Philadelphia ranks among the ten metropolitan areas with the oldest median homes sold in 2024, according to a recent analysis by Redfin, writes Michaelle Bond for The Philadelphia Inquirer.

The median age of homes sold in the region last year was 61, dating back to 1963. Only six percent of homes sold were under five years old, with approximately 78 percent over 30 years old.

While the typical home sold nationwide in 2024 reached a record age of 36 years, the national median was still significantly lower than Greater Philadelphia.

Philadelphia’s median of 61 years placed the City of Brotherly Love in tenth nationwide.

“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,” said Sheharyar Bokhari, senior economist at Redfin.

While older homes are less expensive – with a median price of $330,000 versus $558,150 in the Philadelphia region – they often have their own issues that can become costly over time.

“Older homes have aging systems, energy inefficiencies, and a steady stream of maintenance costs that can quickly add up after move-in,” said Bokhari.

To see how the Philly region stacks up against other areas—and what it means for buyers navigating an aging housing market—click through to read the full story in The Philadelphia Inquirer.