Eleven Oaks Realty is proud to present their September 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 September 2023.
The Multi Family Market is Still a Balanced Market
The Austin multi family market remains a balanced market in September 2023 with 5.75 months of inventory, a 16.91% decrease in month over month numbers. The list price to sold price ratio was 95.8%, up 0.98% from last month’s numbers. The median time to sell an Austin multi family property was 35 days, up 9.38% in month over month numbers. The median sold price of an Austin multi family property was $575.000 down 0.78% in month over month comparisons.
4.5% Increase in Median Sold Price
The median sold price of an Austin multi family property was $575,000 in September 2023 compared to $550,000 in September 2022, showing a 4.5% increase in year over year numbers. Last month, the median sold price was $579,500, showing an 0.8% decrease in month over month comparisons.
32% Decrease in Number of Sold Multi Family Properties
In September 2023, there were 17 multi family properties to close escrow in Austin compared to 25 in September 2022, showing a 32% decrease in year over year comparisons. Last month, in August 2023, there were 22 multi family homes to close escrow, showing a 22.7% decrease in month over month comparisons.
0.5% Increase in Average List Price to Sales Price
The average list price to sales price ratio of multi family properties in September 2023 was 95.82% compared to 95.37% in September 2022 showing an 0.5% increase in year over year numbers. Last month, in August 2023, the average list price to sales price ratio was 94.89% showing a 1% increase in month over month figures.
31% Decrease in Median Time to Sell
The median time to sell a multi family property in September 2023 was 35 days compared to 51 days in September 2022, showing a 31% decrease in year over year numbers. Though there are fewer buyers, they are making decisions quicker. Last month, in August 2023, the median time to sell was 32 days, showing a 9.4% increase in month over month numbers.
3% Increase in Median Price Per SqFt
The median price per square foot for Austin multi family properties was $298/sqft in September 2023 compared to $289/sqft in September 2022 showing a 3% increase in year over year numbers. Last month, the median price per square foot was $255/sqft, showing a 16.9% increase in month over month numbers. The multi family segment of the market is the only segment where we are seeing price bumps, likely due to the strength of the Austin rental market.
31% Decrease in Total Sales Volume
The total sales volume for Austin multi family properties in September 2023 was $10,567,550 compared to $15,410,000 in September 2022, showing a 31% decrease in year over year numbers. Last month, in August 2023, the total sales volume was $14.1MM, showing a 25% decrease in month over month numbers.
63% Increase in Inventory
In September 2023, there was 5.75 months of inventory on the Austin multi family market compared to 3.53 months in September 2022, showing a 63% increase in year over year numbers. Last month, there was 6.92 months of inventory, showing a 17% decrease in month over month numbers.
32% Increase in Number of Multi Family Properties that Accepted a Contract
There were 37 multi family properties that accepted a contract in September 2023 compared to 28 multi family properties in September 2022, showing a 32% increase in year over year numbers. Last month, there were 18 multi family properties accepted a contract, showing a 105.6% increase in month over month numbers.
4.1% Increase in Median List Price
The median list price of an active multi family property was $727,500 in September 2023 compared to $699,000 in September 2022 showing a 4.1% increase in year over year numbers. Last month, in August 2023, the median list price was $750,000, showing a 3% decrease in month over month comparisons.
32% Decrease in Number of New Listings
There were 38 multi family properties listed for sale in September 2023 compared to 56 in September 2022, showing a 32% decrease in year over year numbers. In August 2023, there were 51 multi family properties listed for sale, showing a 25.5% decrease in month over month comparisons.
16% Decrease in Number of Active Multi Family Listings
There are 104 active multi family properties listed for sale in September 2023 compared to 124 in September 2022, showing a 16% decrease in year over year numbers. Last month, in August 2023, there were 120 active multi family properties, showing a 13.3% decrease in month over month comparisons.
September 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 September 2023 Austin multi family sales below. The most expensive property that sold in September 2023 sold for $1,050,000 and the least expensive multi family property sold for $370,000. Multi family properties ranged in size from 1,152 sqft – 2,886 sqft with an average size of 2,026 sqft. The average price per square foot for a multi family property that sold in Austin in September 2023 was $323.41 with the lowest being $146.01/sqft and the highest being $694.44/sqft. It took, on average, 43 days to sell a multi family property in Austin and sellers received, on average, 94% of their original list prices.
| | SqFt | List Price | LP/SqFt | Sold Price | SP/SqFt | SP/LP | SP/OLP | ADOM |
|---|---|---|---|---|---|---|---|---|
| Min | 1,152 | $400,000 | $184.74 | $370,000 | $146.01 | 74% | 62% | 0 |
| Max | 2,886 | $1,200,000 | $736.98 | $1,050,000 | $694.44 | 109% | 109% | 336 |
| Avg | 2,026 | $656,406 | $336.80 | $631,531 | $323.41 | 95.78% | 94% | 43 |
| Med | 1,973 | $589,950 | $313.41 | $587,500 | $312.80 | 98.5% | 98% | 25 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | September 2023 |
| Property Type | Multi Family | Number Sold | 18 |
| 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. Though prices are up a tad from last year, we are seeing sellers who are willing to negotiate, offer more favorable terms and do more repairs. We haven’t seen this type of market in years and combine that with the strength of the Austin rental market overall and you’re looking at a pretty good opportunity for buyers. Plus, a new loan program is about to roll out which brings owner occupied down payments for multi family properties down to 5% for duplexes, triplexes and fourplexes when they used to be 15-25%. That means, if you want to live in one unit and rent the rest, you can do so with a lot less down. This is going to be a game changer for someone looking to live near downtown (where most duplexes are) and have some help with their mortgage payment.
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 2023 Austin Multi Family Real Estate Price Report?
Do you have questions about this September 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.
Leave a Reply