The median age of homes purchased nationwide reached a record high of 36 years in 2024, a significant jump from 27 years in 2012, according to an analysis released Monday by Redfin.
The trend reflects a long-term slowdown in new home construction and growing affordability challenges. Buyers are increasingly turning to older properties, often out of necessity rather than preference.
A new law going into effect this summer in Washington aims to address the state’s housing supply woes. The legislation lifts zoning restrictions to allow for more multifamily development and comes as the median single-family home price in the Seattle area set a new record by exceeding $1 million.
The housing affordability and inventory crisis across the nation has run into many legislative and logistical challenges at the state and local levels. But lawmakers in the state of Washington have demonstrated their housing priorities by sending a package of 10 bills to the desk of Gov. Bob Ferguson (D).