The report shows that only 9% of American homes were built in the 2010s, the lowest in the decade since the 1940s.
New data from online real estate broker Redfin shows that the lack of new home construction in the US forces them to choose from an older stockpile that averages nearly 40 years.
“American housing stocks are getting older by the age of age, not because buyers prefer vintage homes. That’s because we haven’t built enough new homes.”
“Without construction, buyers will have to choose from a pool of aging real estate that presents a new set of financial challenges, especially for those looking to save enough money to climb the real estate ladder,” he said. “Old homes have a stream of aging systems, energy inefficiencies, and stable maintenance costs that can be summed immediately after movement.”
Detailing data from Redfin’s analysis of multiple listing service records on the age of homes purchased between 2012 and 2024, the report says the US has been building fewer homes since the 2008 global financial crisis led to the Great Recession. Just 9% of American homes were built in the 2010s, the report says, the lowest share in a decade since the 1940s when World War II stopped.
The analysis refers to new homes, including single-family homes, condominiums and townhouses. A home that is less than five years old is one that is more than 30 years old. The homes people are buying are ageing in all types that are most aged to the median median between 26 in 2012 and 2024.
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The Redfin analysis also noted that the typical price paid for a new home in 2024 was $425,000, 31.6% more than the $323,000 paid for the old home. In 2012, buyers spent more than 77.9%, or $243,730 on their new home, compared to $137,000 for those over 30 years old.
More new homes have been built in traditionally affordable areas, such as the Sunbelt and Mountain West. Demand for rapidly growing states such as Texas and Florida is currently declining, causing declines in home prices and an increase in property listings, according to the report.
“Old homes may not be paid in advance, but the cost of repairing or replacing big ticket items can be a huge burden for the buyer.”
“The four lists I had on multiple offers this year were old homes,” said Andrew Vallejo, Austin’s Redfin agent. “They were all renovated and close to high-tech businesses, bars and restaurants. We’re experiencing a serious recession in Austin, but the old homes in the heart of the city are still moving fast when listed.”
In response to the Redfin report, several industry executives told the Epoch Times that they were not surprised by the findings of real estate technology brokers.
Jennifer Beeston, executive vice president of Rate.com in Coral Springs, Florida, said the study “makes sense.”
“These are areas that we often see as lacking stock. It’s important to note that older homes are not a bad thing. In many cases, homes are built to last for hundreds of years,” she told the Epoch Times via email.
“If you look at some of the apartment buildings in New York, they are still in good condition as old as the early 1800s and as long as they are properly maintained.”
