Eleven Oaks Realty is proud to present their June 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 June 2023.
The Austin Multi Family Market is a Balanced Market
In June 2023, there was 5.7 months of multi-family property inventory on the Austin market, which is considered a balanced market. The multi family market is one of two segments of the Austin market that is currently in a balanced market and is the stronger market of the two. Though there is 5.7 months of inventory, list price to sold price ratio is just over 100% meaning multi family property sellers are getting what they ask for. Plus, with a median time to sell at 2 weeks and the median price up 10% from last month and sellers are in a pretty strong position considering the balanced market.
Median Price Down 4%
In June 2023, the median price of an Austin multi family property was $626,950 compared to 654,950 in June 2022 showing a 4% decrease in year over year numbers. Last month the median price was $560,000, showing a 10.3% increase in month over month numbers.
38% Decrease in Number of Multi-Family Properties Sold
In June 2023, there were 20 multi family properties that closed escrow in Austin compared to 32 in June 2022 showing a 38% decrease in year over year numbers. Last month, in May 2023, there were 22 multi family properties that closed escrow, showing a 9.1% decrease in month over month numbers.
2% Increase in Average List Price to Sales Price Received
In June 2023, sellers received, on average, 100.17% of their list prices compared to 98.35% in June 2022 showing a 2% increase in year over year numbers. Last month, in May 2023, sellers received, on average, 96.92% of their list prices, showing a 3.4% increase in month over month numbers. It seems multi family property buyers are making more aggressive offers than buyers in other segments of the market.
36% Decrease in Time to Sell
In June 2023, the median time to sell an Austin multi family property was 14 days compared to 22 days in June 2022 showing a 36% decrease in time to sell. Last month, the median time to sell was 27 days, showing a 48.1% decrease in month over month numbers. The Austin multi family market was moving quickly despite it being a balanced market.
22% Decrease in Median $/SqFt
In June 2023, the median price per square foot of a multi family property in Austin was $260 compared to $334 in June 2022 showing a 22% decrease in year over year numbers. Last month, in May 2023, the median price per square foot was $306, showing a 15% decrease in month over month numbers.
51% Decrease in Total Sales Volume
In June 2023, the total sales volume for a multi family property in Austin was $12,607,946 compared to $25.73MM in June 2022, showing a 51% decrease in year over year numbers. Last month, in May 2023, the total sales volume was $14.63MM, showing a 13.8% decrease in month over month numbers.
93.2% Increase in Months Supply of Inventory
In June 2023, there was 5.7 months of inventory on the Austin multi family market compared to 2.95 months in June 2022, showing a 93.2% increase in year over year numbers. Last month, in May 2023, there was 5.44 months of inventory, showing a 4.8% increase in month over month numbers.
3% Decrease in Number of Properties that Accepted a Contract
In June 2023, there were 30 multi family properties that accepted a contract compared to 31 in June 2022 showing a 3% decrease in year over year numbers. Last month, in May 2023, there were 23 properties that accepted a contract showing a 30.4% increase in month over month numbers.
14% Increase in Median List Price vs 4% Decrease in Median Sold Price
In June 2023, the median list price of an active multi family property was $800,000 compared to $699,950 in June 2022, showing a 14% increase in year over year numbers. In May 2023, the median list price of active listings was $822,880, showing a 2.8% decrease in month over month numbers. As we saw in the chart above, there was a 4% decrease in year over year comparisons of median sold price and a 10.3% increase in month over month comparisons.
52% Decrease in New Multi Family Listings
In June 2023, there were 46 multi family properties introduced to the market compared to 95 in June 2022, showing a 53% decrease in year over year numbers. Last month, in May 2023, there were 39 multi family properties introduced to the market, showing a 17.9% increase in month over month numbers.
17% Decrease in Austin Multi Family Properties for Sale
In June 2023, there were 96 multi family properties on the market compared to 116 properties in June 2022, showing a 17% decrease in year over year comparisons. Last month, in May 2023, there were 92 properties for sale, showing a 4.3% increase in year over year comparisons.
June 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 June 2023 Austin multi family sales below. The most expensive property that sold in June 2023 sold for $900,000 and the least expensive multi family property sold for $291,000. Multi family properties ranged in size from 1,200 sqft – 4,468 sqft with an average size of 2,231 sqft. The average price per square foot for a multi family property that sold in Austin in June 2023 was $303.05 with the lowest being $201.43/sqft and the highest being $589.23/sqft. It took, on average, 31 days to sell a multi family property in Austin and sellers received, on average, 95.78% of their original list prices.
| | SqFt | List Price | LP/SqFt | Sold Price | SP/SqFt | SP/LP | SP/OLP | ADOM |
|---|---|---|---|---|---|---|---|---|
| Min | 1,200 | $299,900 | $212.40 | $291,000 | $201.43 | 89% | 64% | 3 |
| Max | 4,468 | $950,000 | $589.23 | $900,000 | $589.23 | 117% | 117% | 244 |
| Avg | 2,231 | $639,830 | $304.26 | $637,519 | $303.05 | 99.74% | 95.78% | 31 |
| Med | 2,196 | $609,000 | $281.25 | $645,000 | $268.23 | 100% | 98% | 9 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | June 2023 |
| 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 sell. Though we are officially in a balanced market, it’s the strongest balanced market that we’ve ever seen. Sellers are getting more than list price in 2 weeks, which is virtually unheard of. Median price, though down from last year, is up from last month and we are still in peak buying season. Buyers are motivated to get into the Austin market and are willing to pay top dollar to get 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 June 2023 Austin Multi Family Real Estate Price Report?
Do you have questions about this June 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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