Are Older Homes Worth More Than New Construction?

Despite the undeniable charm of older homes, they haven't traditionally received the same love as new construction homes. Buyers have long gravitated toward new builds with their updated appliances, modern finishes, and lack of damage and defects that often plague older homes — and they've been willing to pay a premium for them. Historically, new construction homes have been the more expensive option, but now the tide is turning. As builders increasingly offer discounts and incentives to move inventory, free up capital, and shift focus to lower-cost builds, the pricing landscape is changing, with old and vintage homes increasingly fetching higher prices than newly constructed homes.

This year, the median price for existing homes sold in the U.S. was $441,500, topping the price for new homes, which had a median sale price of $401,800 — a record-breaking discount of more than 9%, according to sources. The phenomenon of new homes selling for less than existing homes has happened only twice in the 42 years between June 1982 and May 2024. In the short span between May 2024 and June 2025, however, it has happened seven times.

Builders have been highly motivated to attract buyers with cost cuts and other financial incentives, which have largely contributed to the lagging prices of new homes. The National Association of Home Builders (NAHB) reports that in June, 37% of home builders cut prices — the highest percentage in the three years since the organization began tracking it. Meanwhile, 62% of builders were offering incentives. 

What this means to my clients is that their existing home may be worth more than they think. Also, if you do want to look into new construction, make sure you have an agent on your side to be able to unlock all of the incentives available to you.

Please reach out with any questions!

-Pat

Are you in need of property tax relief? I can help!

There are thousands in Cuyahoga County who are having a hard time making ends meet when it comes to real estate taxes. There's no shame to ask for help, and I can offer guidance to anyone who may be looking for guidance. Feel free to contact me with any questions at all.

What you can receive

Qualifying residents can receive up to $10,000 in a one-time financial assist which must be used for:

• Payment of certified delinquent property taxes
• Payment of late property taxes
• Payment of current property taxes
• Payment of foreclosure fees and court costs related to a pre-existing foreclosure
• Satisfaction of pre-existing tax lien certificates

Are you Eligible?

To be eligible for the Taxpayer Assistance Program in 2026 property owners must:

• Be 67 years of age, or older, at the time of application
• Have an annual income at or below $70,000 (Does not include social security)
• Have a certified delinquent balance*
• Be the deeded owner and have primary residence at the property
• Have owned the property for at least 3 years and plan to continue living in the property for the next 3 years
• Not have received previous funding through the CHN Taxpayer Assistance Program