Eleven Oaks Realty is proud to present their July 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 July 2024.
The Austin Multi Family Market is a Buyer’s Market
In July 2024, there was 7.36 months of inventory on the Austin multi family market, showing an 0.14% increase in month over month comparisons. The average list price to sales price as 94.2%, showing a 3.3% decrease in month over month comparisons. The median time to sell a multi family property in Austin was 41 days, showing an 86.36% increase in month over month comparisons. The median sold price of an Austin multi family property was $495,000, showing a 17.26% decrease in month over month comparisons.
13.6% Decrease in Median Sold Price
In July 2024, the median sold price of a multi family property in Austin was $495,000 compared to $573,130, showing a 13.6% decrease in year over year numbers. Last month the median sold price for a multi family property in Austin was $598,250, showing a 17.3% decrease in month over month comparisons.
27.8% Decrease in Number of Sold Multi Family Properties
In July 2024, there were 13 multi family properties that sold in Austin compared to 18 in July 2023, showing a 27.8% decrease in year over year numbers. Last month there were 18 multi family properties that closed escrow, showing a 27.8% decrease in month over month comparisons.
3% Decrease in Average List Price to Sales Price
In July 2024, the average list price to sales price was 94.16% compared to 96.98% in July 2023, showing a 3% decrease in year over year numbers. Last month, the average list price to sales price was 97.37%, showing a 3.3% decrease in month over month comparisons.
17% Increase in Median Time to Sell
In July 2024, the median time to sell a multi family property in Austin was 41 days compared to 35 days in July 2023, showing a 17% increase in year over year numbers. Last month, the median time to sell was 22 days, showing an 86.4% increase in month over month comparisons.
15% Decrease in Median Price per Square Foot
The median price per square foot for a multi family property in Austin in July 2024 was $244 compared to $287 in July 2023, showing a 15% decrease in year over year numbers. Last month the median price per square foot was $266, showing an 8.3% decrease in month over month comparisons.
42% Decrease in Total Sales Volume
In July 2024, the total sales volume for multi family properties in Austin was $6,605,000 compared to $11.3MM in July 2023, showing a 42% decrease in year over year numbers. Last month the total sales volume for multi family properties in Austin was $10.44MM, showing a 36.8% decrease in month over month comparisons.
18% Increase in Months Supply of Inventory
In July 2024 there was 7.36 months of inventory on the Austin multi family market compared to 6.22 months in July 2023, showing an 18% increase in year over year numbers. Last month there was 7.35 months of inventory on the market showing essentially no change in month over month comparisons.
27% Decrease in Number of New Pending Listings
In July 2024, there were 19 multi family properties that accepted a contract compared to 26 in July 2023, showing a 27% decrease in year over year comparisons. Last month, there were 21 multi family properties that accepted a contract, showing a 9.5% decrease in month over month comparisons.
12.5% Decrease in Median Active List Price
In July 2024, the median active list price for multi family properties in Austin was $699,499 compared to $799,000 in July 2023, showing a 12.5% decrease in year over year numbers. Last month the median active list price was $705,000, showing an 0.8% decrease in month over month numbers.
2.2% Increase in Number of New Listings
In July 2024, there were 47 multi family properties introduced to the market in Austin compared to 46 in July 2023, showing a 2.2% increase in year over year numbers. Last month there were 57 multi family properties introduced to the market, showing a 17.5% decrease in month over month comparisons.
56% Increase in Number of Active Multi Family Listings
In July 2024, there were 176 multi family properties actively listed for sale in Austin compared to 113 in July 2023, showing a 56% increase in year over year numbers. Last month, there were 180 multi family properties actively listed for sale, showing a 2.2% decrease in month over month comparisons.
July 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 Julye 2024 Austin multi family sales below. The most expensive property that sold in July 2024 sold for $700,000 and the least expensive multi family property sold for $375,000. Multi family properties ranged in size from 1,576 sqft – 2,735 sqft with an average size of 2,034 sqft. The average price per square foot for a multi family property that sold in Austin in July 2024 was $252.84 with the lowest being $164.55/sqft and the highest being $318.18/sqft. It took, on average, 62 days to sell a multi family property in Austin and sellers received, on average, 92% of their original list prices.
| | SqFt | List Price | LP/SqFt | Sold Price | SP/SqFt | SP/LP | SP/OLP | ADOM |
|---|---|---|---|---|---|---|---|---|
| Min | 1,576 | $399,000 | $175.08 | $375,000 | $164.55 | 86% | 85% | 0 |
| Max | 2,735 | $749,900 | $334.38 | $700,000 | $318.18 | 103% | 103% | 231 |
| Avg | 2,034 | $5407,515 | $268.50 | $508,077 | $252.84 | 94.15% | 92% | 62 |
| Med | 2,016 | $549,000 | $270.83 | $495,000 | $255.94 | 94% | 89% | 20 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | July 2024 |
| Property Type | Multi Family | Number Sold | 13 |
| 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 7 months of inventory we are in a buyer’s market. Median price is down 14% and which is one of the larger decreases we have seen in recent months. We saw a 28% decrease in the number of multi family properties that sold, which created an increase in inventory. Buyers are also getting more time to make a decision, with a 17% increase in median time to sell. With a 42% decrease in total sales volume, sellers are feeling the pinch. They have responded by lowering the list prices, with a median 12.5% decrease across the board. Sellers know they have to price competitively to get an offer and the motivated ones are doing just that. If you’ve been wanting to get your toe in the multi family market, now might be a prime opportunity for you to get a great 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 2024 Austin Multi Family Real Estate Price Report?
Do you have questions about this July 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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