Eleven Oaks Realty is proud to present their August 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 August 2023.
The Austin Multi Family Market is a Balanced Market
In August 2023 there was 6.14 months of inventory on the Austin multi family market, showing a 3.37% increase in month over month numbers. The average list price to sold price was 94.9% showing a 2.17% decrease in month over month numbers. The median time to sell an Austin multi family property was 32 days, down 8.57% in month over month comparisons. The median sold price of an Austin multi family property was $579,500, up 1.11% in month over month numbers.
Median Price of a Multi Family Property in Austin Down 7%
In August 2023, the median price of an Austin multi family property as $579,500, down 7% from $622,500 where it was in August 2022. Last month, the median price was $573,130, showing a 1.1% increase in month over month numbers.
No Change in the Number of Austin Multi Family Properties Sold
In August 2023 and August 2022, there were 22 multi family properties that sold in Austin, showing no change in year over year numbers. Last month, there were 18 home sales, showing a 22.2% increase in month over month numbers.
1.5% Decrease in Average List Price to Sales Price %
In August 2023, sellers of multi family properties in Austin received, on average, 94.89% of their list prices compared to 96.32% in August 2022, showing a 1.5% decrease in year over year numbers. Last month sellers received 96.98% of their list prices showing a 2.2% decrease in month over month numbers.
3% Decrease in Time to Sell
In August 2023, the median time to sell a multi family property in Austin was 32 days compared to 31 days in August 2022, showing a 3% decrease in year over year numbers. Last month, the median time to sell was 35 days, showing an 8.6% decrease in month over month numbers. The multi family segment of the market is the one segment that isn’t seeing a dramatic increase in time to sell. Investors seems to be taking nearly as much time as they were this time last year.
5.2% Decrease in Median Price Per SqFt
In August 2023, the median price per square foot of a multi family property was $255 compared to $269 in August 2022, showing a 5.2% decrease in year over year numbers. Last month, the median price per square foot of an Austin multi family property was $287, showing an 11.1% decrease in month over month numbers.
9.4% Decrease in Total Sales Volume of Austin Multi Family Properties
In August 2023, the total sales volume for multi family properties in Austin was $14,098,645 compared to $15.56MM in August 2022, showing a 9.4% decrease in year over year numbers. Last month the total sales volume for multi family properties in Austin was $11.3MM showing a 24.8% increase in month over month numbers.
80.6% Decrease in Months Supply of Inventory
In August 2023 there was 6.14 months of inventory on the Austin multi family market compared to 3.4 months in August 2022, showing an 80.6% decrease in year over year numbers. Last month, the Austin multi family market had 5.94 months of inventory, showing a 3.4% increase in month over month numbers.
17.2% Decrease in New Pending Multi Family Listings
In August 2023, there were 24 multi family properties that accepted a contract compared to 29 in August 2022, showing a 17.2% decrease in year over year numbers. Last month there were 25 multi family properties that accepted a contract, showing a 4% decrease in month over month numbers. We are definitely seeing less buyer activity out there.
8% Increase in Median List Price of An Austin Multi Family Property
In August 2023, the median list price of an active multi family property listing was $755,000 compared to $699,500 in August 2022, showing an 8% increase in year over year numbers. Last month, the median list price of an active multi family property listing was $799,500. This explains the decrease in average list price to sales price ratio decrease and essentially no change to median price. Multi family property owners are listing for more than they were last year, but wiling to negotiate more and take the same as they were last year.
11% Increase in Number of New Multi Family Listings
In August 2023, there were 51 multi family properties introduced to the market compared to 46 in August 2022, showing an 11% increase in year over year numbers. Last month there were also 46 multi family properties introduced to the market showing the same 11% increase in month over month numbers. August was a busier month for the multi family market.
9% Decrease in Number of Active Multi Family Listings
In August 2023, there were 109 active multi family properties compared to 120 in August 2022, showing a 9% decrease in year over year numbers. Last month there were 108 multi family listings, showing an 0.9% increase in month over month comparisons.
August 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 August 2023 Austin multi family sales below. The most expensive property that sold in August 2023 sold for $1,520,000 and the least expensive multi family property sold for $435,000. Multi family properties ranged in size from 1,686 sqft – 4,925 sqft with an average size of 2,540 sqft. The average price per square foot for a multi family property that sold in Austin in August 2023 was $272.78 with the lowest being $142.54/sqft and the highest being $406.50/sqft. It took, on average, 36 days to sell a multi family property in Austin and sellers received, on average, 93% of their original list prices.
| | SqFt | List Price | LP/SqFt | Sold Price | SP/SqFt | SP/LP | SP/OLP | ADOM |
|---|---|---|---|---|---|---|---|---|
| Min | 1,686 | $449,000 | $153.29 | $435,000 | $142.54 | 84% | 73% | 2 |
| Max | 4,925 | $1,750,000 | $482.72 | $1,520,000 | $406.50 | 109% | 109% | 145 |
| Avg | 2,540 | $707,024 | $289.76 | $661,840 | $272.78 | 94.86% | 93% | 36 |
| Med | 2,096 | $599,000 | $256.54 | $594,000 | $257.63 | 94% | 93% | 27 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | August 2023 |
| Property Type | Multi Family | Number Sold | 21 |
| 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. Though we are officially in a balanced market, we are seeing stronger signs for buyers. Sellers are getting less of their list prices, median sold price is down 7% and there is 81% more inventory on the market. It is taking 3% less time to sell, so buyers are more decisive than they were, which means if you want a good deal, you can’t wait. Though things have cooled off in the market, there are still strong buyers out there wanting to negotiate a good deal with a seller.
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 August 2023 Austin Multi Family Real Estate Price Report?
Do you have questions about this August 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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