 were oldest on record
Add Axios as your preferred source to
see more of our stories on Google.
The vast majority of New Orleans homes bought last year were at last 30 years old, according to Redfin records, reflecting a national trend.
The big picture: A major construction slowdown "has fast-tracked the aging of America's housing stock," the real estate site reports.
Zoom in: The median U.S. home bought last year was 36 years old — the oldest since at least 2012, per Redfin records, while the median age of New Orleans homes sold was 39.
By the numbers: In 2024, roughly 55% of all homes sold were 30 years old or older, while 17% were under five years old.
- But in New Orleans, 59% of all homes sold were at least 30 years old, and only 15% were less than 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. just 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.
- And the number of homes built this decade is projected to remain historically low, even after construction picked up during the pandemic.
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.