Eleven Oaks Realty is proud to present their November 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 November 2023.
The Austin Multi Family Market Remains a Balanced Market
The Austin multi family real estate market remains a balanced market in November 2023 with 5.36 months of inventory, down 11.11% in month over month numbers. Sellers received, on average, 97% of their list prices, which is a 2.6% increase in month over month comparisons. The median time to sell a multi family property in Austin was 25 days in November 2023, down 13.79% in month over month comparisons. The median sold price was $545,000, down 9.17% in month over month comparisons.
3% Decrease in Median Sold Price
In November 2023, the median sold price of an Austin multi family property was $545,000 compared to $562,500 in November 2022, showing a 3% decrease in year over year numbers. Last month, in October 2023, the median sold price of an Austin multi family home was $600,000, showing a 9.2% decrease in month over month comparisons. We do typically see this decrease in price in November and December and as they happen nearly every year, we can attribute this to a seasonal change.
360% Increase in Number of Multi Family Properties Sold
In November 2023, there were 23 multi family properties sold compared to 5 in November 2022, showing a 360% increase in year over year numbers. Last month, there were 31 multi family properties that sold, showing a 25.8% decrease in month over month comparisons.
0.17% Decrease in Average List Price to Sales Price
In November 2023, the average list price to sales price was 96.98% compared to 97.15% in November 2022, showing an 0.17% decrease in year over year numbers. Last month, the average list to sales price was 94.52%, showing a 2.6% increase in month over month comparisons.
25% Increase in Median Time to Sell
The median time to sell an Austin multi family property in November 2023 was 25 days compared to 20 days in November 2022, showing a 25% increase in year over year numbers. Last month, the median time to sell was 29 days, showing a 13.8% decrease in month over month comparisons.
33% Decrease in Median $ Per Sq Ft
The median price per square foot for a multi family property in Austin in November 2023 was $265 compared to $397 in November 2022, showing a 33% decrease in year over year numbers. Though that seems like a large decrease, you’ll notice on the chart November 2022 was one of the peaks in price and lows in sales in the last two years and we are usually more around the $265/sqft we are seeing today. Last month, the median price per square foot of an Austin multi family property was $269, showing a 1.5% decrease in month over month comparisons.
79% Increase in Total Sales Volume
In November 2023, the total sales volume for Austin multi family homes that close escrow was $14,252,699 compared to $2.93MM in November 2023, showing a 79% decrease in year over year numbers. Last month the total sales volume was $22.79MM, showing a 37.4% decrease in month over month comparisons.
48.5% Increase in Months Supply of Inventory
In November 2023 there was 5.36 months of multi family inventory on the Austin real estate market compared to 3.61 months in November 2022, showing a 48.5% increase in year over year comparisons. Last month, in October 2023, there was 6.03 months of inventory on the market, showing an 11.1% decrease in month over month comparisons.
175% Increase in New Pending Listings
In November 2023, there were 22 multi family properties that accepted a contract compared to 8 multi family properties in November 2022, showing a 175% increase in year over year comparisons. Last month, in October 2023, there were 20 multi family properties that accepted a contract showing a 10% increase in month over month comparisons.
3% Increase in Median Active List Price
In November 2023, the median list price of active multi family properties was $719,900 compared to $699,000 in November 2022, showing a 3% increase in year over year comparisons. Last month, the median list price of active multi family properties was $669,000 showing a 7.6% increase in month over month comparisons.
34.5% Increase in Number of New Multi Family Listings
In November 2023, there were 39 multi family properties introduced to the market compared to 29 in November 2022, showing a 34.5% increase in year over year comparisons. Last month, there were 46 multi family properties introduced to the market, showing a 15.2% decrease in month over month comparisons.
4% Increase in Number of Active Listings
In November 2023, there were 105 multi family properties on the market compared to 101 in November 2022, showing a 4% increase in year over year comparisons. Last month, in October 2023, there were 111 multi family properties active for sale, showing a 5.4% decrease in month over month comparisons.
November 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 November 2023 Austin multi family sales below. The most expensive property that sold in November 2023 sold for $1,120,000 and the least expensive multi family property sold for $395,000. Multi family properties ranged in size from 1,617 sqft – 4,092 sqft with an average size of 2,346 sqft. The average price per square foot for a multi family property that sold in Austin in November 2023 was $270.89 with the lowest being $162.79/sqft and the highest being $512.82/sqft. It took, on average, 28 days to sell a multi family property in Austin and sellers received, on average, 93.83% of their original list prices.
| | SqFt | List Price | LP/SqFt | Sold Price | SP/SqFt | SP/LP | SP/OLP | ADOM |
|---|---|---|---|---|---|---|---|---|
| Min | 1,617 | $449,999 | $165.37 | $395,000 | $162.79 | 81% | 70% | 1 |
| Max | 4,092 | $1,265,000 | $579.21 | $1,120,000 | $512.82 | 107% | 107% | 128 |
| Avg | 2,346 | $641,379 | $283.05 | $615,321 | $270.89 | 96.75% | 93.83% | 28 |
| Med | 2,205 | $549,950 | $256.42 | $540,000 | $255.77 | 98% | 96.5% | 11 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | November 2023 |
| Property Type | Multi Family | Number Sold | 24 |
| 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 have just over 5 months of inventory and are technically in a balanced market, we are seeing some market forces favoring sellers. Sellers are getting 2.6% more of their list prices than they were last month at 97% and it’s taking 14% less time to sell with a median time to sell of 25 days. The median sold price was $545,000, which is down a bit, but we are seeing prices soften all across the market. If interest rates continue to go down and rents continue to go up, we should see demand for multi family properties increase more as we head into the new year.
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 November 2023 Austin Multi Family Real Estate Price Report?
Do you have questions about this November 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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