Editor’s Be aware: This story initially appeared on Inspection Support Network.
After greater than a yr and a half of a red-hot residential actual property market with excessive competitors and record prices, latest months have proven some indicators that the market is lastly starting to chill.
A part of the motive for that is seasonal, as the fall and winter months usually see a decrease quantity of house gross sales than the spring and summer season. Different observers have instructed {that a} sharp enhance in house values over the final 18 months has begun to cost extra would-be homebuyers out of the market. However one in all the greatest elements is that after reaching report lows final yr, the inventory of homes for sale started to show upward this summer season, lastly bringing extra provide into the market.
To find out the places with the oldest properties, researchers at Inspection Assist Community calculated the median age of the current housing inventory, together with each owner-occupied and renter-occupied items. In the occasion of a tie, the location with the greater proportion and/or variety of housing items constructed previous to 1940 was ranked greater. The info used in this evaluation is from the U.S. Census Bureau’s American Group Survey.
Listed here are the massive metros (inhabitants 1 million or extra) with the oldest properties.
15. St. Louis, MO-IL
- Median age of current housing items: 47
- Share of housing items constructed previous to 1940: 16.4%
- Whole housing items constructed previous to 1940: 208,218
- Share of housing constructed in 2000 or later: 16.3%
- Whole housing items constructed in 2000 or later: 207,171
14. Chicago-Naperville-Elgin, IL-IN-WI
- Median age of current housing items: 49
- Share of housing items constructed previous to 1940: 20.7%
- Whole housing items constructed previous to 1940: 800,679
- Share of housing constructed in 2000 or later: 14.6%
- Whole housing items constructed in 2000 or later: 563,706
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13. Los Angeles-Lengthy Seaside-Anaheim, CA
- Median age of current housing items: 52
- Share of housing items constructed previous to 1940: 12.0%
- Whole housing items constructed previous to 1940: 562,864
- Share of housing constructed in 2000 or later: 10.0%
- Whole housing items constructed in 2000 or later: 468,197
12. Detroit-Warren-Dearborn, MI
- Median age of current housing items: 52
- Share of housing items constructed previous to 1940: 12.7%
- Whole housing items constructed previous to 1940: 243,731
- Share of housing constructed in 2000 or later: 11.7%
- Whole housing items constructed in 2000 or later: 223,794
11. San Francisco-Oakland-Berkeley, CA
- Median age of current housing items: 53
- Share of housing items constructed previous to 1940: 19.4%
- Whole housing items constructed previous to 1940: 357,597
- Share of housing constructed in 2000 or later: 12.2%
- Whole housing items constructed in 2000 or later: 223,822
10. Hartford-East Hartford-Middletown, CT
- Median age of current housing items: 53
- Share of housing items constructed previous to 1940: 19.5%
- Whole housing items constructed previous to 1940: 100,927
- Share of housing constructed in 2000 or later: 9.6%
- Whole housing items constructed in 2000 or later: 49,874
9. Rochester, NY
- Median age of current housing items: 54
- Share of housing items constructed previous to 1940: 28.1%
- Whole housing items constructed previous to 1940: 136,064
- Share of housing constructed in 2000 or later: 10.4%
- Whole housing items constructed in 2000 or later: 50,442
8. Milwaukee-Waukesha, WI
- Median age of current housing items: 55
- Share of housing items constructed previous to 1940: 22.0%
- Whole housing items constructed previous to 1940: 150,612
- Share of housing constructed in 2000 or later: 11.5%
- Whole housing items constructed in 2000 or later: 78,601
7. Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
- Median age of current housing items: 55
- Share of housing items constructed previous to 1940: 22.6%
- Whole housing items constructed previous to 1940: 566,040
- Share of housing constructed in 2000 or later: 11.9%
- Whole housing items constructed in 2000 or later: 297,410
6. Boston-Cambridge-Newton, MA-NH
- Median age of current housing items: 57
- Share of housing items constructed previous to 1940: 32.6%
- Whole housing items constructed previous to 1940: 646,900
- Share of housing constructed in 2000 or later: 13.0%
- Whole housing items constructed in 2000 or later: 258,246
5. Cleveland-Elyria, OH
- Median age of current housing items: 58
- Share of housing items constructed previous to 1940: 23.6%
- Whole housing items constructed previous to 1940: 227,382
- Share of housing constructed in 2000 or later: 9.7%
- Whole housing items constructed in 2000 or later: 93,217
4. Windfall-Warwick, RI-MA
- Median age of current housing items: 58
- Share of housing items constructed previous to 1940: 31.1%
- Whole housing items constructed previous to 1940: 219,952
- Share of housing constructed in 2000 or later: 8.1%
- Whole housing items constructed in 2000 or later: 57,081
3. Pittsburgh, PA
- Median age of current housing items: 60
- Share of housing items constructed previous to 1940: 26.1%
- Whole housing items constructed previous to 1940: 295,410
- Share of housing constructed in 2000 or later: 10.2%
- Whole housing items constructed in 2000 or later: 116,126
2. New York-Newark-Jersey Metropolis, NY-NJ-PA
- Median age of current housing items: 60
- Share of housing items constructed previous to 1940: 27.7%
- Whole housing items constructed previous to 1940: 2,163,115
- Share of housing constructed in 2000 or later: 10.5%
- Whole housing items constructed in 2000 or later: 819,388
1. Buffalo-Cheektowaga, NY
- Median age of current housing items: 63
- Share of housing items constructed previous to 1940: 29.6%
- Whole housing items constructed previous to 1940: 157,064
- Share of housing constructed in 2000 or later: 8.4%
- Whole housing items constructed in 2000 or later: 44,768
Detailed Findings & Methodology
The info used in this evaluation is from the U.S. Census Bureau’s 2019 American Community Survey. To find out the places with the oldest properties, researchers calculated the median age of current housing items, together with each owner-occupied and renter-occupied items.
In the occasion of a tie, the location with the greater proportion and/or variety of housing items constructed previous to 1940 was ranked greater. To enhance relevance, solely metropolitan areas with not less than 100,000 residents have been included.
