Eleven Oaks Realty is proud to present their May 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 May 2024.
The Austin Multi Family Market Remains in a Balanced Market though Just Barely
In May 2024, there was 6.42 months of inventory on the Austin multi family market showing an 18.23% increase in month over month comparisons. The average list price to sales price was 96.2%, down 0.62% in month over month comparisons. The median time to sell a multi family property in Austin was 47 days, up 30.56% in month over month comparisons. The median sold price was $555,000, down 10.48% in month over month comparisons.
1.33% Decrease in Median Sold Price
The median sold price of a multi family property in Austin in May 2024 was $555,000 compared to $562,500 in May 2023, showing a 1.33% decrease in year over year comparisons. Last month the median sold price was $620,000, showing a 10.5% decrease in month over month comparisons.
63% Increase in Number of Sold Properties
In May 2024, there were 39 multi family properties that sold compared to 24 in May 2023, showing a 63% increase in year over year comparisons. Last month there were 21 multi family properties that closed, showing an 86% increase in month over month comparisons. May was a busy month of Austin multi family real estate.
1.2% Decrease in Average List Price to Sales Price
In May 2024, the average list price to sales price was 96.21% compared to 97.37% in May 2023, showing a 1.2% decrease in year over year comparisons. Last month the average list to sales price was 97.57% showing an 0.6% decrease in month over month comparisons.
43% Increase in Median Time to Sell
In May 2024 it took a median time of 47 days to sell a multi family property in Austin compared to 27 days in May 2023, showing a 43% increase in year over year numbers. Last month the median time to sell was 36 days, showing a 30.6% increase in month over month comparisons.
0.7% Increase in Median Price Per Square Foot
In May 2024 the median price per square foot for a multi family property in Austin was $288 compared to $286 in May 2023, showing an 0.7% increase in year over year numbers. Last month the median price per square foot for a multi family property in Austin was $259, showing an 11.2% increase in month over month comparisons.
72% Increase in Total Sales Volume
The total sales volume for multi family properties in Austin in May 2024 was $27,146,863 compared to $15.76MM in May 2023 showing a 72% increase in year over year comparisons. Last month the total sales volume was $12.04MM showing a 126% increase in month over month comparisons.
20% Increase in Months Supply of Inventory
In May 2024, there was 6.42 months of inventory on the multi family market compared to 5.34 months in May 2023, showing a 20% increase in year over year numbers. Last month there was 5.43 months of inventory on the market, showing an increase of 18.2% in month over month comparisons.
13% Increase in Number of New Pending Listings
In May 2024, there were 27 multi family properties that accepted a contract compared to 24 in May 2023, showing a 13% increase in year over year comparisons. Last month there were 34 multi family properties in Austin that accepted a contract, showing a 20.6% decrease in month over month comparisons.
9% Decrease in Median Active List Price
The median active list price of a multi family property in Austin in May 2024 was $732,000 compared to $800,000 in May 2023, showing a 9% decrease in year over year numbers. Last month the median active list price of a multi family property in Austin was $705,000, showing a 3.8% increase in month over month comparisons.
78% Increase in Number of New Multi Family Listings
In May 2024, there were 73 multi family properties introduced to the market compared to 41 in May 2023, showing a 78% increase in year over year comparisons. Last month, there were 62 multi family properties introduced to the market showing a 17.7% increase in month over month comparisons.
65% Increase in Number of Active Listings
In May 2024 there were 160 multi family properties that were actively listed on the market compared to 97 in May 2023 showing a 65% increase in year over year comparisons. Last month there were 134 properties actively listed for sale showing a 19.4% increase in month over month comparisons.
May 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 May 2024 Austin multi family sales below. The most expensive property that sold in May 2024 sold for $2,340,000 and the least expensive multi family property sold for $375,000. Multi family properties ranged in size from 1,265 sqft – 4,127 sqft with an average size of 2,204 sqft. The average price per square foot for a multi family property that sold in Austin in May 2024 was $314.70 with the lowest being $179.77/sqft and the highest being $837.50/sqft. It took, on average, 43 days to sell a multi family property in Austin and sellers received, on average, 92.79% of their original list prices.
| | SqFt | List Price | LP/SqFt | Sold Price | SP/SqFt | SP/LP | SP/OLP | ADOM |
|---|---|---|---|---|---|---|---|---|
| Min | 1,265 | $379,000 | $181.69 | $375,000 | $179.77 | 85% | 67% | 0 |
| Max | 4,127 | $2,500,000 | $837.50 | $2,340,000 | $837.50 | 102% | 102% | 238 |
| Avg | 2,204 | $720,687 | $327.58 | $688,868 | $314.70 | 96.13% | 92.79% | 43 |
| Med | 2,000 | $550,000 | $273.14 | $550,000 | $257.33 | 97% | 93% | 36 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | May 2024 |
| Property Type | Multi Family | Number Sold | 39 |
| 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 6 months of inventory we are technically in a balanced market, but trending towards a buyers market so sellers are starting to feel a sense of urgency to attract buyers. Median price is down 1.33% and though that isn’t a huge decrease, it’s still a decrease, which is something we haven’t seen in a while. Despite the market edging towards buyers, sellers remain confident and put 78% more multi family properties on the market compared to last year. This significant increase in number of properties listed for sale is the reason inventory numbers went up as we didn’t see that same increase on the buyer’s side. We saw a 43% increase in time to sell and a 13% increase in new pending listings, which shows more buyers are out there, but not as many as there are sellers. This means buyers have more choices and are able to negotiate more favorable deals with sellers. The multi family real estate market doesn’t follow the traditional spring buying season as strongly as the single family home market does. If you’re looking to buy a multi family property, strike now while sellers are still willing to negotiate more to attract a buyer.
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 2024 Austin Multi Family Real Estate Price Report?
Do you have questions about this May 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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