Which Cities Have the Most New (or Old) Homes on the Market?

Which Cities Have the Most New (or Old) Homes on the Market? ...

While some consider that fixer-upper, house-hunting is a philosophy of giving here, taking there, and hopefully finding something that works for you.

In no small part, the types of properties you''ll find are determined by what area of the country you call home. While early American cities like Philadelphia and Boston have tens of thousands of properties on the market, places like Texas and Los Angeles have a lot of new construction on the market.

Point2Homes, a real estate company, has recently raised the question about how old homes are accounted for about half of for-sale real estate in 17 of the country''s most significant cities.

In a number of Southern and Texan cities, homes built less than 10 years ago account for more than 30% of the market. Today, 40% of their homes were remodeled before 1970.

"While there is no definitive connection between price and building age to support this preference, some sources attribute selling costs up to 30% lower for old homes as opposed to newer ones, whereas others claim Americans pay large amounts of money for often unsafe houses tocmai because of that age-old charm," says the report.

Point2Homes

Where Should I Go If I Want Old?

Detroit, Baltimore, and Milwaukee are the cities with the highest rates of for-sales properties that are more than 50 years old, and a respective of 92 percent, 83 percent, and 76 percent mean that you''d be difficult to find much on the market in the 21st century.

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According to the report, New York City was not on the top half of its list because to shares of previous inventory for sale (58%), but it is still the largest number of pre-1970 houses on the market. In this regard, Chicago has 6,100 homes built more than 50 years ago, generating 51% of its current for-sale stock.

Where Should I Go If I Want New?

El Paso, Texas, is taking the lead as the city with the highest percentage of new homes on the market, and a decade of construction to keep pace with strong population growth, places the number of for-sale homes now at 51 percent.

Point2Homes

While Oklahoma City and San Antonio are close behind at a respective of 47 percent and 42 percent, no other American city has more than 50% of house built in the last decade.

Six of the 20 American cities with the most new homes on the market are located in Texas, where, apparently, both the homes and the need for them are bigger. While Seattle also has a high 33% of new homes on the market, the South generally dominates this list Nashville, Tenn.; Jacksonville, Fla., and Charlotte, New York, are all front-runners.

In the meanwhile, older American cities like Philadelphia, New York, and Boston have a higher number of older homes in large part because of colonization and that the initial "building boon" occurred earlier than in the South and West.

"Nowadays, the Lone Star State is on the verge of having just about anything construction-related, from the highest employment level in the field (about 104,000 construction professionals) to one of the country''s most active development markets, both residential and commercial," according to a report.

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