Maybe houses made out of paper that you have in the US would, since just after 100 years they have to be demolished and built again. But houses made of concrete, that we have in Europe, just increase in value.
Yes, maybe you have to renovate the interiors, such as new floors, new electrical/hydraulic, new heating system, etc., but that is usually a small expense in contrast with the price of building an house from scratch.
Old brick house is just another old house. Moisture problems in the foundation area, no heat insulation on the roof and walls. Probably wooden beams in the floor. Everything is old and outdated decades ago. I am certified electrician in Germany as a hobby and work in such properties very often.
Meanwhile new house is cool in summer and warm in winter. It’s silent with spacious rooms. It is also not affordable for most people too. Old house is a middle ground when one doesn’t have enough money. There is no way to upgrade in sane way old house to modern standards.
Yes, maybe you have to renovate the interiors, such as new floors, new electrical/hydraulic, new heating system, etc., but that is usually a small expense in contrast with the price of building an house from scratch.