Eleven Oaks Realty is proud to present their June 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 June 2024.
The Austin Multi Family Market is a Buyer’s Market
Last month we were in balanced market territory but this month we crossed over into buyer’s market territory. In June 2024, there was 7.2 months of inventory on the market, showing a 9.26% increase in month over month comparisons. The average list price to sale price was 97.8%, up 1.46% in month over month comparisons. The median time to sell a multi family property in Austin was 22 days, down 48.84% in month over month comparisons. The median sold price of an Austin multi family property in June 2024 was $596,500, up 9.85% in month over month comparisons.
8% Decrease in Median Sold Price
In June 2024, the median sold price for a multi family property in Austin was $596,500 compared to $647,500 in June 2023 showing an 8% decrease in year over year comparisons. Last month, the median sold price for a multi family property in Austin was $543,000, showing a 9.9% increase in month over month comparisons.
29% Decrease in Number of Sold Multi Family Properties
In June 2024, there were 17 multi family properties that closed escrow in Austin compared to 24 in June 2023, showing a 29% decrease in year over year numbers. Last month, there were 42 multi family properties that closed escrow, showing a 59.5% decrease in year over year numbers.
1.6% Decrease in Average List Price to Sales Price
In June 2024, the average list price to sales price of a multi family property was 97.76% compared to 99.29% in June 2023, showing a 1.6% decrease in year over year comparisons. Last month, the average list price to sales price was 96.35%, showing a 1.5% increase in month over month comparisons.
38% Increase in Median Time to Sell
In June 2024, the median time to sell a multi family property in Austin was 22 days compared to 16 days in June 2023, showing a 38% increase in year over year comparisons. Last month, the median time to sell a multi family property in Austin was 43 days, showing a 48.8% decrease in month over month comparisons.
10% Increase in Median Price Per Square Foot
In June 2024, the median price per square foot for a multi family property in Austin was $279 compared to $254 in June 2023, showing a 10% increase in year over year comparisons. Last month, the median price per square foot was $282, showing a 1.1% decrease in month over month comparisons.
38% Decrease in Total Sales Volume
In June 2024, the total sales volume for multi family properties in Austin was $9,664,297 compared to $15.62MM in June 2023, showing a 38% decrease in year over year comparisons. Last month, the total sales volume was $28.65MM, showing a 66.3% decrease in month over month comparisons.
13.6% Increase in Months Supply of Inventory
In June 2024, there were 7.2 months supply of inventory on the Austin multi family market compared to 6.16 months in June 2023, showing a 13.6% increase in year over year numbers. Last month, there as 6.59 months of inventory on the Austin multi family market, showing a 9.3% increase in month over month comparisons.
10.5% Decrease in Median Active List Price
In June 2024, the median active list price for a multi family property in Austin was $707,000 compared to $790,000 in June 2023, showing a 10.5% decrease in year over year numbers. Last month, the median active list price of a multi family property in Austin was $700,000, showing a 1% increase in month over month comparisons.
19% Increase in Number of Active Multi Family Listings
In June 2024, there were 57 multi family properties actively listed on the market compared to 48 in June 2023, showing a 19% increate in year over year numbers. Last month, there were 72 properties listed for sale, showing a 20.8% decrease in month over month comparisons.
60% Increase in Number of Active Listings
In June 2024, there were 178 multi family properties actively listed for sale compared to 111 in June 2023, showing a 60% increase in year over year numbers. Last month, there were 162 multi family properties actively listed for sale, showing a 9.9% increase in month over month comparisons.
June 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 June 2024 Austin multi family sales below. The most expensive property that sold in June 2024 sold for $742,500 and the least expensive multi family property sold for $426,000. Multi family properties ranged in size from 1,733 sqft – 3,584 sqft with an average size of 2,232 sqft. The average price per square foot for a multi family property that sold in Austin in June 2024 was $263.29 with the lowest being $171.60/sqft and the highest being $348.49/sqft. It took, on average, 32 days to sell a multi family property in Austin and sellers received, on average, 95.94% of their original list prices.
| | SqFt | List Price | LP/SqFt | Sold Price | SP/SqFt | SP/LP | SP/OLP | ADOM |
|---|---|---|---|---|---|---|---|---|
| Min | 1,733 | $369,000 | $136.82 | $426,000 | $171.60 | 89% | 87% | 4 |
| Max | 3,584 | $799,000 | $358.38 | $742,500 | $348.49 | 128% | 128% | 88 |
| Avg | 2,232 | $587,282 | $271.98 | $568,488 | $263.29 | 97.76% | 95.94% | 32 |
| Med | 2,024 | $599,000 | $295.95 | $596,500 | $279.72 | 95% | 94% | 18 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | June 2024 |
| Property Type | Multi Family | Number Sold | 17 |
| 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 8% and which is one of the larger decreases we have seen in recent months. We saw a 29% 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 38% increase in median time to sell. With a 38% decrease in total sales volume, sellers are feeling the pinch. They have responded by lowering the list prices, with a median 10.5% 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 June 2024 Austin Multi Family Real Estate Price Report?
Do you have questions about this June 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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