Eleven Oaks Realty is proud to present their February 2026 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 February 2026.
February’s multi family market showed price gains offset by a dramatic contraction in transaction volume and market activity. Median sold prices climbed 31.3% year over year to $525,000, reflecting sustained investor interest in the segment. However, completed transactions dropped sharply, and active inventory levels remain well below historical norms. The market continues to operate in a balanced state with pricing power concentrated among sellers, even as demand signals soften.
All data below covers multi family residential properties (duplex, triplex, and quadplex) in the city of Austin. Data is sourced from Realtors Property Resource (RPR) and the Austin Board of REALTORS MLS. Some metrics may vary slightly between sources due to differing methodology; where differences exist, they are noted.
The Austin Multi Family Market is a Balanced Market
February confirms the Austin multi family market as balanced, with the RPR gauge showing 6.29 months of inventory. This represents a 6.54% decline from January and puts the market just above the threshold separating balanced conditions from buyer’s market territory. Sold to list price averaged 93.8%, down 1.68% month over month, indicating that sellers are experiencing mild downward price pressure as they adjust their original asking prices. The median time for properties to sell in RPR reached 49 days, a 56.64% increase from January’s significantly faster pace. Median sold price held at $525,000, only down 5.58% from the prior month despite the longer time on market. These indicators collectively suggest a market in transition: inventory is building slightly, buyers have more options and negotiating leverage, and the months-to-sell metric is trending longer. For both buyers and sellers, conditions are increasingly fair, with neither party commanding overwhelming advantage.
Median Sold Price Up 31.3% Year Over Year
The median price at which a multi family property sold in February reached $525,000, down 5.6% from January but up 31.3% compared to February 2025’s $400,000.
The year-over-year price appreciation in the multi family segment reflects strong investor conviction in Austin’s rental market despite broader economic uncertainties. The $125,000 gain in median price over twelve months underscores sustained demand for income-producing properties. Over the past two years, the chart shows considerable volatility in prices, with monthly swings between roughly $490,000 and $650,000, reflecting the thinner transaction pool in multi family. The price trajectory over the past year has largely held above $500,000, suggesting that earlier 2025 weakness did not persist. For buyers, these price levels represent meaningful capital commitment; for sellers, pricing at or near the median maximizes appeal in a balanced market where overpricing invites longer marketing periods.
Number of Sold Properties Down 73.3% Year Over Year
Just 11 multi family properties sold in February, down 26.7% from January but down 73.3% compared to February 2025 when 42 properties closed.
The dramatic year-over-year collapse in closed transactions is the defining story of February’s multi family market. Because multi family volume is small compared to single-family, a few missing transactions move the monthly percentage substantially. However, the consistency of low volume over the past several months indicates this is not just a seasonal dip but a structural softening in deal flow. The 11 closings in February is the lowest monthly count visible on the two-year chart, and it reflects both reduced buyer activity and a shrinking pipeline of investment properties available for purchase. Small sample size effects amplify these percentage swings in the multi family sector; still, fewer than a dozen closings in a major metro suggests market caution. Investors are taking longer to decide, deals are taking longer to close, or qualified inventory is insufficient to meet the stated buyer appetite. Any of these conditions warrant attention.
Average Sold to List Price Down 2.8% Year Over Year
Properties sold for an average of 93.81% of their list price in February, down 1.7% from January but down 2.79% compared to February 2025 when the ratio was 96.49%.
The decline in sold-to-list ratio from last year signals a subtle but important shift in negotiating leverage. Twelve months ago, sellers were receiving nearly 96.5 cents on the dollar; today that number has slipped below 94%. For sellers, this means pricing discipline has become more critical. An asking price that is even slightly inflated will likely translate into a meaningful price reduction before close. For investors evaluating properties, the lower ratio is actually a positive signal: it suggests room to negotiate below asking, and the market is rewarding offers closer to underlying value. The chart shows relative stability around the 94–95% range over the past several months after a sharper dip in mid-2025, indicating that current conditions reflect a new equilibrium rather than temporary weakness.
Median Time to Sell Down 23.4% Year Over Year
It took a median of 49 days to sell a multi family property in February, up 56.6% from January’s faster 31-day pace but down 23.4% compared to February 2025 when the median was 64 days.
