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A lack of new construction saw single-family houses and condos in New England among the oldest purchased in 2024, according to a new report from Redfin.
The median age of homes bought in the Springfield metro area, was 65, tied for the third oldest in the nation. Additionally, Springfield had the fifth-largest share of homes 30 years or older: 84.3 percent.
In Greater Boston, the median age of a home sold in 2024 hit 55 years, with only 10.4 percent of those sales being built in the last five years, and at a significantly higher median price: $875,000 compared to $640,000 for homes older than 30 years.
Worcester’s homes are markedly younger: a median age of 48 years for last year’s sales, but only 9.4 percent were built in the last five years. The price gap between the oldest and newest homes was smaller, too: $583,000 for a new one versus $405,000 for one older than 30 years.
“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,” Redfin Senior Economist Sheharyar Bokhari said in a statement. “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.”
According to data from the Metropolitan Area Planning Commission, the number of new single-family homes permitted in the five-county Greater Boston region rose 11 percent between 2023 and 2024, but was still small, a little over 3,000 units in 224 compared to 6,373 in the year 2000.
In Worcester County, single-family permits rose 21 percent to 964, less than half the 2,624 permitted in 2000; in the Springfield metro area single-family permits ticked up 22 percent to 439, not quite half the 1,021 single-families permitted in 2000.
Additionally, any new housing units gained in the city of Springfield itself were measly: Just 57 single-family buildings were permitted in 2024 compared to 49 in 2023.
Massachusetts isn’t the only New England state seeing a rise in the typical age of a sold home. The New Haven, Connecticut metro had the fourth-largest share of homes purchased being 30 years or older, with Hartford coming just behind Springfield with 82.9 percent of 2024 home sales fitting that description.
The typical home bought in the U.S. hit a record age of 36 years in 2024. That’s nine years older than the median age of homes purchased in 2012. Only 9 percent of homes in the United States were built in the previous decade, the lowest share of any decade since the 1940s.
The typical price paid for a newer home (less than five years old) in 2024 was $425,000 in the United States. This represented a 31.6 percent more than the $323,000 paid for an older home (over 30 years old). In 2012, buyers paid 77.9 percent more for a newer home.
