Eleven Oaks Realty is proud to present their April 2024 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 2024.
The Austin Multi Family Market is a Balanced Market
After months of teetering between a sellers and balanced market, the Austin multi family market tipped over into the balanced market category in April 2024. There was 5.35 months of inventory on the market, showing a 1.47% decrease in month over month comparisons. The average list price to sales price was 96.8%, down 0.78% in month over month comparisons. The median time to sell a multi family home in Austin in April 2023 was 36 days, down 61.7% in month over month comparisons. The median sold price was $620,000, showing a 14.6% increase in month over month comparisons.
9.7% Increase in Median Sold Price
In April 2024, the median sold price of a multi family home in Austin was $620,000 compared to $565,000 in April 2023, showing a 9.7% increase in year over year comparisons. Last month the median sold price was $540,000, showing a 14.6% increase in month over month comparisons.
31% Increase in Number of Sold Multi Family Properties
In April 2024, there were 21 multi family properties that sold compared to 16 in April 2023, showing a 31% increase in year over year comparisons. Last month, there were 22 multi family homes that sold, showing a 4.5% decrease in month over month comparisons.
0.93% Increase in Average List Price to Sales Price
In April 2024 the average list price to sales price for a multi family home in Austin was 96.81% compared to 95.92% as of April 2023, showing an 0.93% increase in year over year comparisons. Last month the average list price to sales price was 97.57%, showing an 0.8% decrease in month over month comparisons.
50% Increase in Median Time to Sell
In April 2024, the median time to sell a multi family home in Austin was 36 days compared to 24 days in April 2023, showing a 50% increase in year over year comparisons. Last month, the median time to sell was 94 days, showing a 61.7% decrease in month over month comparisons.
5.5% Decrease in Median Price Per Square Foot
In April 2024 the median price per square foot for a multi family home in Austin was $259 compared to $274 in April 2023, showing a 5.5% decrease in year over year comparisons. Last month, the median price per square foot for a multi family home in Austin was $251, showing a 3.2% increase in month over month comparisons.
22.6% Increase in Total Sales Volume
In April 2024, the total sales volume for multi family homes in Austin was $12,039,540 compared to $9.82MM, showing a 22.6% increase in year over year numbers. Last month, the total sales volume for multi family properties in Austin was $15.58MM, showing a 22.7% decrease in month over month comparisons.
11% Increase in Months Supply of Inventory
In April 2024, there were 5.35 months of inventory on the Austin multi family market compared to 4.82 in April 2023, showing an 11% increase in year over year numbers. Last month there was 5.43 months of inventory on the market, showing a 1.5% decrease in month over month comparisons.
36% Increase in Number of New Pending Listings
In April 2024, there were 34 multi family properties that accepted a contract compared to 25 properties in April 2023, showing a 36% increase in year over year comparisons. Last month 33 multi family properties accepted a contract showing a 3% increase in month over month comparisons.
8.1% Decrease in Median Active List Price
In April 2024 the median active list price of multi family properties in Austin was $709,950 compared to $772,500 in April 2023, showing an 8.1% decrease in year over year comparisons. Last month the median active list price was $699,500, showing a 1.5% increase in month over month numbers.
55% Increase in Number of New Multi Family Listings
In April 2024, there were 62 multi family properties introduced to the market compared to 40 in April 2023, showing a 55% increase in year over year comparisons. Last month, there were also 62 properties introduced to the market showing no change in month over month comparisons.
38% Increase in Number of Properties on the Market
In April 2024 there were 132 multi family properties actively listed on the market compared to 96 in April 2023, showing a 38% increase in year over year comparisons. Last month, there were 130 multi family properties actively listed, showing a 1.5% increase in month over month comparisons.
April 2024 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 2024 Austin multi family sales below. The most expensive property that sold in April 2024 sold for $980,000 and the least expensive multi family property sold for $355,700. Multi family properties ranged in size from 1,536 sqft – 3,120 sqft with an average size of 2,162 sqft. The average price per square foot for a multi family property that sold in Austin in April 2024 was $282.31 with the lowest being $192.13/sqft and the highest being $478.52/sqft. It took, on average, 48 days to sell a multi family property in Austin and sellers received, on average, 94.84% of their original list prices.
| | SqFt | List Price | LP/SqFt | Sold Price | SP/SqFt | SP/LP | SP/OLP | ADOM |
|---|---|---|---|---|---|---|---|---|
| Min | 1,536 | $375,000 | $205.86 | $355,700 | $192.13 | 89% | 75% | 1 |
| Max | 3,120 | $1,000,000 | $488.28 | $980,000 | $478.52 | 103% | 103% | 174 |
| Avg | 2,162 | $612,974 | $290.77 | $595,297 | $282.31 | 96.68% | 94.84% | 48 |
| Med | 2,186 | $649,000 | $265.77 | $635,000 | $260.03 | 97% | 96% | 30 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | April 2024 |
| Property Type | Multi Family | Number Sold | 19 |
| 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. With over 5 months of inventory we are technically in a balanced market, which means sellers are feeling a little urgency to get their properties sold. Though median price is up 10%, there was a 5.5% decrease in median price per square foot, meaning buyers are getting more value for their money. Despite the market edging towards buyers, sellers remain confident and put 55% more multi family properties on the market compared to last year. We saw a 50% increase in time to sell and a 36% increase in new pending listings showing buyers are snatching up inventory that’s been on the market a while. The multi family real estate market doesn’t follow the traditional spring buying season as strongly as the single family home market does. However, we do expect to see a bit of an increase in buyer activity as we head into spring and early summer. If you’re looking to buy a multi family property, strike now while sellers are still willing to negotiate more.
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 2024 Austin Multi Family Real Estate Price Report?
Do you have questions about this April 2024 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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