When it comes to buying a newly-built home, demand far outpaces supply. A survey from the National Association of Home Builders (NAHB) found that in 2018, 31 percent of home buyers wanted to purchase a brand-new home. Another report by NAHB found that 41 percent of millennial home buyers would prefer to own a brand-new home.
New York, Massachusetts, Rhode Island, have the oldest homes in the United States with 35% built pre-1940. Meanwhile, Tennessee is relatively young on the list with only 5.6% of all homes built before 1940.
Specific to Rutherford County:
In Rutherford County, approximately 2,800 homes were built in 1939 or before. An even smaller amount of homes were constructed between 1940 and 1949 with a number that comes in at around 1,600. It wasn't until 1950 that Rutherford County saw the first boom in residential construction with close to 4,500 homes being built over a 9-year period ending in 1959. The next major explosion in home construction hit Rutherford County between year 2000 and 2009 with over 33,500 new homes being built.
Throughout Tennessee:
Researchers at Filterbuy found that in Tennessee, 5.6% of all homes were built at least 80 years ago. Here is a summary of the data for Tennessee:
• Share of homes built before 1940: 5.6%
• Number of homes built before 1940: 170,527
• Share of homes built in 2010 or later: 9.4%
• Number of homes built in 2010 or later: 284,326
• Median home price: $196,125
For reference, here are the statistics for the entire United States:
• Share of homes built before 1940: 12.3%
• Number of homes built before 1940: 17,219,141
• Share of homes built in 2010 or later: 7.2%
• Number of homes built in 2010 or later: 10,008,104
• Median home price: $256,663
For more information, a detailed methodology, and complete results, you can find the original report on Filterbuy’s website: https://filterbuy.com/