Quick fix = install a GFCI receptacle if you don't have a grounded circuit.
Next step up fix = check to see if your receptacle circuit has a ground requires a voltage meter, locate the live wire and put one probe to it and the other the box if you get 110v to 123volts you have a grounded system. Shut the circuit breaker off first then attach a bare or green insulated wire to the back of the box using a 10/24 screw. Install new 3-prong receptacle.

Upgrade to 220v service will cost you approximately $1400 for a 100amp 220v service and a 200 amp service will be approximately $2200.

Note: upgrading to 220v will not change the fact that you don't have a grounded circuit(s) assuming you don't

Our house is from the same era.

GFCI might not fit in the box if it is a steel box, they tend to be too small. A GFCI breaker would work or add another outlet for the GFCI at the beginning of the run, right where it comes from the main panel if that is possible.

Probably no grounds unless the electric has been upgraded.

You likely have 220 service. Check the overhead wires where they attach to the building and count the wires where the POCO connects to your wiring. There should be three, one neutral and two hot.

Also, if you have an electric stove, water heater or dryer you have 220.

If you are comfortable with electricity, take the cover off the main panel and count the main cable wires, usually at the top of the panel. Two hots and a neutral would be 220.

Stove, heater and dryer are gas...

Just curious, are you still planning to buy another home?
Any expensive upgrades will be given to new owner for "free".
You are very unlikely to recoup those costs.

We are holding off till spring to list the house, thanks for your reply, appreciate it.