(NewsNation) — People in the United States are deciding to buy older homes more than ever before, according to a new report.

According to Redfin.com, as of 2024, the average age of homes being purchased in the United States reached a new high of 36 years. This is an increase of nine years compared to the median age of homes bought in 2012. This trend is largely due to a shortage of new construction over the past 15 years, which has accelerated the aging of the nation’s housing stock.

Two main reasons explain why buyers are opting for older homes: the scarcity of new homes and affordability issues. Over the last two decades, fewer homes have been built compared to previous times, particularly on the East Coast and in the Rust Belt. Older homes have turned into a more economical choice compared to new builds, with homes that are over 30 years old selling for about 15% less than the median price of all homes.

Since the global financial crisis disrupted the construction sector in 2008, only 9% of U.S. homes were constructed in the 2010s, the smallest proportion seen in any decade since the 1940s.

“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 Redfin Senior Economist Sheharyar Bokhari.

The Metropolitan areas with the oldest homes bought in 2024 included Buffalo, New York; Pittsburgh, Pennsylvania; Syracuse, New York; Springfield, Massachusetts; and Cleveland, Ohio.