Austin Metro Rental Statistics: Fourth Quarter 2023

Published February 14th, 2024 by IREAF

Happy 2024! I’m hopeful December was restful, and the new year has kicked off in full swing for you. As always, I have been monitoring our investor and rental market activity in the Austin Metro Area and am excited to share the December 2023 statistics and my observations.

December 2023 SFR and Duplex Rental Stats are below:

Metro Area SFRs	12-2022	12-2023	% Change
Total Leases	1219	1253	2.79%
New Listings	1428	1473	3.15%
Avg Sold Price	$2,525	$2,542	0.67%
Median Sold Price	$2,250	$2,250	0.00%
Average Days on the Market	39	50	28.21%

Metro Area Duplexes	12-2022	12-2023	% Change
Total Leases	160	139	-13.13%
New Listings	147	197	34.01%
Avg Sold Price	$1,823	$1,784	-2.14%
Median Sold Price	$1,700	$1,700	0.00%
Average Days on the Market	35	51	45.71%

Main Takeaways:

December is often the slowest month of the year in Real Estate, With this in mind - it’s fair to say that the Austin rental and leasing market performed as expected in Dec. 2023! The rental demand in the ‘slow’ season is typically driven by employment - people moving for new jobs. I encourage our investors to also monitor additional data such as Indeed statistics/job postings and employment growth in tandem with monitoring the rental market stats.
Increased December YOY Duplex listings? It’s certainly thought-provoking when we see such a large YOY (34%) increase in anything, but particularly duplex listings and particularly in the slow season! In Dec. 2022, there were 147 new duplex listings in Austin Metro. In Dec. 2023, there were 197. The total number of duplexes actually leased in all of ABoR MLS during the entirety of 2023? 2,513. Both years still produced what I consider to be very low available lease listings, and just keep in mind we shouldn’t make any broad assumptions on the market based on December activity.