That old-home charm and reduced pricing might be appealing to many homebuyers, despite safety risks and renovation costs. But the real estate market renews constantly, and modern homes make it to the market every year.
A new study by Point2 analysts identified which top U.S. cities have the highest shares of old and new homes for sale to show what the largest markets in the country offer. The study defined old homes as those built in or before 1970, and new homes, those built in the last decade.
Key findings:
- In 17 of the nation’s 50 large U.S. cities, the old homes make up more than half of the total stock for sale
- Detroit, Michigan and Baltimore, Maryland boast the highest shares of homes currently for sale that are over 50 years old, 92% and 83%, respectively;
- Philadelphia, Pennsylvania and Milwaukee, Wisconsin take the third-highest shares of old listings, each having 76%;
- New York City, New York has the most homes for sale built in the past decade (about 4,500), followed by Houston, Texas and San Antonio, Texas with around 3,500 each;
- Texas is in the lead when it comes to new housing, with six cities climbing the list of top 20 cities with the highest percentage of new homes for sale.
The takeaway:
“The contrast between old and new housing has become even more evident as modern homes keep evolving, seemingly splitting homeowners in two: Those who embrace increasingly smarter homes, and those who seek comfort in the familiarity of lived-in residences,” said Alexandra Ciuntu, creative writer at Point2 and author of the report. “As opposed to homes built more than 50 years ago, modern housing comes with smart features and increasingly popular open layouts, while being conveniently situated in live-work-play communities considered more suitable for 21st-century living. And, while it’s true that preferences don’t have to be so black and white, Alexa just doesn’t feel right in a turn-of-the-century manor, now does it?”
To see the full data set, click here.