Eleven Oaks Realty is proud to present their August 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 August 2024.
The Austin Multi Family Real Estate Market is a Buyer’s Market
In August 2024, there were 7.13 months of inventory on the market, down down 8.82% in month over month comparisons. The average list price to sales price was 93.9%, down 0.15% in month over month comparisons. The median time to sell a multi family property in Austin in August 2024 was 48 days, up 17.07% in month over month comparisons. The median sold price of a multi family property in Austin was $527,500, up 6.57% in month over month comparisons.
Median Price Down 9%
The median price of a multi family property in Austin in August 2024 was $527,500 compared to $579,500 in August 2023, showing a 9% decrease in year over year numbers. Last month the median price was $$495,000 showing a 6.6% increase in month over month comparisons.
32% Decrease in Number of Multi Family Property Sales
In August 2024, there were 15 multi family properties that closed escrow compared to 22 in August 2023, showing a 32% decrease in year over year numbers. Last month there were also 15 multi family properties that closed escrow, showing no change in month over month comparisons.
1% Decrease in Average List Price to Sales Price
In August 2024, the average list price to sales price of a multi family property in Austin was 93.93% compared to 94.89% in August 2023, showing a 1% decrease in year over year numbers. Last month the average list price to sales price was 94.07% showing a 0.1% decrease in month over month comparisons.
50% Increase in Median Time to Sell
In August 2024, the median time to sell a multi family property in Austin was 48 days compared to 32 days in August 2023, showing a 50% increase in year over year numbers. Last month the median time to sell was 41 days, showing a 17.1% increase in month over month comparisons.
15.3% Increase in Median Price Per Square Foot
In August 2024, the median price per square foot for a multi family property in Austin was $294 compared to $255 in August 2023, showing a 15.3% increase in year over year numbers. Last month the median price per square foot for a multi family property in Austin was $255, also showing a 15.3% increase in month over month comparisons.
32% Decrease in Total Sales Volume
In August 2024, the total sales volume for multi family properties in Austin was $9,632,949 compared to $14.1MM in August 2023, showing a 32% decrease in year over year numbers. Last month the total sales volume for multi family properties in Austin was $7.84MM showing a 22.9% increase in month over month comparisons.
0.8% Increase in Months Supply of Inventory
In August 2024, there were 7.13 months of inventory on the market compared to 7.07 months in August 2023, showing an 0.8% increase in year over year comparisons. Last month, there were 7.82 months of inventory on the market, showing an 8.8% decrease in month over month comparisons.
39% Increase in Number of New Pending Listings
In August 2024, there were 25 multi family properties that accepted a contract compared to 18 in August 2023, showing a 39% increase in year over year numbers. Last month, there were 16 properties that accepted a contract in Austin, showing a 56.3% increase in month over month comparisons.
5% Decrease in Median Active List Price
In August 2024, the median active list price was $699,000 compared to $737,000 in August 2023, showing a 5% decrease in year over year comparisons. Last month the median active list price for a multi family property in Austin was $700,000, showing an 0.1% decrease in month over month comparisons.
16% Decrease in Number of New Multi Family Listings
In August 2024 there were 42 multi family properties introduced to the Austin market versus 50 in August 2023, showing a 16% decrease in year over year numbers. Last month, there were 48 multi family properties introduced to the market, showing a 12.5% decrease in month over month comparisons.
42% Increase in Number of Active Multi Family Listings
In August 2024, there were 173 active multi family listings in Austin compared to 122 in August 2023, showing a 42% increase in year over year numbers. Last month, there were 185 active multi family listings, showing a 6.5% decrease in month over month comparisons.
August 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 August 2024 Austin multi family sales below. The most expensive property that sold in August 2024 sold for $2,191,50 and the least expensive multi family property sold for $300,000. Multi family properties ranged in size from 1,449 sqft – 4,318 sqft with an average size of 2,163 sqft. The average price per square foot for a multi family property that sold in Austin in August 2024 was $289.08 with the lowest being $135.77/sqft and the highest being $507.53/sqft. It took, on average, 59 days to sell a multi family property in Austin and sellers received, on average, 91.25% of their original list prices.
| | SqFt | List Price | LP/SqFt | Sold Price | SP/SqFt | SP/LP | SP/OLP | ADOM |
|---|---|---|---|---|---|---|---|---|
| Min | 1,449 | $335,000 | $142.13 | $300,000 | $135.77 | 80% | 74% | 2 |
| Max | 4,318 | $2,395,000 | $554.65 | $2,191,500 | $507.53 | 100% | 101% | 123 |
| Avg | 2,163 | $685,675 | $308.88 | $639,341 | $289.08 | 94.31% | 91.25% | 59 |
| Med | 1,866 | $555,000 | $296.36 | $528,750 | $291.10 | 96% | 92% | 57 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | August 2024 |
| Property Type | Multi Family | Number Sold | 16 |
| 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 7 months of inventory we are in a buyer’s market. Median price is down 9% and sellers are only getting 91.25% of their original list prices, which means there is room to negotiate. We saw a 32% decrease in the number of multi family properties that sold, which means less competition. Buyers are also getting more time to make a decision, with a 50% increase in median time to sell. With a 32% decrease in total sales volume, sellers are feeling the pinch. They have responded by lowering the list prices, with a median 5% 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 August 2024 Austin Multi Family Real Estate Price Report?
Do you have questions about this August 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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