Between 2012 and 2024, the median age of homes purchased reached 36 years, indicating an aging housing inventory primarily driven by reduced construction following the 2008 financial crisis. Redfin emphasized that older homes, particularly in regions like the East Coast and Rust Belt, are often less expensive but pose higher maintenance costs. The price difference between new and old homes is notable, with older homes being 15% less expensive but potentially burdened by costly repairs, highlighting significant disparities across various American cities.
The median age of homes bought hit 36 years in 2024, up from 27 years in 2012, largely due to reduced construction since the financial crisis.
Redfin noted fewer homes have been built in the past two decades, especially on the East Coast and Rust Belt, leading to much older housing stock.
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