Eleven Oaks Realty is proud to present their March 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 March 2024.
The Austin Multi Family Real Estate Market is a Seller’s Market
This month the Austin multi family real estate market remained in a seller’s market but is hovering on the edge of a balanced market. In March 2024 there was 5 months of inventory on the Austin multi family real estate market, showing a 2.53% decrease in month over month comparisons. The average list price to sales price was 97.6%, showing a 2.97% increase in month over month comparisons. The median time to sell a multi family property in Austin was 94 days, showing a 261.54% increase in month over month comparisons. The median sold price of an Austin multi family property was $541,000, showing a 1.88% increase in month over month comparisons.
8% Decrease in Median Sold Price
In March 2024, the median sold price of an Austin multi family property was $541,000 compared to $589,000 in March 2023 showing an 8% decrease in year over year comparisons. Last month the median sold price was $531,000 showing a 1.9% increase in month over month comparisons.
16% Increase in Number of Multi Family Properties Sold
In March 2024 the number of multi family properties that sold was 22 compared to 19 in March 2023, showing a 16% increase in year over year comparisons. Last month there were 20 multi family properties that sold showing a 10% increase in month over month comparisons.
0.03% Decrease in Average List Price to Sales Price
In March 2024 the average list price to sales price was 97.57% compared to 97.6% in March 2023, showing an 0.03% decrease in year over year comparisons. Last month the average list price to sales price was 94.76% showing a 3% increase in month over month comparisons.
169% Increase in Median Time to Sell
In March 2024, the median time to sell a multi family property in Austin was 94 days, compared to 35 days in March 2023, showing a 169% increase in year over year comparisons. Last month the median time to sell was 26 days, showing a 261.5% increase in month over month comparisons.
20% Decrease in Median Price Per Square Foot
In March 2024, the median price per square foot for an Austin multi family property was $251 compared to $312 in March 2023, showing a 20% decrease in year over year numbers. Last month the median price per square foot of an Austin multi family property was $243, showing a 3.3% increase in month over month comparisons.
47% Increase in Total Sales Volume
In March 2024, the total sales volume for multi family properties in Austin was $15,579,500 compared to $10.62MM in March 2023, showing a 47% increase in year over year comparisons. Last month, the total sales volume for multi family properties in Austin was $13.41MM, showing a 16.1% increase in month over month comparisons.
1.8% Decrease in Months Supply of Inventory
In March 2024, there was 5 months of inventory compared to 5.09 months in March 2023, showing a 1.8% decrease in year over year comparisons. Last month, there was 5.13 months of inventory showing a 2.5% decrease in month over month comparisons.
171% Increase in Number of New Pending Listings
In March 2024, there were 38 multi family properties that accepted a contract compared to 14 in March 2023, showing a 171% increase in year over year numbers. Last month, there were 23 multi family homes that accepted a contract, showing a 65.2% decrease in month over month comparisons.
7.4% Decrease in Median Active List Price
In March 2024, the median active list price was $699,499 compared to $755,000 in March 2023, showing a 7.4% decrease in year over year comparisons. Last month the median active list price was $699,000 showing an 0.1% increase in month over month comparisons.
22% Increase in Number of New Listings
In March 2024, there were 62 multi family properties introduced to the market compared to 51 multi family properties in March 2023, showing a 22% increase in year over year comparisons. Last month there were 42 multi family properties introduced to the Austin real estate market, showing a 47.6% increase in month over month comparisons.
18% Increase in Number of Active Listings
In March 2024, there were 122 multi family properties actively listed on the market compared to 103 in March 2023, showing an 18% increase in year over year comparisons. Last month there were 115 multi family properties actively listed on the market, showing a 6.1% increase in month over month comparisons.
March 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 March 2024 Austin multi family sales below. The most expensive property that sold in March 2024 sold for $2,350,000 and the least expensive multi family property sold for $395,000. Multi family properties ranged in size from 1,630 sqft – 4,536 sqft with an average size of 2,284 sqft. The average price per square foot for a multi family property that sold in Austin in March 2024 was $290.74 with the lowest being $213.90/sqft and the highest being $565.99/sqft. It took, on average, 82 days to sell a multi family property in Austin and sellers received, on average, 96% of their original list prices.
| | SqFt | List Price | LP/SqFt | Sold Price | SP/SqFt | SP/LP | SP/OLP | ADOM |
|---|---|---|---|---|---|---|---|---|
| Min | 1,630 | $399,700 | $215.89 | $395,000 | $213.90 | 83% | 83% | 0 |
| Max | 4,536 | $2,200,000 | $529.87 | $2,350,000 | $565.99 | 111% | 111% | 235 |
| Avg | 2,284 | $720,559 | $298.18 | $708,159 | $290.74 | 97.59% | 96% | 82 |
| Med | 2,072 | $545,000 | $267.06 | $541,000 | $257.97 | 99% | 97% | 63 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | March 2024 |
| Property Type | Multi Family | Number Sold | 22 |
| 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 5 months of inventory we are technically in a sellers market, though signs are pointing towards some give for buyers. Median price is down 8% and there was a slight decrease in average list price to sales price so sellers are negotiating more to make a sale. Despite the market edging towards buyers, sellers remain confident and put 22% more multi family properties on the market compared to last year. We saw a 169% increase in time to sell and a 171% increase in new pending listings showing buyers are snatching up inventory that’s been on the market a while. The multi family real estate market doesn’t follow the traditional spring buying season as strongly as the single family home market does. However, we do expect to see a bit of an increase in buyer activity as we head into spring and early summer. If you’re looking to buy a multi family property, strike now while sellers are still willing to negotiate more.
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 March 2024 Austin Multi Family Real Estate Price Report?
Do you have questions about this March 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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