Why most Tampa Bay buyers wind up in 30-plus-year-old homes
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The typical home bought in Tampa Bay last year was 34 years old, according to 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, about 52% of homes sold in the region were 30 years old or older, while 22% 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 region.
What's next: Older homes are usually cheaper, though research shows the discount is shrinking as builders offer lower prices and other perks.
- In Tampa Bay, the median price of a home less than five years old was $400,265 in 2024, compared to $335,000 for homes that were 30 years or older.