Eleven Oaks Realty is proud to present their November 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 November 2024.
The Austin Multi Family Market is a Buyer’s Market
In November 2024, there were 7.76 months of inventory on the Austin multi family market showing a 1.52% decrease in month over month comparisons. The average list price to sales price was 94.3%, showing an 0.97% increase in month over month comparisons. The median time to sell a multi family home in Austin was 56 days, showing a 19.155 increase in month over month comparisons. The median sold price for a multi family property in Austin was $625,000 showing a 16.82% increase in month over month comparisons.
16% Increase in Median Sold Price
In November 2024, the median sold price of a multi family property in Austin was $625,000 compared to $540,000 in November 2023 showing a 16% increase in year over year numbers. Last month the median sold price for a multi family property in Austin was $535,000 showing a 16.8% increase in month over month comparisons.
33% Decrease in Number of Sold Multi Family Properties
In November 2024, there were 16 multi family properties that sold compared to 24 in November 2023, showing a 33% decrease in year over year numbers. Last month, there were 16 multi family properties that closed escrow showing no change in month over month numbers.
2.7% Decrease in Average List Price to Sales Price
In November 2024, the average list price to sales price was 94.25% compared to 96.84% in November 2023, showing a 2.7% decrease in year over year comparisons. Last month, the average list price to sales price was 93.34% showing a 1% increase in month over month comparisons.
143% Increase in Median Time to Sell
In November 2024, the median time to sell a multi family property in Austin was 56 days compared to 23 days in November 2023, showing a 143% increase in year over year numbers. Last month the median time to sell a multi family property in Austin was 47 days, showing a 19.1% increase in month over month comparisons.
22% Increase in Median Price Per Square Foot
In November 2024, the median price per square foot for a multi family property in Austin was $323 compared to $264 in November 2023, showing a 22% increase in year over year comparisons. Last month the median price per square foot was $234 showing a 38% increase in month over month comparisons.
13% Decrease in Total Sales Volume
In November 2024, the total sales volume for multi family properties in Austin was $12,881,712 compared to $14.77MM in November 2023, showing a 13% decrease in total sales volume. Last month the total sales volume was $11.5MM, showing a 12% increase in month over month comparisons.
30% Increase in Months Supply of Inventory
In November 2024, there was 7.76 months of inventory on the Austin multi family market compared to 5.97 months in November 2023, showing a 30% increase in year over year comparisons. Last month there was 7.88 months of inventory on the Austin multi family market showing a 1.5% decrease in monthly over month comparisons.
5.3% Increase in Number of New Pending Listings
In November 2024, there were 20 multi family properties that accepted a contract compared to 19 in November 2023, showing a 5.3% increase in year over year numbers. Last month there were 16 multi family properties that accepted a contract showing a 25% increase in month over month comparisons.
4.2% Decrease in Median Active List Price
In November 2024, the median active list price for a multi family property in Austin was $632,000 compared to $660,000 in November 2023, showing a 4.24% decrease in year over year numbers. Last month the median active list price was $625,500 showing a 1% increase in month over month comparisons.
13% Increase in Number of New Multi Family Property Listings
In November 2024, there were 44 multi family properties introduced to the market in Austin compared to 39 in November 2023, showing a 13% increase in year over year comparisons. Last month there were also 39 properties introduced to the market showing a 13% increase in month over month comparisons.
54% Increase in Number of Active Listings
In November 2024, there were 176 multi family properties on the market compared to 114 in November 2023, showing a 54% increase in year over year numbers. Last month there were 178 properties on the market showing a 1.1% decrease in month over month comparisons.
November 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 November 2024 Austin multi family sales below. The most expensive property that sold in November 2024 sold for $3,250,000 and the least expensive multi family property sold for $350,000. Multi family properties ranged in size from 1,125 sqft – 6,872 sqft with an average size of 2,590 sqft. The average price per square foot for a multi family property that sold in Austin in November 2024 was $329.49 with the lowest being $167.49/sqft and the highest being $631.11/sqft. It took, on average, 58 days to sell a multi family property in Austin and sellers received, on average, 89.5% of their original list prices.
| | SqFt | List Price | LP/SqFt | Sold Price | SP/SqFt | SP/LP | SP/OLP | ADOM |
|---|---|---|---|---|---|---|---|---|
| Min | 1,125 | $399,000 | $172.41 | $350,000 | $167.49 | 81% | 68% | 0 |
| Max | 6,872 | $3,990,000 | $648 | $3,250,000 | $631.11 | 100% | 100% | 150 |
| Avg | 2,590 | $949,893 | $353.48 | $863,658 | $329.49 | 93.71% | 89.5% | 58 |
| Med | 2,106 | $714,500 | $319.13 | $677,500 | $307.76 | 96% | 92% | 41 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | November 2024 |
| Property Type | Multi Family | Number Sold | 14 |
| 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 just under 8 months of inventory we are in a buyer’s market. Though median price is up 16%, inventory is up 30% and sellers are only getting 89.5% of their original list prices, which means there is room to negotiate. We saw a 33% decrease in the number of multi family properties that sold so sellers who are looking to sell their properties are having to make concessions to sell. Buyers are also taking much longer to make a decision with a 143% increase in median time to sell. Sellers who are motivated to sell are making deals to make sure theirs are the properties that are chosen. They have responded by lowering the list prices, with a median 4% decrease across the board. However, buyers shouldn’t be complacent as the opportunity get a good deal might not be around for long. With a 5% increase in the number of new pending listings and median price up 16%, the market is showing signs of a recovery. If interest rates were to recover, we would see the market take off again. Take advantage of the buyer’s market we are in now rather than waiting until spring when we typically see more buyers out.
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 November 2024 Austin Multi Family Real Estate Price Report?
Do you have questions about this November 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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