With a shortage of new construction, homebuyers are increasingly turning to aging properties, which can lead to financial strain due to maintenance and inefficiencies. Between 2012 and 2024, the median age of purchased condos climbed steeply, with only 9% of homes being built in the 2010s, the lowest decade share since the 1940s. Despite a slight uptick in building activity, affordability remains an issue: older homes sell for significantly less than newer ones, yet the price gap is narrowing as housing trends shift towards lower-cost options.
Buyers today face a market of older properties, presenting financial challenges due to aging systems and maintenance costs, complicating their entry into homeownership.
The analysis reveals that with only 9% of homes built in the past decade and the median age of purchased condos rising, buyer options are narrowing.
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