This City Has the Newest Homes in America
A recent analysis shows that fewer homes have built in the past two decades than in earlier ones. Provo, Utah, is the city with the newest homes. The post This City Has the Newest Homes in America appeared first on 24/7 Wall St..
The median age of homes bought between 2012 and 2024 hit 36 years last year. That is up from 27 years in 2012. The primary reason for the aging housing inventory, according to Redfin, was the sharp drop in construction due primarily to the financial crisis and Great Recession in 2008. The data includes townhouses, condos, and single-family houses.
24/7 Wall St. Key Points:
-
A recent analysis shows that fewer homes have built in the past two decades than in earlier ones.
-
Provo, Utah, is the city with the newest homes.
-
Take this quiz to see if you’re on track to retire. (sponsored)
Redfin described the issue in more detail: “There have been fewer homes built in the past two decades in comparison to earlier decades. This is particularly true on the East Coast and in the Rust Belt, where the median age of sold homes can be more than 60 years.” It added that older houses tend to be less expensive than newer ones. The median cost of a home that was built over 30 years ago or more is 15% less expensive than the median price of all houses available today.
One notable problem with older houses undermines their value. They tend to have older heating and cooling systems, as well as higher maintenance costs in general. “Older homes may cost less upfront, but the cost of repairing or replacing big ticket items can be a huge burden for buyers,” said Jerry Quade, a Redfin Premier agent in Cleveland.
There is a wide gulf between the prices in cities with the oldest homes and those with the newest ones. In Provo, Utah, the city with the newest houses, the median age of a home is six years. For houses built in the past five years, the median price is $490,000. For houses over 30 years old, that price is $479,000.
The gulf between newer and older houses in the American city with the oldest homes is significant. Those in Buffalo have a median age of 69 years. A home that is less than five years old has a median price of $527,500. For houses over 30 years old, the price is $249,000. The difference shows the erosion of price among homes that likely need extensive repairs.
The Cities With the Newest Houses
These are the cities with the newest houses, along with how much newer ones cost:
| City | Median age | Median price <5 years old |
| Provo, Utah | 6 years | $490,000 |
| Austin, Texas | 8 years | $420,000 |
| Boise City, Idaho | 8 years | $499,516 |
| San Antonio, Texas | 8 years | $310,000 |
| Raleigh, N.C. | 9 years | $434,700 |
Traffic Congestion Is Holding Back the Economy in These Massive Cities
The post This City Has the Newest Homes in America appeared first on 24/7 Wall St..
