Eleven Oaks Realty is proud to present their December 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 December 2024.
The Austin Multi Family Market is a Balanced Market
Like the single family home and condo market, the Austin multi family market saw an uptick in buyer activity last month. In December 2024 there were 6.21 months of inventory on the market, showing a 22.67% decrease in month over month comparisons. The average list price to sales price was 95.4% showing an 0.99% increase in month over month comparisons. The median time to sell a a multi family property in Austin was 63 days, showing an 8.62% increase in month over month comparisons. The median sold price of a multi family property in Austin was $511,500, showing an 11.04% decrease in month over month comparisons.
1.6% Decrease in Median Sold Price
In December 2024, the median sold price of a multi family property in Austin was $511,500 compared to $520,000 in December 2023, showing a 1.6% decrease in year over year comparisons. Last month the median sold price was $575,000, showing an 11% decrease in month over month comparisons.
64% Increase in Number of Sold Properties
In December 2024, there were 23 multi family properties that sold in Austin compared to 14 in December 2023, showing a 64% increase in year over year numbers. Last month there were 17 multi family properties that sold, showing a 35.3% increase in month over month comparisons.
1% Increase in Average List Price to Sales Price
In December 2024 the average list price to sales price for a multi family property in Austin was 95.42% compared to 94.48% in December 2023, showing a 1% increase in year over year numbers. Last month the average list price to sales price was also 94.48% showing a 1% increase in month over month comparisons.
75% Increase in Median Time to Sell
In December 2024 the median time to sell a multi family property in Austin was 63 days compared to 36 days in December 2023 showing a 75% increase in year over year numbers. Last month the median time to sell a multi family property in Austin was 58 days, showing an 8.6% increase in month over month comparisons.
1.2% Decrease in Median Price Per Square Foot
In December 2024, the median price per square foot for a multi family property in Austin was $254 compared to $257 in December 2023 showing a 1.2% decrease in year over year numbers. Last month the median price per square foot was $281, showing a 9.6% decrease in month over month comparisons.
104% Increase in Total Sales Volume
In December 2024, the total sales volume for multi family properties in Austin was $13,378,400 compared to $6.56MM in December 2023, showing a 104% increase in year over year numbers. Last month the total sales volume was $13.39MM showing an 0.1% decrease in month over month comparisons.
28% Increase in Months Supply of Inventory
In December 2024, there was 6.21 months of inventory on the Austin multi family market compared to 4.87 months in December 2023 showing a 27.5% increase in year over year numbers. Last month there was 8.03 months of inventory on the market showing a 22.7% decrease in month over month comparisons
59% Increase in Number of New Pending Listings
In December 2024 there were 27 multi family properties that accepted a contract compared to 17 in December 2023, showing a 59% increase in year over year comparisons. Last month there was 20 multi family properties that accepted a contract showing a 35% increase in month over month comparisons.
2.4% Decrease in Median Active List Price
In December 2024, the median active list price for a multi family property in Austin was $658,500 compared to $675,000 in December 2023 showing a 2.4% decrease in year over year numbers. Last month the median active list price for a multi family property was $641,500 showing a 2.7% increase in month over month comparisons.
53% Increase in Number of New Multi Family Listings
In December 2024, there were 26 multi family properties introduced the market compared to 17 in December 2023, showing a 53% increase in year over year numbers. Last month there were 44 multi family properties introduced the market showing a 40.9% decrease in month over month comparisons.
51% Increase in Number of Active Multi Family Listings
In December 2024, there were 146 multi family properties on the Austin real estate market compared to 97 in December 2023, showing a 51% increase in year over year numbers. Last month there were 182 multi family properties on the market showing a 19.8% decrease in month over month comparisons.
December 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 December 2024 Austin multi family sales below. The most expensive property that sold in December 2024 sold for $1,175,000 and the least expensive multi family property sold for $355,000. Multi family properties ranged in size from 1,679 sqft – 3,558 sqft with an average size of 2,283 sqft. The average price per square foot for a multi family property that sold in Austin in December 2024 was $257.07 with the lowest being $155.50/sqft and the highest being $403.64/sqft. It took, on average, 80 days to sell a multi family property in Austin and sellers received, on average, 89.65% of their original list prices.
| | SqFt | List Price | LP/SqFt | Sold Price | SP/SqFt | SP/LP | SP/OLP | ADOM |
|---|---|---|---|---|---|---|---|---|
| Min | 1,679 | $425,000 | $159.99 | $355,000 | $155.50 | 79% | 76% | 1 |
| Max | 3,558 | $1,275,000 | $437.99 | $1,175,000 | $403.64 | 103% | 101% | 285 |
| Avg | 2,283 | $618,317 | $269.94 | $591,691 | $257.07 | 95.39% | 89.65% | 80 |
| Med | 2,169 | $525,000 | $266.28 | $511,500 | $255.83 | 97% | 89% | 77 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | December 2024 |
| Property Type | Multi Family | Number Sold | 23 |
| 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 just over 6 months of inventory we are in a balanced market. If you’ve been reading our reports you know we have been in a buyer’s market for months. The trend towards a balanced market in typically the slowest month of the year tells me we are poised to have a busier spring. Buyers who want to get a good deal might be running out of time to do so. Median price is only up 1.6%, which is a small increase from what we’ve seen in previous months. Inventory is up 28% and time to sell is up 75%, giving buyers more choices and time. However, the market is also showing strong signs for sellers with a 59% increase in number of new pending listings and a 23% decrease in inventory from last month, which leads me to believe we are set for a trend towards a sellers market. Buyers are a little more under the gun to get their pre-approvals done and get out shopping before things get busier. Sellers who want to take advantage of the historically strong spring should get their properties ready to sell now. Both buyers and sellers could see some advantages to the market we are currently in.
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 December 2024 Austin Multi Family Real Estate Price Report?
Do you have questions about this December 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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