Eleven Oaks Realty is proud to present their October 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 October 2024.
The Austin Multi Family Market is a Buyer’s Market
In October 2024 there was 7.85 months of inventory on the Austin multi family market, showing a 5.65% decrease in month over month numbers. The average list price to sales price was 93.4% showing a 2.15% decrease in month over month comparisons. The median time to sell a multi family home in Austin was 61 days, down 10.29% in month over month comparisons. The median sales price was $530,000, showing a 10.55% decrease in month over month comparisons. The numbers are looking good for multi family buyers.
11.7% Decrease in Median Sold Price
In October 2024, the median sold price of a multi family home in Austin was $530,000 compared to $600,000 in October 2023, showing an 11.7% decrease in year over year comparisons. Last month the median sold price of a multi family home in Austin was $595,500 showing an 10.5% decrease in month over month comparisons.
52% Decrease in Number of Sold Multi Family Properties
In October 2024, there were 15 multi family properties that sold compared to 31 in October 2023, showing a 52% decrease in year over year comparisons. Last month there were 24 multi family properties that sold showing a 37.5% decrease in month over month comparisons.
1.14% Decrease in Average List Price to Sales Price
In October 2024 the average list price to sales price was 93.44% compared to 94.52% in October 2024, showing a 1.14% decrease in year over year comparisons. Last month the average list price to sales price was 95.49%, showing a 2.1% decrease in month over month comparisons.
110% Increase in Median Time to Sell a Multi Family Property
In October 2024, the median time to sell a multi family property in Austin was 61 days compared to 29 days in October 2023, showing a 110% increase in year over year numbers. Last month the median time to sell a multi family property in Austin was 68 days, showing a 10.3% decrease in month over month comparisons.
13.4% Decrease in Median Price Per Square Foot
In October 2024, the median price per square foot for a multi family home in Austin was $233 compared to $269 in October 2023, showing a 13.4% decrease in year over year numbers. Last month the median price per square foot for a multi family property in Austin was $240 showing a 2.9% decrease in month over month comparisons.
55% Decrease in Total Sales Volume of Multi Family Properties
In October 2024, the total sales volume for multi family properties in Austin was $10,401,500 compared to $22.79MM in October 2023, showing a 55% decrease in year over year numbers. Last month the total sales volume was $17.44MM, showing a 40.3% decrease in month over month comparisons.
29% Decrease in Months Supply of Multi Family Inventory
In October 2024, there was 7.85 months of inventory on the market compared to 6.08 months in October 2023 showing a 29% decrease in year over year comparisons. Last month there was 8.32 months of inventory on the market showing a 5.6% decrease in month over month comparisons.
10% Decrease in Number of New Pending Multi Family Listings
In October 2024, there were 18 multi family properties that accepted a contract compared to 20 in October 2023, showing a 10% decrease in year over year numbers. Last month there were 16 multi family properties that accepted a contract showing a 12.5% increase in month over month comparisons.
4.25% Decrease in Median Active List Price of Multi Family Properties
In October 2024, the median active list price of a multi family property in Austin was $629,500 compared to $657,450 in October 2023, showing a 4.25% decrease in year over year numbers. Last month the median active list price was $671,000, showing a 6.2% decrease in month over month comparisons.
15.2% Decrease in Number of New Multi Family Listings
In October 2024 there were 39 multi family properties introduced to the market compared to 46 in October 2023, showing a 15.2% decrease in year over year numbers. Last month there were 53 multi family properties introduced to the market showing a 26.4% decrease in month over month comparisons.
59% Increase in Number of Active Multi Family Listings
In October 2024, there were 178 multi family properties actively listed for sale in Austin compared to 112 in October 2023, showing a 59% increase in year over year numbers. Last month there were 190 multi family properties actively listed on the Austin market showing a 6.3% decrease in month over month comparisons.
October 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 October 2024 Austin multi family sales below. The most expensive property that sold in October 2024 sold for $2,775,000 and the least expensive multi family property sold for $300,000. Multi family properties ranged in size from 1,732 sqft – 4,854 sqft with an average size of 2,395 sqft. The average price per square foot for a multi family property that sold in Austin in October 2024 was $277.10 with the lowest being $156.90/sqft and the highest being $571.69/sqft. It took, on average, 53 days to sell a multi family property in Austin and sellers received, on average, 87.88% of their original list prices.
| | SqFt | List Price | LP/SqFt | Sold Price | SP/SqFt | SP/LP | SP/OLP | ADOM |
|---|---|---|---|---|---|---|---|---|
| Min | 1,732 | $325,000 | $177.82 | $300,000 | $156.90 | 82% | 56% | 4 |
| Max | 4,854 | $3,390,000 | $698.39 | $2,775,000 | $571.69 | 100% | 100% | 148 |
| Avg | 2,395 | $791,906 | $299.85 | $718,688 | $277.10 | 93.25% | 87.88% | 53 |
| Med | 2,068 | $569,850 | $261.08 | $535,000 | $244.86 | 94% | 90.5% | 33 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | October 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 just under 8 months of inventory we are in a buyer’s market. Median price is down 12% and sellers are only getting 87.88% of their original list prices, which means there is room to negotiate. We saw a 52% decrease in the number of multi family properties that sold and a 10% decrease in the number of new pending listings, so there are definitely fewer buyers in the market. They’re also taking much longer to make a decision with a 110% increase in median time to sell. Sellers who are motivated to sell are making deals to make that happen. They have responded by lowering the list prices, with a median 4% 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 October 2024 Austin Multi Family Real Estate Price Report?
Do you have questions about this October 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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