The median age of owner-occupied homes rose from 31 years in 2005 to 39 years in 2019, revealing the slow pace of new home construction following the Great Recession. An older housing stock paired with rising home prices signals a growing remodeling market as more buyers choose to make purchases based on affordability and renovate for upgrades down the road, says NAHB Eye on Housing.
Nearly 5.4 million new construction units were added to the national stock from 2010 to 2019, accounting for just 7% of owner-occupied housing stock compared with 15% of owner-occupied homes constructed between 2000 and 2009.
But more than half of the owner-occupied homes were built before 1980, with around 38% built before 1970. Due to modest gains of housing construction, the share of new construction built within past 9 years declined greatly, from 15% in 2006 to only 7% in 2019. Meanwhile, the share of housing stock built 50 year ago or earlier increased significantly from 30% in 2009 to 37% in 2019.
Advertisement
Related Stories
Housing Markets
These Housing Markets Are Seeing Higher Than Average Price Increases
The majority of metros where housing costs increased fastest are in the Northeast
Housing Markets
10 Housing Markets With the Highest Rate of Investor Homeownership
Cities with the highest share of investor homeownership are also the places seeing a slowdown in the market due to high costs
Housing Markets
10 Best Housing Markets for Sellers
Cities topping the list are in high demand due to affordability