The year-over-year improvement in time-to-sell from 64 days to 49 days is encouraging and represents one of the few positive shifts in February’s data. Properties are moving roughly 15 days faster than they did in the same month last year. This improvement reflects better properties reaching market and continued investor interest despite reduced overall volume. However, the month-over-month spike from January’s 31 days to February’s 49 days is notable and may reflect seasonal effects or the specific mix of properties that came to market in February. The two-year trend on the chart is choppy, with notable spikes to 100+ days visible, but the overall trajectory suggests that multi family properties in Austin can be expected to spend 4–7 weeks on market in normal conditions. For sellers, 49 days is reasonable; for buyers, it indicates supply is available but not overwhelming.
Median Price Per Square Foot Down 13.3% Year Over Year
The median price per square foot for closed multi family sales reached $254 in February, down 8.3% from January but down 13.31% compared to February 2025 when the median was $293 per square foot.
The per-square-foot metric reveals important context about what multi family buyers are actually purchasing. At $254 per square foot, prices have retreated notably from the $293 level of one year ago. This decline of nearly 13% is more pronounced than the headline 31% increase in median sale price, indicating that the properties selling today are larger on average or represent different building types within the multi family category. Investors should pay particular attention to this metric when evaluating individual properties; a $250,000 property that is 2,500 square feet ($100/sqft) is a very different investment than a $250,000 property that is 1,200 square feet ($208/sqft). The chart shows the per-sqft metric oscillating between $220 and $290 over two years, with no clear long-term trend, suggesting that per-unit pricing is highly dependent on the specific properties in each month’s transaction set.
Total Sales Volume Down 89.8% Year Over Year
Total dollar volume for multi family sales in February was $7.10 million, down 14.9% from January but down 89.76% compared to February 2025 when the total was $69.27 million.
The staggering year-over-year decline in total volume is the cumulative effect of fewer transactions combined with a lower per-transaction value. While the median price is up significantly, the dollar volume aggregate is down sharply because there are far fewer deals closing. In February 2025, 137 multi family transactions closed with a combined value of $69.27 million; in February 2026, the volume fell to $7.10 million, a decline of 62.2 million dollars in annual purchasing activity. This dramatic contraction raises questions about investor pipeline health and whether the transition to a balanced market is simply an adjustment or the beginning of a longer period of reduced multi family activity in Austin. For investors and developers, lower volume typically means longer marketing timelines and fewer competing bids, favoring buyers over sellers.
Months Supply of Inventory Down 12.3% Year Over Year
At 6.29 months, the February inventory level is down 6.54% from January and down 12.28% compared to February 2025 when supply stood at 7.17 months. The market remains in balanced territory but trending slightly toward sellers.
Lower months of inventory year over year seems counterintuitive given the reduction in transaction volume. The explanation lies in the numerator: the absolute number of active listings has also contracted significantly, which can reduce the months supply metric even as fewer deals are closing. A balanced market (4–6 months supply) offers neither party dominant advantage, and the 6.29-month reading places Austin’s multi family segment precisely at that threshold. For sellers, inventory just shy of 6 months is the worst place to be: tight enough that traditional seller leverage should apply, yet high enough that individual properties face real competition. For buyers, it represents opportunity; most multi family investors would not describe Austin as a buyer’s market despite the lower volume. The month-over-month decline suggests inventory is tightening, which may provide modest support for prices in coming months.
New Pending Listings Up 46.7% Year Over Year
February recorded 22 new pending multi family listings, up 46.7% month over month but down 85.33% compared to February 2025 when there were 150 new pending contracts.
The expansion from January’s 15 pending listings to February’s 22 is a positive signal of renewed transaction interest after January’s slowdown. However, the year-over-year comparison of 22 pending in February 2026 versus 150 in February 2025 underscores the severity of the demand contraction. The magnitude of this decline (almost 85% year over year) reflects the overall softening in multi family investment activity and suggests that the pipeline of future closings will remain thin through at least March and early April. For sellers, fewer pending contracts mean longer wait times to see deals close and less certainty around timing. For buyers, the low number of pending properties suggests that once a good opportunity surfaces, competition for it may be limited.
Median Active List Price Up 39.8% Year Over Year
The median asking price for active multi family listings in February stood at $598,500, down just 0.2% from January but up 39.76% compared to February 2025 when the median was $428,000.
