Eleven Oaks Realty is proud to present their October 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 October 2023.
The Austin Multi Family Market is a Balanced Market
The Austin multi family real estate market remains a balanced market in October 2023 with 6.05 months of inventory, a 4.67% increase in month over month numbers. The list price to sold price ratio was 94.5%, down 1.26% in month over month comparisons. The median time to sell an Austin multi family property was 29 days, down 9.38% in month over month numbers. The median sold price was $600,000, up 2.13% in month over month comparisons. The median time to sell is the fastest time we are seeing in any segment of the Austin real estate market, showing investors still find the Austin market to be a safe place to invest their money.
0.83% Decrease in Median Sold Price of an Austin Multi Family Property
The median sold price of an Austin multi family property was $600,000 in October 2023 compared to $605,000 in October 2022 showing an 0.83% decrease in year over year numbers. Last month, the median sold price was $587,500 showing a 2.1% increase in month over month comparisons.
6% Decrease in Number of Sold Multi Family Properties
In October 2023 there were 31 multi family homes that closed escrow compared to 33 in October 2022, showing a 6% decrease in year over year numbers. Last month there were 18 multi family properties that sold showing a 72.2% increase in month over month comparisons. We typically see a slow down at the end of the year, which is an interesting shift in this year’s market. Could be the new increases in loan limits for multi family properties that will allow primary occupants to live in it and rent out the other side and finance more than they were previously. That has expanded the multi family market and though I’m not sure if it is the only reason for the bump, the next few months will give us more data.
1.63% Decrease in Average List Price to Sales Price
Austin multi family property owners are the most giving when it comes to taking less than list price compared to the condo and single family home market. In October 2023, the average list price to sales price was 94.52% compared to 96.09% in October 2022 showing a 1.63% decrease in year over year numbers. Last month the average list to sales price was 95.73% showing a 1.3% decrease in month over month comparisons.
33% Decrease in Median Time to Sell a Multi Family Home
In October 2023 the median time to sell an Austin multi family home was 29 days compared to 43 days in October 2022, showing a 33% decrease in year over year numbers. Last month, the median time to sell an Austin multi family property was 32 days showing a 9.4% decrease in month over month comparisons. We hit the peak time to sell in February 2023 at 80 days and the low in April 2022 at 7 days.
0.4% Decrease in Median Price Per Square Foot
The median price per square foot of an Austin multi family property in October 2023 was $269 compared to $268 in October 2022 showing an 0.4% decrease in year over year numbers. Last month the median price per square foot was $311 showing a 13.5% decrease in month over month numbers.
3.8% Decrease in Total Sales Volume
The total sales volume for Austin multi family properties was $22,785,200 in October 2023 compared to $23.68MM in October 2022 showing a 3.8% decrease in year over year comparisons. Last month the total sales volume was $11.37MM, showing a 100% increase in month over month comparisons. October 2023 was really a hot month for Austin multi family real estate.
86% Increase in Months Supply of Inventory
In October 2023 we had 6.05 months of multi family inventory on the market compared to 3.25 months in October 2022 showing an 86% increase in year over year numbers. Last month, we had 5.78 months of inventory on the market, showing a 4.7% increase in month over month numbers.
Number of New Pending Listings Saw a 22% Increase
In October 2023, there were 22 multi family properties that accepted a contract compared to 18 in October 2022, showing a 22% increase in year over year numbers. Last month there were 37 multi family properties that accepted a contract showing a 40.5% decrease in month over month numbers. Looks like next months closed sales are going to settle back to our 20-25 number we have been seeing for the last six months.
4% Decrease in Median List Price
In October 2023, the median list price of an Austin multi family property was $669,999 compared to $699,000 in October 2022 showing a 4% decrease in year over year numbers. Last month the median list price was $719,900 showing a 6.9% decrease in month over month comparisons.
59% Decrease in Number of New Multi Family Listings
In October 2023, there were 46 multi family properties introduced to the market compared to 29 in October 2022, showing a 59% decrease in year over year numbers. Last month, there were 38 multi family properties introduced to the market showing a 21.1% increase in year over year numbers.
0.9% Decrease in Number of Active Listings
In October 2023, there were 112 multi family properties active on the market compared to 111 in October 2022 showing an 0.9% decrease in year over year numbers. Last month, there were 105 multi family properties on the market showing a 6.7% increase in month over month comparisons.
October 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 October 2023 Austin multi family sales below. The most expensive property that sold in October 2023 sold for $1,611,750 and the least expensive multi family property sold for $381,000. Multi family properties ranged in size from 1,056 sqft – 7,519 sqft with an average size of 2,663 sqft. The average price per square foot for a multi family property that sold in Austin in October 2023 was $293.41 with the lowest being $167.65/sqft and the highest being $575.45/sqft. It took, on average, 48 days to sell a multi family property in Austin and sellers received, on average, 89.97% of their original list prices.
| | SqFt | List Price | LP/SqFt | Sold Price | SP/SqFt | SP/LP | SP/OLP | ADOM |
|---|---|---|---|---|---|---|---|---|
| Min | 1,056 | $399,900 | $183.56 | $381,000 | $167.65 | 79% | 63% | 0 |
| Max | 7,519 | $1,925,000 | $634.89 | $1,611,750 | $575.45 | 102% | 102% | 180 |
| Avg | 2,663 | $799,717 | $313.00 | $742,807 | $293.41 | 94.37% | 89.97% | 48 |
| Med | 2,274 | $650,000 | $275.87 | $620,000 | $256.80 | 95% | 92.5% | 19 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | October 2023 |
| Property Type | Multi Family | Number Sold | 30 |
| 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 just over 6 months of inventory and sellers accepting 94.5% of list prices (and 89.97% of original list prices – before price reductions), buyers are seeing some deals. We did see more multi family properties sell this month than previous Octobers but that should slow down again as we head deeper into winter. With less demand, sellers should be even more willing to make concessions to get a sale. Prices are still hovering around where they were last year, but buyers are getting more bang for their buck in terms of repairs, closing cost credits and units in better shape because owners had to improve them 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 October 2023 Austin Multi Family Real Estate Price Report?
Do you have questions about this October 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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