Eleven Oaks Realty is proud to present their May 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 May 2023.
The Austin Multi Family Market is a Balanced Market
In May 2023, we saw two segments of the Austin market dip into balanced market territory. Yesterday we told you about the Austin condo market and today it’s the Austin multi family market. This month we had 5.18 months of multi family home inventory on the market, which is up 5.71% in month over month comparisons. Despite the shift in the market, it is still only taking 27 days to get a buyer and prices are up from last month.
23% Decrease in Median Sold Price of Austin Multi Family Property
In May 2023, the median sold price of a multi family property in Austin was $568,000 compared to $700,000 in May 2022, showing a 23% decrease in year over year numbers. Last month, the median sold price was $560,000, showing a 1.4% increase in month over month comparisons.
50% Decrease in Austin Multi Family Property Sales
In May 2023, we had 22 multi family properties close escrow compared to 30 in May 2022, showing a 50% decrease in year over year numbers. Last month, we had 14 close escrow, showing a 57.1% increase in month over month comparisons.
6% Decrease in Average List Price to Sales Price Received
In May 2023, Austin multi family property owners received 96.92% of their list prices, on average, compared to 103.11% in May 2022, showing a 6% decrease in year over year numbers. Last month, in April 2023, sellers received, on average, 95.87% of their list prices, showing a 1.1% increase in month over month comparisons.
41% Increase in Time to Sell an Austin Multi Family Home
In May 2023, the median time to sell a multi family home in Austin was 27 days compared to 16 days in May 2022, showing a 41% increase in year over year numbers. Last month, the median time to sell was 23 days, showing a 17.4% increase in month over month numbers.
23% Decrease in Median Price per Square Foot
In May 2023, the median price per square foot of a multi family property in Austin was $306, compared to $377 in May 2022, showing a 23% decrease in year over year numbers. Last month, the median price per square foot of a multi family property in Austin was $275, showing a 11.3% increase in month over month comparisons.
79% Decrease in Total Sales Volume
In May 2023, the total sales volume in the multi family segment of the Austin real estate market was $14,632,020, compared to $26.24MM in May 2022, showing a 79% decrease in year over year comparisons. Last month, in April 2023, the total sales volume was $8.64MM, showing a 69.4% increase in month over month comparisons.
193% Increase in Months Supply of Inventory
In May 2023, we had 5.18 months supply of inventory, up 193% in year over year comparisons and up 5.7% in month over month comparisons. With more sellers wanting to unload their multi family properties and fewer buyers, we are seeing inventory creep up.
65% Decrease in Number of Properties that Accepted a Contract
In May 2023, there were 26 multi family properties in Austin that accepted a contract compared to 43 in May 2022, showing a 65% decrease in year over year numbers. Last month, there were 23 properties that accepted a contract, showing a 13% increase in month over month comparisons.
10% Increase in Median List Price vs 23% Decrease in Median Sold Price
In May 2023, the median list price of a multi family home in Austin was $850,000, up from $775,000 in May 2022 showing a 10% increase in year over year comparisons. Last month, the median list price of a multi family property in Austin was $790,000, showing a 7.6% increase in month over moth comparisons. Compare this with the median closed price we saw above and there was a 23% decrease in median sold price from $700,000 in May 2022 to $568,000 in May 2023.
79% Decrease in New Multi Family Listings
In May 2023, there were 39 multi family properties listed for sale compared to 70 in May 2022, showing a 79% decrease in year over year comparisons. Last month, we had 39 multi family properties listed for sale, showing no change in month over month comparisons.
23% Increase in Austin Multi Family Properties for Sale
In May 2023, there were 89 multi family properties for sale in Austin compared to 69 for sale in May 2022, showing a 23% increase in year over year figures. Last month, there were 91 multi family properties for sale in Austin, showing a 2.2% decrease in month over month comparisons.
May 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 May 2023 Austin multi family sales below. The most expensive property that sold in May 2023 sold for $1,358,000 and the least expensive multi family property sold for $320,000. Multi family properties ranged in size from 1,032 sqft – 3,636 sqft with an average size of 2,084 sqft. The average price per square foot for a multi family property that sold in Austin in May 2023 was $332.74 with the lowest being $163.82/sqft and the highest being $712.49/sqft. It took, on average, 25 days to sell a multi family property in Austin and sellers received, on average, 94.67% of their original list prices.
| | SqFt | List Price | LP/SqFt | Sold Price | SP/SqFt | SP/LP | SP/OLP | ADOM |
|---|---|---|---|---|---|---|---|---|
| Min | 1,032 | $379,000 | $160.22 | $320,000 | $163.82 | 82% | 76% | 4 |
| Max | 3,636 | $1,400,000 | $734.52 | $1,358,000 | $712.49 | 108% | 108% | 98 |
| Avg | 2,084 | $697,605 | $346.38 | $670,572 | $332.74 | 96.76% | 94.67% | 25 |
| Med | 1,983 | $650,000 | $302.72 | $586,000 | $306.07 | 97% | 97% | 12 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | May 2023 |
| Property Type | Multi Family | Number Sold | 21 |
| 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. We are officially in a balanced market and though that type of market doesn’t favor one side or another, it’s sure a lot closer to a buyers market than buyers have felt in years. Prices are down, time to sell is up from the peak and buyers are able to negotiate more than they were a year ago. Rents are also up, which is giving investors the room they need to be able to justify these Austin multi family property prices.
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 May 2023 Austin Multi Family Real Estate Price Report?
Do you have questions about this May 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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