February 2024 Austin Multi Family Real Estate Price Report
Eleven Oaks Realty is proud to present their February 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 February 2024.
The Multi Family Market is Hanging on to a Seller’s Market
With 4.53 months of inventory on the market, the Austin multi family market is hanging on to a seller’s market. Inventory was down 13.22% in month over month comparisons. Sellers received, on average, 94.3% of their list prices, which was down 0.59% in month over month comparisons. The median time to sell a multi family property in Austin was 26 days, down 68.29% in month over month comparisons. The median sold price of a multi family property in Austin in February 2024 was $530,490, down 6.52% in month over month comparisons. Though we are still in a seller’s market, we are seeing signs that buyers are able to negotiate better deals than they were last month.
10% Decrease in Median Sold Price
In February 2024, the median sold price of an Austin multi family property was $530,490 compared to $589,000 in February 2023 showing a 10% decrease in year over year comparisons. Last month, the median sold price was $573,750 showing a 6.5% decrease in month over month comparisons.
5% Decrease in Number of Sold Multi Family Properties
In February 2024, there were 18 multi family properties that sold compared to 19 in February 2023 showing a 5% decrease in year over year numbers. Last month there were 12 multi family properties that sold showing a 20% increase in month over month comparisons.
3.3% Decrease in Average List Price to Sales Price
In February 2024, the average list price to sales price was 94.34% compared to 97.6% in February 2023 showing a 3.3% decrease in year over year comparisons. Last month, in February 2023, the average list price to sales price for a multi family property was 95.36% showing an 0.6% decrease in month over month comparisons.
26% Decrease in Median Time to Sell
In February 2024, the median time to sell an Austin multi family property was 26 days compared to 35 days in February 2023 showing a 26% decrease in year over year comparisons. Last month, the median time to sell an Austin multi family property was 99 days, showing a 68.3% decrease in month over month comparisons.
22% Decrease in Median Price per Square Foot
In February 2024, the median price per square foot of an Austin multi family property was $242 compared to $312 in February 2023, showing a 22% decrease in year over year comparisons. Last month the median price per square foot of an Austin multi family property was $239 showing a 3.2% decrease in month over month comparisons.
13% Increase in Total Sales Volume
In February 2024, the total sales volume for Austin multi family properties was $12,029,430 compared to $10.62MM in February 2023 showing a 13% increase in year over year numbers. Last month, the total sales volume for Austin multi family properties was $7,446,000 showing a 32.8% increase in month over month comparisons.
14% Decrease in Months Supply of Inventory
In February 2024, there was 4.53 months supply of inventory compared to 5.11 months in February 2023 showing a 14% decrease in month over month comparisons. Last month, there was 4.87 months of inventory on the market showing a 13.2% decrease in month over month comparisons.
157% Increase in New Pending Multi Family Listings
In February 2024, there were 36 multi family properties that accepted a contract compared to 14 in February 2023, showing a 157% increase in year over year comparisons. Last month there were 22 multi family properties that accepted a contract showing a 100% increase in month over month comparisons.
4.4% Decrease in Median Active List Price
In February 2024, the median active list price of an Austin multi family property was $722,000 compared to $755,000 in February 2023 showing a 4.4% decrease in year over year comparisons. Last month, the median list price of an active Austin multi family listing was $725,000 showing an 0.4% decrease in month over month comparisons.
17.6% Decrease in Number of New Multi Family Listings
In February 2024 there were 42 multi family properties introduced to the market compared to 51 in February 2023, showing a 17.6% decrease in year over year comparisons. Last month there were also 51 multi family properties introduced to the market showing a 17.6% decrease in month over month comparisons.
3% Increase in Number of Active Multi Family Property Listings
In February 2024 there were 106 multi family properties actively for sale in Austin compared to 103 in February 2023 showing a 3% increase in year over year comparisons. Last month there were 105 multi family properties on the market showing a 4.5% decrease in month over month comparisons.
February 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 February 2024 Austin multi family sales below. The most expensive property that sold in February 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 February 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 | 1,343 | $399,000 | $187.41 | $335,000 | $185.53 | 80% | 80% | 1 |
| Max | 3,904 | $1,600,000 | $570.61 | $1,485,000 | $492.15 | 102% | 101% | 172 |
| Avg | 2,381 | $702,037 | $288.39 | $660,496 | $271.18 | 94.53% | 93.21% | 45 |
| Med | 2,188 | $530,000 | $242.23 | $520,000 | $235.65 | 97% | 94% | 35 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | February 2024 |
| Property Type | Multi Family | Number Sold | 19 |
| 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 5 months of inventory we are technically in a sellers market, though signs are pointing towards some give for buyers. Median price is down 10% and there was a 3.3% decrease in average list price to sales price so sellers are negotiating more to make a sale. Sellers have pulled back on their confidence with getting their properties listed and we saw an 18% decrease in new multi family property listings. That caused time to sell to go down by 26%. We did also see a 157% increase in new pending listings, so buyers were active this month in snatching up the properties they saw as a value. As we head into the busier season, buyers who bought now are probably going to be able to say they got a better deal than they would have if they had waited. If you’re looking to buy a multi family property, strike now while sellers are still willing to negotiate more.
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 February 2024 Austin Multi Family Real Estate Price Report?
Do you have questions about this February 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.
The post February 2024 Austin Multi Family Real Estate Price Report appeared first on Austin Neighborhoods | Austin Home Buyer Representation | Selling.
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