Aging into the Market
There’s something unusual happening in today’s housing market — and it’s not just the persistence of elevated mortgage rates and home prices. It’s who’s buying, and what they’re buying.
In 2010, first-time homebuyers accounted for half of all home purchases in the U.S. Fast forward to 2024, and that share has plummeted to just 24%. The median age of first-time buyers has climbed to a record 38 years. Across the board, the average age of U.S. homebuyers has reached 56, up 44% from two decades ago. These are numbers that tell a deeper story about wealth distribution, generational mobility, and how buyers are navigating an increasingly complex market.
Homes are aging alongside the market.
In 2024, the median age of a home sold was 36 years, a result of both a slow-down in new construction after the 2008 financial crisis and the growing affordability challenges tied to today’s market conditions. Just 9% of U.S. homes were built in the 2010s, down from 27% a decade ago.
In Montecito, the average resident is 51.8 years old and today's median home price is $5.5 million. In a location where land comes at a premium and history is revered, “old” doesn’t mean outdated, it's meaningful. Homes are valued for their lifestyle and legacy, character, craftsmanship, and a sense of permanence.
The market may be aging, but in Montecito and Santa Barbara, that’s always been part of the appeal.
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240 Hot Springs Road | $3,995,000
A gem in the heart of Montecito - effortlessly stylish and endlessly welcoming, this delightful cottage is a rare find. Whether you’re seeking a weekend retreat near the beach, Montecito Club, and local shops and dining, or envisioning a charming home with room to grow in Montecito Union School District, this Lower Village cottage offers a beautiful life.
