Eleven Oaks Realty is proud to present their July 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 July 2023.
The Austin Multi Family Market is a Balanced Market
In July 2023, there was 5.79 months of inventory on the Austin multi family market, which is considered a balanced market. This month we did see a drop off in list price to sold price ratio, with sellers getting 96.6% of their list prices, down 3.03% from last months numbers. The median time to sell a multi family property was 37 days, up 131.25% in month over month comparisons. The median sold price was $580,250, down 10.04% in month over month comparisons.
Median Price Down 7%
In July 2023, the median sold price of a multi family property in Austin, TX was $580,250 compared to $623,750 in July 2022 showing a 7% decrease in year over year numbers. Last month, in June 2023, the median sold price of a multi family home was $645,000, showing a 10% drop in month over month comparisons.
6.3% Increase in Number of Multi-Family Properties Sold
In July 2023, there were 17 multi family properties that sold compared to 16 in July 2022, showing a 6.3% increase in year over year numbers. Last month, in June 2023, there were 21 multi family properties that sold, showing a 19% decrease in month over month comparisons.
2.9% Decrease in List Price to Sold Price %
In July 2023, the average list price to sales price % sellers received was 96.63% compared to 99.56% in July 2022, showing a 2.9% decrease in year over year comparisons. Last month, in June 2023, sellers received, on average 99.65% of their list prices, showing a 3% decrease in month over month comparisons.
208% Increase in Time to Sell
In July 2023, the median time to sell a multi family home in Austin was 37 days, compared to 12 days in July 2022, showing a 208% increase in year over year numbers. Last month, in June 2023, the median time to sell was 16 days, showing a 19% decrease in month over month comparisons.
7.7% Decrease in Median $/SqFt
In July 2023, the median price per square foot of a multi family property in Austin was $298 compared to $323 in July 2022, showing a 7.7% decrease in year over year numbers. Last month, in June 2023, the median $/sqft was $260, showing a 14.6% increase in month over month comparisons.
26% Decrease in Total Sales Volume
In July 2023, the total sales volume of multi family properties in Austin was $10,730,750 compared to $14.47MM in July 2022, showing a 26% decrease in year over year comparisons. Last month, the total sales volume for multi family properties in Austin was $13.57MM, showing a 20.9% decrease in month over month comparisons.
61.7% Increase in Months Supply of Inventory
In July 2023, we had 5.79 months supply of inventory on the multi family market compared to 3.58 months in July 2022, showing a 61.7% increase in year over year numbers. Last month, in June 2023, we had 6.63 months of inventory on the market, showing a 12.7% decrease in month over month comparisons.
92% Increase in Number of Properties that Accepted a Contract
In July 2023, 23 multi family property owners accepted a contract compared to 12 in July 2022, showing a 92% increase in year over year comparisons. Last month, in June 2023, there were 22 multi family properties that accepted a contract, showing a 4.5% increase in month over month comparisons.
21% Increase in Median List Price & 7% Decrease in Median Sold Price
In July 2023, the median list price of a multi family property in Austin was $834,500 compared to $689,000 in July 2022, showing a 21% increase in year over year numbers. Last month, in June 2023, the median list price was $800,000, showing a 4.3% increase in month over month comparisons. The median sold price saw a 7% decrease in year over year comparisons and a 10% decrease in month over month comparisons.
21.6% Decrease in New Multi Family Listings
In July 2023, there were 40 multi family properties introduced to the market compared to 51 in July 2022, showing a 21.6% decrease in year over year comparisons. Last month, in June 2023, there were 46 multi family properties introduced to the market, showing a 13% decrease in month over month comparisons.
22.2% Decrease in Number of Active Listings
In July 2023, there were 98 multi family properties on the market compared to 126 in July 2022 showing a 22.2% decrease in year over year numbers. Last month, in June 2023, there were 106 multi family properties on the market, showing a 7.5% decrease in month over month comparisons.
July 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 July 2023 Austin multi family sales below. The most expensive property that sold in July 2023 sold for $1,350,000 and the least expensive multi family property sold for $380,000. Multi family properties ranged in size from 1,440 sqft – 3,904 sqft with an average size of 2,172 sqft. The average price per square foot for a multi family property that sold in Austin in July 2023 was $296.95 with the lowest being $166.50/sqft and the highest being $459.71/sqft. It took, on average, 49 days to sell a multi family property in Austin and sellers received, on average, 94.33% of their original list prices.
| | SqFt | List Price | LP/SqFt | Sold Price | SP/SqFt | SP/LP | SP/OLP | ADOM |
|---|---|---|---|---|---|---|---|---|
| Min | 1,440 | $399,900 | $178.02 | $380,000 | $166.50 | 85% | 73% | 5 |
| Max | 3,904 | $1,595,000 | $490.70 | $1,350,000 | $459.71 | 104% | 108% | 208 |
| Avg | 2,172 | $655,094 | $307.32 | $627,597 | $296.95 | 97.06% | 94.33% | 49 |
| Med | 1,897 | $577,000 | $295.63 | $573,125 | $287.34 | 98% | 96% | 25 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | July 2023 |
| Property Type | Multi Family | Number Sold | 18 |
| 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 signs of the market shifting towards a buyers market. Sellers are getting less of their list prices, time to sell is up 131% from last month and median price is down 7% from last year and 10% from last month. Things have cooled off in the multi family real estate market and August might be a prime time to get a good deal.
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 July 2023 Austin Multi Family Real Estate Price Report?
Do you have questions about this July 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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