Why homes just smashed “old” record

Homes keep getting older

As you’ll see in our second story, American homes just broke a record. The median age of a home sold last year was 36 years old, which smashed the previous record by nine years.

We dive deep into this story, and explain the reasons behind this trend. We also list where you can find the oldest and youngest homes in the country.

We also take a look at notable trends in home sale prices and property taxes.

Altogether, today’s newsletter is a great way to get an overall sense of what’s going on in the market right now.

So let’s get into it!

- James and David

Home sale prices rising in most metros

In Q1, home prices rose in 83% of U.S. metros, down from 89% last quarter, with 189 of 228 markets reporting gains. According to NAR, the national median price for an existing single-family home climbed to $402,300, a 3.4% year-over-year increase. The monthly mortgage payment on a typical home (with 20% down) rose 4.1% to $2,120.

Regionally, price growth was strongest in the Northeast, up 10.3% YOY, followed by the Midwest (5.2%), West (4.1%), and South (1.3%).

Here are the top 10 cities with the highest median sale prices, along with their YOY price increases in Q1:

1. San Jose, CA: $2,020,000 (+9.8%)

2. Anaheim, CA: $1,450,000 (+6.2%)

3. San Francisco, CA: $1,320,000 (+1.5%)

4. Honolulu, HI: $1,165,100 (+7.3%)

5. San Diego, CA: $1,036,500 (+5.7%)

6. Salinas, CA: $954,700 (+6.2%)

7. San Luis Obispo, CA: $953,400 (+4.8%)

8. Oxnard, CA: $931,500 (+2.5%)

9. Naples, FL: $865,000 (+1.8%)

10. Los Angeles: $862,600 (+4.8%)

Our take

Prices are still rising in most metros, but the pace is slowing. That’s a sign of a market stabilizing, not surging. Although the national market is leaning toward buyers, with affordability stretched and rates still high, even small price increases can make buyers skittish. Agents should be ready with payment scenarios, buydown options, and sharp pricing strategies. In this environment, the agents who educate and adapt will win. Scroll down to today’s Schematics for useful scripts on how to handle objections from buyers.

Americans are purchasing older homes

In 2024, the median age of a home purchased in the United States hit a record 36 years, up from 27 years in 2012. According to Redfin, this jump reflects over a decade of underbuilding, which has accelerated the aging of the nation’s housing stock. This trend spans all residential types. Condos are the oldest at a median age of 38 years, followed by single-family homes at 36, and townhouses at 23.

Here are the metros with the oldest and youngest homes sold in 2024 as measured by their median age:

Our take

It’s no mystery why this is happening. Since the 2008 crisis upended the construction industry, building activity has never fully recovered. Only 9% of U.S. homes were built in the 2010s, the lowest share since the 1940s, when World War II brought homebuilding to a halt. The 2020s have seen a modest uptick, fueled in part by pandemic-era construction in Sun Belt and Mountain West states. Still, at the current pace, this decade is on track to be the second-slowest for homebuilding since WWII. This report is a wake-up call, and an opportunity to revitalize the economy through housing. Until we build at scale again, agents and buyers will need to navigate a market dominated by aging homes and the challenges that come with them.

Property taxes rise in every metro in the country

Median property taxes rose an average of 10.4% nationwide from 2021 to 2023 (the latest year of available data), with the average homeowner now paying $2,969 per year, according to LendingTree. While all 50 of the nation’s largest metro areas saw increases, the size of those hikes varied widely, with fast-growing cities seeing some of the sharpest jumps.

Here are the 10 metro areas with the biggest percentage spikes in property taxes between 2021 and 2023:

1. Tampa, FL: 23.3%

2. Indianapolis, IN: 19.8%

3. Dallas, TX: 19%

4. Jacksonville, FL: 18.7%

5. Atlanta, GA (tie): 18.6%

6. Miami, FL (tie): 18.6%

7. Seattle, WA: 18.4%

8. San Antonio, TX: 18.2%

9. San Diego, CA: 18.0%

10. Charlotte, NC: 17.6%

Our take

Rising property taxes are the hidden cost of homeownership in a high-price, high-rate environment. Agents need to help buyers look beyond mortgage payments and assess the full cost of ownership, especially in states without income tax or states with fast-rising assessments. It’s not just about getting into the home, it’s about staying in it comfortably. The more clarity agents offer up front, the fewer surprises down the road.

Schematics

The news that just missed the cut

• Use these scripts to turn buyer objections into opportunities

• Assumable loan purchases have surged 127%

• What the China-US tariff pause means for agents

• The most equity-rich zip codes in the nation

• Ellen DeGeneres takes $30 million L.A. home off the market after not finding a buyer

Foundation Plans

Advice from James and David to win the day

We are always on the lookout for publications and resources that could help our fellow agents, especially those just starting out. Agents Tim and Julie Harris have produced an outstanding resource. For the next two editions, we will be covering some of their practical advice and giving you our take on it. Here are some of their tips:

1. Get highly specific on what success looks like to you – We love this tip. We’ve often noticed that when we ask agents what they need to do to become more successful, their responses are often vague, such as, "I just need to sell more" or "Do more deals." That approach isn’t enough. You need to define your goals clearly—make them actionable, measurable, realistic, and tied to a timeline.

Tim and Julie provide this example. If your goal is to earn $100K per year, break it down into specific steps like this: “I will achieve this by listing and selling one additional home per month, with an average net commission of at least $10,000. If I don’t yet have the skills to do this, I’ll seek guidance from a mentor or hire a coach and follow their plan. I need six more closings, and I’ll meet this target by [insert deadline].”

The key is to set clear and measurable steps toward your goal.

2. Take ownership of generating your leads – This is such great advice. Agents are in the sales industry. You need to take ownership of generating your leads and book of business. It’s all on you.

Leads come from two main sources: people you know and people you don’t. It’s essential to target both groups. The people you know include friends, past clients, and those within your personal and professional network. The people you don’t know—everyone outside your immediate sphere—often present faster opportunities, as they tend to be easier to identify, more motivated, and ready to transact sooner. 

To connect with this broader audience, you'll need to actively market yourself. This includes strategies like door-knocking, distributing flyers, running email campaigns, farming specific neighborhoods, using social media, and calling expired listings. Use whatever strategy that works for you. As we always say, never let your pipeline run dry!

3. Embody being the knowledge broker of your market – Our loyal readers know we preach this tip too. The more you understand the key factors driving your market, the more confidently you'll engage in conversations about real estate without any uncertainty or hesitation. The more informed you are, the more business you'll attract, because you'll be better equipped to meet people’s real estate needs. It really is that simple!

These are critical market details you should be familiar with:

• Current 30-year fixed and adjustable-rate mortgage rates

• Whether inventory in your market is rising, falling, or stable

• Year-over-year and month-over-month sales trends

• The average time it takes to sell a home in your market

• Whether average days on market are increasing, decreasing, or staying consistent

• The list-to-sell price ratio in your area, and whether this varies by zip code or is consistent city-wide

Mastering this information will strengthen your market expertise and set you up for success.

As you can see, we have a lot to say, which we’ll pick up in our next edition. In the meantime, we can’t encourage you enough to start reading the guide Tim and Julie have produced. It’ll help you on your path to becoming an excellent and successful agent.

Just in Case

Keep the latest industry data in your back pocket with today’s mortgage rates:

“The only person you are destined to become is the person you decide to be.” – Ralph Waldo Emerson

Take ownership of your life, friends. What you’re not changing, you’re choosing. Want to lose weight? Change it. Want a higher CGI? Change it. Whatever the goal, the path is the same: make the move. Decide to become the person you want to be.

- James and David