Is being younger a disadvantage when it comes to applying for colleges?

Even though I'm a high school senior, I'm still 16 years old and will remain 16 until after graduation. I skipped a grade back in elementary school, which explains my age. Lately I've been wondering whether being younger is actually more of a detriment than an advantage when it comes to applying for highly selective colleges. Does being younger place me at a disadvantage, or do colleges not care about your age as long as you are academically qualified to attend?