Philly Region Records Sale of Some of the Oldest Homes in 2024
The Philadelphia metropolitan area has emerged as one of the regions with the oldest housing stock in the nation, according to a recent analysis conducted by the online real estate brokerage Media News Source. In 2024, homes sold in this area were found to have a median age of 61 years, with the typical property dating back to 1963. This data places Philadelphia within the top ten metropolitan regions characterized by the oldest median homes sold.
Nationally, the trend underscores a broader issue affecting the U.S. housing market. The median age of homes sold across the United States reached a historical high of 36 years in 2024. This constitutes an increase of nine years from the earliest records maintained by Media News Source in 2012. The significant age disparity highlights not only the aging housing inventory but also the challenges prospective homebuyers face in finding newer properties. Notably, only 6% of homes sold in Philadelphia last year were less than five years old, while approximately 78% were over 30 years old.
The aging nature of the housing market in Philadelphia reflects a national dilemma regarding supply and demand dynamics. The current senior economist at Media News Source emphasized that the progressive aging of America’s housing stock is primarily the result of insufficient new construction. As homebuilders focus on smaller projects to manage costs, buyers are increasingly compelled to select from an inventory of older properties that may require extensive upkeep.
Though older homes generally carry a lower purchasing cost than newer options, the price gap between these categories has been narrowing. This trend can be attributed to heightened demand for older homes amidst a marketplace constrained by limited new construction activity. In Philadelphia, the median price for homes less than five years old was recorded at 8,150, in stark contrast to the median price of 0,000 for homes constructed over 30 years ago.
Among the top ten metropolitan areas with the oldest median homes sold, Philadelphia also boasted the highest prices for both newer and older houses. Buffalo, New York, led the nation with the oldest homes sold in 2024, showcasing a median age of 69 years, followed closely by Pittsburgh and Syracuse. The data illustrates a comprehensive portrait of an aging housing market that poses financial challenges and lifestyle choices for buyers nationwide.
