Redfin: Average Age of Purchased Home on the Rise

(Image courtesy of Redfin)

Redfin, Seattle, released a new report finding that the typical house bought in the U.S. hit a record age of 36 years in 2024.

That’s up from 27 years in 2012.

Broken down by type of homes, the age of single-family homes increased to 36 years from 28 years in 2012. Condos saw the largest jump—38 years in 2024 from 26 years in 2012. A typical townhouse sold was 23 years old in 2024, but only 20 years old in 2012.

Redfin cited the lack of new supply in many areas. Following the Great Recession, the U.S. has built fewer houses, with only 9% of total stock built in the 2010s. That’s the lowest share of any decade since the 1940s, when World War II stymied construction.

Also, older homes tend to be more affordable. The typical price paid for a newer home (defined as less than 5 years old) was $425,000 in 2024. That compares with $323,000 paid for a home over 30 years old.

However, Redfin found that buyers are now paying a smaller premium for newer homes and receiving a smaller discount for older homes.

“America’s housing stock is getting older by the year, and it’s not because buyers prefer vintage [homes]–it’s because we haven’t built enough new ones,” said Redfin Senior Economist Sheharyar Bokhari. “Without more construction, buyers are forced to choose from a pool of aging properties that present a new set of financial challenges, especially for those trying to save enough money to climb onto the property ladder. Older homes have aging systems, energy inefficiencies and a steady stream of maintenance costs that can quickly add up after move-in.”

Among the 100 most populous metros, Buffalo, N.Y. had the highest age for a typical home sold in 2024, at 69 years. Next was Pittsburgh at 68 years old, followed by Syracuse, N.Y., Springfield, Mass., and Cleveland all tied at 65 years old.

The metro area with the youngest typical home sold was Provo, Utah, at six years. Next are Austin, Texas; Boise City, Idaho, and San Antonio, all at 8 years, and Raleigh, N.C., at 9 years.