Eleven Oaks Realty is proud to present their April 2023 Austin Multi Family Real Estate Price Report measuring activity in the Austin multi family market. This report includes all multi family properties (duplex, triplex and quadplex) that sold in April 2023.
The Austin Multi Family Market is Trending Towards a Balanced Market
As we continue to dive into the Austin real estate market trends for April, the investor segment of the market is giving some interesting trends. Though we are trending towards a balanced market with 4.98 months of inventory, we are seeing a reduction in time to sell multi family properties in Austin. Median price is down, as well as list to sold price ratio, but properties are selling. It seems there are motivated buyers and sellers in the Austin multi family market.
19% Decrease in Median Sold Price
In April 2023, the median sold price of a multi family home in Austin was $560,000 compared to $692,500 in April 2022 marking a 19% decrease in year over year numbers. In March 2023, the median sold price was $594,950, showing a 5.9% decrease in month over month comparisons. It seems we’ve found the answer as to how multi family homes are selling quicker, sellers are lowering prices to attract a buyer.
56% Decrease in Multi Family Home Sales
In April 2023, there were 14 multi family homes that sold compared to 32 in April 2022, showing a 56% decrease in year over year numbers. In March 2023, there were 16 multi family homes that sold, showing a 12.5% decrease in month over month numbers.
9% Decrease in List Price to Sales Price %
In April 2023, Austin multi family sellers received 96.18% of their list prices compared to 105.17% in April 2022, showing a 9% decrease in year over year numbers. In March 2023, Austin multi family sellers received 97.68% of their list prices, showing a 1.5% decrease in month over month numbers.
229% Increase in Time to Sell a Multi Family Home
In April 2023, it took 23 days to a sell a multi family home in Austin compared to 7 days in April 2022, showing a 229% increase in year over year numbers. In March 2023, it took 39 days to sell a multi family home, showing a 41% decrease in month over month numbers.
14% Decrease in Median $/SqFt
In April 2023, the median price per square foot for an Austin multi family home was $274 compared to $319 in April 2022, showing a 14% decrease in year over year numbers. In March 2023, the median price per square foot was $320, showing a 14.4% decrease in month over month numbers. If you’re looking to buy a multi family home in Austin and have been waiting for prices to come down, now might be the time.
63% Decrease in Total Sales Volume
In April 2023, we had a total sales volume of $8,575,000 compared to $23,300,000 in April 2022, showing a 63% decrease in year over year numbers. In March 2023, the total sales volume was $9,030,000, showing a 5% decrease in month over month numbers.
239% Increase in Months Supply of Inventory
In April 2023, there was 4.98 months of inventory on the Austin multi family market compared to 1.47 months in April 2022, showing a 239% increase in year over year numbers. In March 2023, we saw 5.16 months of inventory, showing a 3.5% decrease in month over month numbers.
14% Decrease in Number of Properties that Accepted a Contract
In April 2023, there were 25 multi family properties that accepted a contract compared to 29 in April 2022, showing a 14% decrease in year over year numbers. In March 2023, we saw 9 homes accept a contract, showing a 177.8% increase in month over month numbers. Activity has definitely picked up for spring.
10% Decrease in Median List Price vs 19% Decrease in Median Sold Price
In April 2023, the median list price of a multi family home in Austin was $773,400 compared to $860,000 in April 2022, marking a 10% decrease in year over year numbers. In March 2023, the median list price of a multi family home in Austin was $724,900, marking a 6.7% increase in month over month numbers. Compare this with closed price and we saw on the chart above there was a 19% decrease in median sold price from $692,500 in April 2022 to $560,000 in April 2023.
26% Decrease in New Multi Family Listings
In April 2022, there were 39 multi family homes introduced to the market in Austin compared to 53 in April 2022, marking a 26% decrease in year over year numbers. In March 2023, there were 49 multi family homes introduced to the market in Austin, marking a 20.4% decrease in month over month numbers.
69% Increase in Number of Austin Multi Family Properties for Sale
In April 2023, we saw 93 multi family properties for sale versus 55 in April 2022, showing a 69% increase in year over year numbers. In March 2023, we had 98 multi family properties for sale, showing a 5.1% decrease in month over month numbers.
April 2023 Austin Multi Family Real Estate Price Report – Strictly Numbers
For those of you who prefer to see the actual numbers, we’ve included the figures for April 2023 Austin multi family sales below. The most expensive property that sold in April 2023 sold for $1,275,000 and the least expensive multi family property sold for $330,000. Multi family properties ranged in size from 1,600 sqft – 4,314 sqft with an average size of 2,079 sqft. The average price per square foot for a multi family property that sold in Austin in April 2023 was $305.63 with the lowest being $184.05/sqft and the highest being $629.94/sqft. It took, on average, 39 days to sell a multi family property in Austin and sellers received, on average, 94.81% of their original list prices.
| | SqFt | List Price | LP/SqFt | Sold Price | SP/SqFt | SP/LP | SP/OLP | ADOM |
|---|---|---|---|---|---|---|---|---|
| Min | 1,600 | $425,000 | $185.21 | $330,000 | $184.05 | 69% | 69% | 2 |
| Max | 4,314 | $1,250,000 | $617.59 | $1,275,000 | $629.94 | 102% | 107% | 230 |
| Avg | 2,079 | $634,537 | $317.03 | $613,653 | $305.63 | 95.75% | 94.81% | 39 |
| Med | 1,949 | $582,495 | $279.82 | $565,000 | $275.95 | 98% | 97.5% | 13 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | April 2023 |
| Property Type | Multi Family | Number Sold | 16 |
| Source: | ABoR Sales Data | Area | Austin |
Time to Buy? Sell?
Looking strictly at the numbers, it appears the recommendation for this month is – it’s time to buy. We are decimals away from a balanced market and it’s feeling like it in the market. Prices are down, time to sell is up from the peak and buyers are able to negotiate more than they were a year ago. Rents are also up, which is giving investors the room they need to be able to justify these Austin multi family property prices.
Looking to sell? If you want top dollar for your multi family property, make it stand out as a value. When buyers are excited about the potential of your property, they’re willing to pay more. If your multi-family property is located in a desirable area or good school district, you’re in an even better position as those are very hard to find. Spend some time preparing the property to meet the market and hire a Realtor who knows how to market multi-family properties. If you’re considering selling, work with a Realtor who has strategies to help you get top dollar for your home. Check out our 88 Ways to Sell Your Home Faster and For More Money for some tips on how you can prepare your home to meet the market. We are entering the busiest time of year. Do what you can to prepare your home now and you’ll be ready at the perfect time. For more info about our Home Selling Program, check out Selling in Austin.
If you’re looking to buy, set alerts for new listings and scout them as soon as possible. Hire a Realtor who knows the multi family real estate market and has strategies for getting your offers accepted without increasing your offer price. Our team not only knows the market, but we also own several multi-family properties that have no trouble finding tenants. We can help you identify which properties will be the highest netting. Put our knowledge and experience to work for you and we’ll help you make money on your rental. For more info about buying a multi-family property, visit Buying in Austin.
Questions About the April 2023 Austin Multi Family Real Estate Price Report?
Do you have questions about this April 2023 Austin Multi Family Real Estate Price Report? Call us at (512) 827-8323 or email us at info@11OaksRealty.com and we’ll help you in any way we can. If you’re looking to buy or sell Austin real estate, don’t forget to check out our Buyer Resources and our Seller Resources for more tips.
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