The robust year-over-year increase in asking prices reflects seller expectations that have adjusted upward based on the strong price appreciation of the past year. At $598,500, the median active list price is $73,500 higher than the median sold price of $525,000, a gap of 12.3%. This spread indicates that not all asking prices are being achieved, and sellers are indeed having to adjust. The gap between list and sold price is typical in balanced markets, and at 12.3% it is within normal range. For sellers, the takeaway is that pricing at or modestly below $600,000 attracts the most competition. For buyers, the gap suggests opportunity to negotiate, particularly on properties that have been active for more than 45 days.
New Listings Down 89.9% Year Over Year
Only 41 new multi family listings hit the market in February, down 10.9% from January but down 89.93% compared to February 2025 when 407 new listings were added to inventory.
The year-over-year collapse in new listings is perhaps the most concerning data point for the multi family investment market. When sellers stop listing properties, it signals either satisfaction with holding properties for rental income, pessimism about sale prices, or simple lack of inventory to sell. Fewer than 50 new listings per month in a major metro’s multi family segment is exceptionally thin and suggests that transaction velocity will remain constrained for months. The supply shock evident in this data indicates that investors should expect continued tight inventory and that opportunities to exit positions may be limited. For prospective multi family buyers, the scarcity of new listings means actively monitoring the market and acting quickly when suitable properties appear.
Active Listings Down 88.9% Year Over Year
February ended with 132 active multi family listings on the market, down 10.8% from January but down 88.91% compared to February 2025 when there were 1,190 active listings available.
The drastic decline in active inventory from 1,190 to 132 represents a fundamental tightening of the Austin multi family market. With fewer than 150 properties available at any given time, the market is severely inventory-constrained. The year-over-year comparison (down 89%) is the starkest in this month’s data and reflects a sustained pullback in multi family transactions and listings. The month-over-month decline from January to February (down 10.8%) shows continued shrinkage. For perspective, 132 active listings split across all of Austin is roughly one property available for every four days of the month; for investors seriously seeking multi family opportunities, competition for any available property will be intense. This inventory scarcity is the dominant backdrop for near-term multi family market conditions.
February 2026 Austin Multi Family Real Estate by the Numbers
The table below is pulled directly from the Austin Board of REALTORS MLS statistics for February 2026 and covers 12 closed multi family transactions (duplex, triplex, and quadplex) in the city of Austin.
| Min | Max | Avg | Median | |
|---|---|---|---|---|
| Beds | 1,110 | 3,890 | 2,390 | 2,271 |
| Baths | 1 | 18 | 9,374 | 6,695 |
| Sq Ft | $400,000 | $1,699,000 | $667,250 | $539,950 |
| List Price | $136.61 | $477.39 | $293.86 | $280.35 |
| LP/Sq Ft | 0.089 | 0.426 | 0.215 | 0.200 |
| Close Price | $380,000 | $1,550,000 | $623,125 | $525,000 |
| CP/Sq Ft | $107.11 | $472.97 | $278.18 | $270.63 |
| CP/LP% | 77.00% | 100.00% | 93.83% | 96.00% |
| CP/OLP% | 77.00% | 99.00% | 88.50% | 91.00% |
| ADOM | 0 | 171 | 60 | 43 |
The most expensive multi family property that sold in February 2026 sold for $1,550,000 and the least expensive sold for $380,000. Properties ranged in size from 1,110 to 3,890 square feet with an average size of 2,390 square feet. The average price per square foot was $278.18 with the lowest being $107.11 per square foot and the highest being $472.97 per square foot. It took, on average, 60 days to sell a multi family property in Austin and sellers received, on average, 88.50% of their original list prices.
The gap between close price and original list price (CP/OLP% at 88.50%) versus the close price to current list price (CP/LP% at 93.83%) reveals important seller behavior. The 5.33 percentage point spread indicates that multi family sellers are reducing their asking prices as properties sit on market, but not all the way down to their original aggressive list price. On average, properties are being discounted 11.50% from the original ask and re-listed at lower prices that eventually command 93.83% of the new asking price. For sellers, the lesson is clear: aggressive original pricing costs negotiating room. For buyers, it suggests that properties marked down once are likely to see further price reductions if they continue to sit unsold.
