Eleven Oaks Realty is proud to present their September 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 September 2024.
The Austin Multi Family Market is Still a Buyer’s Market
Though we didn’t expect any different, the Austin multi family market was a buyer’s market in September 2024. We saw 8.19 months of inventory on the multi family market, up 18.52% in month over month comparisons. Sellers received, on average, 95.5% of their list prices, up 1.29% in month over month comparisons. The median time to sell a multi family home in Austin in September 2024 was 68 days, up 17.24% in month over month comparisons. The median sold price of a multi family property was $592,500, up 12.07% in month over month comparisons.
5% Increase in Median Sold Price
In September 2024, the median sold price of a multi family home in Austin was $592,500, compared to $565,000 in September 2023, showing a 5% increase in year over year numbers. Last month, the median price of a multi family property in Austin was $528,750 showing a 12.1% increase in month over month comparisons.
33% Increase in Number of Sold Multi Family Properties
In September 2024, there were 24 multi family properties that closed escrow compared to 18 in September 2023, showing a 33% increase in year over year numbers. Last month, there were 16 multi family properties that sold, showing a 50% increase in month over month comparisons.
0.07% Decrease in Average List Price to Sales Price
In September 2024, the average list price to sales price was 95.49% compared to 95.56% in September 2023, showing an 0.07% decrease in year over year comparisons. Last month, the average list price to sales price for a multi family property in Austin was 94.27% showing a 1.3% increase in month over month comparisons.
89% Increase in Median Time to Sell
In September 2024, the median time to sell a multi family property in Austin was 68 days compared to 36 days in September 2023, showing an 89% increase in year over year numbers. Last month, the median time to sell was 58 days showing a 17.2% increase in month over month comparisons.
19.5% Decrease in Median Price Per Square Foot
In September 2024, the median price per square foot of a multi family property in Austin was $240 compared to $298 in September 2023, showing a 19.5% decrease in year over year numbers. Last month the median price per square foot was $292, showing a 17.8% decrease in month over month comparisons.
58% Increase in Total Sales Volume
The total sales volume for multi family properties in September 2024 was $17,437,500 compared to $11.06M in September 2023, showing a 58% increase in year over year numbers. Last month, the total sales volume was $10.23MM, showing a 70.5% increase in month over month comparisons.
43.7% Increase in Months Supply of Inventory
In September 2024, there were 8.19 months of inventory on the Austin market compared to 5.7 in September 2023, showing a 43.7% increase in year over year comparisons. Last month there were 6.91 months of inventory on the market showing an 18.5% increase in month over month numbers.
58% Decrease in Number of New Pending Listings
In September 2024, there were 17 multi family properties that accepted a contract compared to 40 in September 2023, showing a 58% decrease in year over year numbers. Last month there were 27 multi family properties that accepted a contract, showing a 37% decrease in month over month comparisons.
3.2% Decrease in Median Active List Price
In September 2024, the median active list price of a multi family property in Austin was $675,000 compared to $697,000 in September 2023, showing a 3.2% decrease in year over year numbers. Last month the median active list price was $699,900, showing a 3.6% decrease in month over month numbers.
43% Increase in Number of New Multi Family Listings
In September 2024, there were 53 multi family properties introduced to the market compared to 37 in September 2023, showing a 43% increase in year over year numbers. Last month, there were 42 multi family properties introduced to the market showing a 26.2% increase in month over month comparisons.
80% Increase in Number of Active Multi Family Listings
In September 2024, there were 187 multi family properties actively listed on the market compared to 104 in September 2023, showing an 80% increase in year over year numbers. Last month, there were 171 multi family properties listed for sale showing a 9.4% increase in month over month comparisons.
September 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 September 2024 Austin multi family sales below. The most expensive property that sold in September 2024 sold for $2,450,000 and the least expensive multi family property sold for $280,000. Multi family properties ranged in size from 1,134 sqft – 6,246 sqft with an average size of 2,481 sqft. The average price per square foot for a multi family property that sold in Austin in September 2024 was $302.06 with the lowest being $154/sqft and the highest being $603.94/sqft. It took, on average, 60 days to sell a multi family property in Austin and sellers received, on average, 90.08% of their original list prices.
| | SqFt | List Price | LP/SqFt | Sold Price | SP/SqFt | SP/LP | SP/OLP | ADOM |
|---|---|---|---|---|---|---|---|---|
| Min | 1,134 | $299,000 | $165.28 | $280,000 | $154 | 82% | 74% | 2 |
| Max | 6,246 | $2,595,000 | $603.94 | $2,450,000 | $603.94 | 102% | 100% | 133 |
| Avg | 2,481 | $775,304 | $318.50 | $735,500 | $302.06 | 95.24% | 90.08% | 60 |
| Med | 2,028 | $643,000 | $272.49 | $600,000 | $246.91 | 96% | 91% | 62 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | September 2024 |
| Property Type | Multi Family | Number Sold | 25 |
| 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 8 months of inventory we are in a buyer’s market. Though median price is up 5%, sellers are only getting 90.08% of their original list prices, which means there is room to negotiate. We saw a 33% increase in the number of multi family properties that sold, which means buyers are out there and feel they’re getting fair deals. Buyers are also getting more time to make a decision, with an 89% increase in median time to sell. Though we did see a small uptick in the number of sales this month, sellers are feeling the pinch of longer selling times and fewer buyers in the market than we saw in previous years. They have responded by lowering the list prices, with a median 3% decrease across the board. Sellers know they have to price competitively to get an offer and the motivated ones are doing just that. If you’ve been wanting to get your toe in the multi family market, now might be a prime opportunity for you to get a great deal.
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 September 2024 Austin Multi Family Real Estate Price Report?
Do you have questions about this September 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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