Meanwhile, the median cost of an old home—often called an "existing home" in real estate parlance—is only $240,500.
Just like we mere mortals when we get up there in years, old homes come with an inevitable need for repairs, replacements, and upgrades.
Then look at the cost to have it fixed or replaced.
Doing so won't just help you negotiate down the price, but give you an idea of all the problems that need to be fixed.
Plus, if you decide to sell your house again, those same old issues will no doubt pop up again during the next home inspection.
And with an older home, you can see on paper just how much the property has appreciated over the years.
As for a new home?
With no history to look back on, this purchase can be considered more of a gamble. "You'll have less work to do in terms of making sure the home offers what the market demands in terms of energy-efficiency, design, and other amenities," says Dietz.
In other words, you may not have to choose between an old house versus a new house after all.