The ADOM (average days on market) of 60 days aligns with the RPR median time-to-sell figure of 49 days; the difference reflects RPR’s specific calculation methodology. Both figures suggest that multi family properties in Austin take roughly two months to move from listing to close. This timeline is meaningful for investors planning cash flow and operations; a 49-to-60 day close period requires careful financial modeling to ensure holding costs don’t erode deal economics.
What This Means for Multi Family Buyers
For multi family investors, February’s data is mixed. On the positive side, prices on a per-square-foot basis have contracted from the $293 peak of a year ago to $254, providing better entry points for cap rate conscious operators. Median sold prices are up 31.3%, but this appears driven by a shift in the types of properties transacting rather than across-the-board price appreciation; properties that would have sold for $500,000 are not now selling for $655,000. The sold-to-list ratio of 93.81% indicates room to negotiate, and with inventory so constrained, any property that meets your investment criteria likely deserves serious attention.
The significant challenge is opportunity scarcity. Just 11 properties closed in February, and only 132 remain active on market. For an investor with capital ready to deploy, the current environment feels more like a narrow, selective buyer’s market than a broad opportunity. You may need to expand your geographic search within Austin, adjust unit mix requirements, or be prepared to move quickly when a suitable property does hit market. Extended decision timelines are a luxury you cannot afford.
Interest rates and cap rate expectations matter more now than they did when inventory was abundant. The transition from 7.17 to 6.29 months supply is meaningful for your financing options; lenders are more confident in 6-month-supply markets, and terms may be slightly more favorable. Use this relative strength in your favor when structuring deals. The fundamentals of Austin’s multi family market (population growth, limited housing supply, strong job market) remain intact, suggesting that pricing discipline and selectivity today will be rewarded with opportunities as supply gradually normalizes.
What This Means for Multi Family Sellers
For multi family property owners considering a sale, February presents a narrow window of opportunity. Prices are elevated relative to a year ago, with median sold prices at $525,000 (up 31.3% YoY) and active asking prices averaging $598,500. The cost of waiting is rising as inventory continues to fall; with just 132 active listings available, your property will face almost no direct competition once listed. This is a seller advantage, but it requires pricing strength and move speed.
The danger is pricing overconfidence. The median active list price of $598,500 is 12.3% higher than the median sold price of $525,000, indicating that aspirational pricing is still common and not all owners are capturing these elevated prices. The CP/OLP% figure of 88.50% shows that the market is punishing overpriced listings with substantial discounts. If your multi family property is priced realistically at or near the current median sold price, it should attract investor interest given the shortage of available inventory. If it is priced aggressively at the median asking level or above, be prepared for a longer marketing period and eventual price reduction.
The trend in new listings (41 in February, down 89.9% YoY) and pending contracts (22 in February, down 85.3% YoY) suggests that the window of strong selling conditions may be temporary. As the spring market unfolds and new inventory naturally increases, pricing power may moderate. For sellers, now is a better time to list than May or June will be.
Market Summary and Outlook
February 2026 revealed the multi family market at a crossroads. Prices remain elevated year over year, with median sold price up 31.3% and active asking prices up 39.8%, yet the underlying transaction volume has collapsed to worrying lows. Fewer than a dozen closed sales and new listings below 50 per month in Austin is unusual and signals a broad hesitation among multi family investors. The inventory contraction from 1,190 to 132 active listings year over year is the starkest data point and speaks to either investor satisfaction with holding properties or uncertainty about sale prices and holding periods.
The year-over-year comparisons are distorted by a difficult February 2025 baseline. The month after, a deeper pattern emerges: across the past 12 months, multi family transaction volume has been consistently thin, with few months breaking 20 closings per month. This is not seasonal weakness; it is structural. Interest rates, funding conditions, and return expectations have all shifted since 2024’s more active trading environment, and the market is adjusting. Investors with sub-5% cap rate expectations are largely staying on the sidelines.
The key variable for the coming months is whether new inventory will enter the market as the season turns. If owners see price appreciation persisting through spring and feel emboldened to list, inventory could rebuild to 200–300 active properties by May, which would provide buyers with more selection and soften sellers’ negotiating position. Conversely, if the current supply tightness persists, prices may stabilize despite soft volume, and any multi family property available will command premium buyer attention. The months-supply metric at 6.29 suggests marginal inventory relief, but it remains in balanced rather than buyer-favorable territory.
