A few thoughts. Most have already been mentioned, but it's worth noting again.
1) House is only 7 years old, but how much mineral is in your water supply? Could the pipes have build up in them yet? You are likely dealign with PVC, or copper, but if for some reason you have iron pipe, I would suspect this. With aerators, you wont lose pressure, but you will lose flow rate. Lower flow rates mean it takes longer to get the hot water through the cold pipes. Which leads into my second thought.
2) Are the pipes insulated? This is actually something I have been meaning to do to my basement pipes. Even just a 20 foot segment of pipe can lose enough temperature to feel luke warm coming from a 120 degree tank of water.
3) Check the lines going to and from the hot water tank. Check to see if any lines have somehow been crossed to the shower. If a cold water line somehow became mixed with a hot water line, then you will never have anything more than sub-luke warm water. Ground water is just too cold. This sounds like the the most obvious thing to check from your response. This happened to my grandparents about a decade ago. Had someone come in and redo the lines and they had cold water in the wrong spot up in the shower. They literally had crossed the copper pipes inside the wall without realizing it. Do not paint the water lines, but sometimes it is okay to dab a brush of red or blue on a visable section of pipe near a valve or tee. It helps years down the line when somethign breaks and you then do not have to go crisscrossing lines down the basement/crawlspace to find which is which. You can just go to the last intersection and see quickly. Another option would be to use red vs blue pex if you ever upgrade your lines.
4) Check your water heater set point. Sometimes, you have to bump it up. I dont think this is the case here, but sometimes weird things happen.
5) Check your anti-scald setting in the shower, unless this is a three knob, vs one knob. Btw, I HATE one-knob systems. There is so little control over hot water to begin with. They just exacerbate the issue by giving you 1/4 of the full turn from luke warm to burning hot. And some mixing valves only give you 90 degrees from off to full hot. Not all valves offer 270 degree turns.