Well a recent U. S. Census Bureau’s American Community Survey reveals that the median age of an owner occupied home is now 37 years old. This means that half of all homes in the U.S. were built prior to 1980. Why is this happening? A decline in residential construction in the past decade.
Another 13.5% of the country’s total housing units were built prior to 1940, while 19% were built before 1950.
Homes built between 2010 to 2016 make up 4% of the inventory. About 70% of homes built after 2010 are owned by Generation X (age 35-54).
So it brings me back to how old is your home?
Currently there are 2,487 homes for sale in my own market. Of those, 943 of them were built after 2010 (37.9%) and 1,230 were built from 1980 to 2010 (49.5%). The remainder were built prior to 1980 with the oldest home for sale built in 1882.