Austin’s multi family market fundamentals remain compelling for long-term investors. Population growth continues, housing supply remains constrained, and rental demand supports property values. However, the near-term trading environment is punishing overpriced properties and rewarding selectivity. The data suggests that investors and sellers should expect a prolonged period of thin volume, selective pricing, and disciplined buyer behavior rather than a return to the brisk transaction pace of 2021–2022.
Action Items for Multi Family Buyers
- Monitor new listings daily and be prepared to move within 48 hours if a property matches your investment criteria, as inventory is severely constrained and competing offers may surface quickly.
- Focus your search on properties listed at or below the median active price of $598,500, as asking prices above that level show extended time-on-market and high probability of eventual price reduction.
- Calculate cap rates and hold periods on a per-property basis rather than relying on market averages, because the mix of properties transacting each month is narrow and a single large or unusual property can skew monthly statistics.
- Expand your geographic search within greater Austin if your preferred neighborhoods have minimal inventory, as the market-wide shortage of multi family listings requires flexibility to find deals.
- Negotiate aggressively on properties that have been active for more than 45 days, leveraging the gap between asking price and the 93.81% sold-to-list ratio as evidence that sellers will accept below-ask offers.
- Pre-position financing and due diligence frameworks now so that you can close quickly once a suitable property is identified; a 49-day median time-to-sell means deal velocity and speed of decision-making are competitive advantages.
Action Items for Multi Family Sellers
- Price your multi family property at or modestly below the median sold price of $525,000 if your goal is to attract multiple offers and quick close; pricing above the median active list price of $598,500 will likely result in extended marketing and eventual discounts.
- Be prepared to adjust your asking price downward if your property exceeds 30 days on market, as the data shows sellers averaging a 5.33 percentage point reduction between original list and final close price.
- List now rather than waiting for spring, as new listings are already constrained and the window of maximum seller advantage (minimal competition) may narrow as the season advances.
- Highlight unique features of your multi family property in marketing materials, because with only 132 active listings available, any property that stands out will attract investor interest without heavy promotion.
- Consider owner financing or other creative terms if your property is priced at a premium to comps, as the sold-to-list ratio of 93.81% indicates buyer resistance to premium pricing even in a tight inventory market.
- Ensure your property undergoes proper inspection and appraisal before listing, as buyers in a balanced market have enough selection to pass on properties with deferred maintenance or unclear value propositions.
Final Word on the Market
February’s multi family data tells a story of price resilience amid volume collapse. Median sold prices remain elevated year over year, and selling in this market is possible if your property is competitively priced. However, the dramatic reduction in transaction volume, new listings, and active inventory suggests that the phase of easy multi family investing in Austin has passed. The balance has shifted from a seller’s to a balanced market, and that shift is already visible in longer time-on-market and tighter pricing disciplines.
For buyers, now is the time to be ready. Inventory constraints mean that suitable investments are rare, but price declines and extended marketing periods on overpriced properties provide tactical opportunities for disciplined investors. For sellers, the message is simpler: price fairly, list quickly, and do not assume that prices will remain elevated if you delay. The fundamentals of Austin’s multi family market support long-term ownership, but near-term trading conditions favor those who are prepared and realistic about current market conditions.
The data is your guide. Properties priced at the median are moving at the median pace. Properties priced above market are moving slowly and losing value to price reductions. Properties priced below market attract quick offers. Make the decision that fits your investment goals and financial situation, and do not let emotional attachment to a particular price point override what the market is telling you month after month.
Questions About the February 2026 Austin Multi Family Real Estate Price Report?
Have questions about what the February 2026 Austin Multi Family Real Estate Price Report means for your specific situation? We are happy to help. If you are thinking about buying a multi family property in Austin, our Buyers page has resources to help you understand the process and get started. If you are thinking about selling, our Sellers page walks through what to expect in today’s market.
Reach out to Rebecca Jacks and the team at Eleven Oaks Realty. Call or text (512) 827-8323 or email info@11OaksRealty.com. We have been helping buyers and sellers since 1978 and we are here to help you make the best decision for your situation, whatever that looks like.
Data sources: Realtors Property Resource (RPR), Austin Board of REALTORS MLS. All figures are for multi family residential properties (duplex, triplex, and quadplex) in the city of Austin. Reported figures reflect February 1, 2026 through February 28, 2026. Some variation between data sources may exist due to differing methodology and timing of data pulls.
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