Eleven Oaks Realty is proud to present their January 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 January 2024.
The Austin Multi Family Market is Still Hanging on to a Seller’s Market
The Austin multi family market dipped back into a seller’s market last month and has remained there this month. In January 2024 there were 4.87 months of inventory, a 4.96% increase in month over month comparisons. The average list price to sold price was 95.4% showing an 0.93% increase in month over month comparisons. The median time to sell a multi family home in Austin was 99 days, showing a 175% increase in month over month comparisons. The median sold price of a multi family property in Austin in January 2024 was $573,750 showing a 10.34% increase in month over month comparisons.
5.8% Increase in Median Sold Price
In January 2024 the median sold price of an Austin multi family property was $573,750 compared to $542,500 in January 2023 showing a 5.8% increase in year over year comparisons. Last month the median sold price was $520,000 showing a 10.3% increase in month over month comparisons.
14% Decrease in Number of Sold Multi Family Properties
In January 2024 there were 12 multi family properties in Austin that closed escrow compared to 14 in January 2023 showing a 14% decrease in year over year numbers. Last month there were also 14 multi family properties that closed escrow showing a 14.3% decrease in month over month comparisons.
1% Increase in Average List Price to Sales Price
In January 2024 the average list price to sales price for a multi family property in Austin was 95.36% compared to 94.38% in January 2023 showing a 1% increase in year over year numbers. Last month the average list price to sale price was 94.48% showing an 0.9% increase in month over month comparisons.
38% Increase in Time to Sell a Multi Family Property
In January 2024 the median time to sell a multi family property in Austin was 99 days compared to 72 days in January 2023 showing a 38% increase in year over year numbers. Last month the median days to sell was 36 days showing a 175% increase in month over month comparisons.
14.3% Decrease in Median Price Per Square Foot
In January 2024 the median price per square foot for a multi family property is $239 compared to $279 in January 2023 showing a 14.3% decrease in year over year numbers. Last month the median price per square foot was $257, showing a 7% decrease in month over month comparisons.
34% Decrease in Total Sales Volume
In January 2024 the total sales volume for multi family properties in Austin was $7,446,000 compared to $11.26MM in January 2023 showing a 34% decrease in year over year numbers. Last month the total sales volume was $6.56MM showing a 13.5% increase in month over month comparisons.
40% Increase in Months Supply of Inventory of Multi Family Properties
In January 2024 there were 4.87 months of inventory on the Austin multi family market compered to 3.48 months of inventory in January 2023 showing a 40% increase in year over year numbers. Last month there was 4.64 months of inventory showing a 5% increase in month over month comparisons.
267% Increase in New Pending Multi Family Properties
In January 2024 there were 22 multi family properties in Austin that accepted a contract compared to 6 in January 2023 showing a 267% increase in year over year comparisons. Last month there were 18 multi family properties that accepted a contract showing a 22.2% increase in month over month comparisons.
3.3% Increase in Median Active List Price of Multi Family Properties
In January 2024 the median list price of active multi family property listings in Austin was $725,000 compared to $749,900 in January 2023 showing a 3.3% increase in year over year comparisons. Last month the median active list price was $705,000 showing a 2.8% increase in month over month comparisons.
89% Increase in Number of New Multi Family Property Listings
In January 2024 there were 51 multi family properties introduced to the market in Austin compared to 27 multi family properties showing an 89% increase in year over year comparisons. Last month there were 18 multi family properties introduced to the market showing a 183% increase in month over month comparisons.
27% Increase in Number of Active Listings
In January 2024 there were 105 multi family properties that were actively listed for sale compared to 89 in January 2023 showing a 27% increase in year over year comparisons. Last month there were 94 multi family properties for sale showing an 11.7% increase in month over month comparisons.
January 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 January 2024 Austin multi family sales below. The most expensive property that sold in January 2024 sold for $967,500 and the least expensive multi family property sold for $420,000. Multi family properties ranged in size from 1,600 sqft – 4,030 sqft with an average size of 2,258 sqft. The average price per square foot for a multi family property that sold in Austin in January 2024 was $277.95 with the lowest being $176.03/sqft and the highest being $491.62/sqft. It took, on average, 90 days to sell a multi family property in Austin and sellers received, on average, 88.62% of their original list prices.
| | SqFt | List Price | LP/SqFt | Sold Price | SP/SqFt | SP/LP | SP/OLP | ADOM |
|---|---|---|---|---|---|---|---|---|
| Min | 1,600 | $425,000 | $184.37 | $420,000 | $176.03 | 80% | 69% | 5 |
| Max | 4,030 | $1,100,000 | $558.94 | $967,500 | $491.62 | 106% | 99% | 243 |
| Avg | 2,258 | $644,992 | $293.52 | $613,846 | $277.95 | 95.38% | 88.62% | 90 |
| Med | 2,024 | $585,000 | $263.75 | $567,500 | $261.50 | 96% | 91% | 90 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | January 2024 |
| Property Type | Multi Family | Number Sold | 13 |
| 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 sell. With just under 5 months of inventory we are technically in a sellers market. Median price is up 6% and there was a 1% increase in average list price to sales price so sellers are getting more for their properties. Sellers are gaining more confidence in the market and more are listing their properties with an 89% increase in new listings. With more inventory we are still seeing prices remain strong, which is a testament to how motivated buyers are. Though we aren’t in as strong of a seller’s market as we were 18 months ago, there is still room for sellers to get their properties sold for a decent price. If interest rates continue to drop, we should see a big resurgence of buyer activity in spring. If you’re looking to sell, consider getting your properties ready now so you’re ready when the buyers are.
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 January 2024 Austin Multi Family Real Estate Price Report?
Do you have questions about this January 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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