Q3 2024 was marked by falling interest rates, a volatile but ultimately positive stock market, and the lowest inflation in over three years, boosting consumer confidence as the economy continues to grow.
In multifamily buildings, appreciation metrics for both 2-4 unit and 5+ unit properties showed promising growth. Median sales prices rose, median days on market decreased, and the number of buildings going into escrow increased.
It is important to note that this market comprises a limited number of sales, encompassing buildings with highly diverse sizes, qualities, and financial profiles, spanning across a wide array of locations. Consequently, conducting meaningful statistical analysis becomes more challenging.
According to Zillow, rental rates have also been on the rise since June, with October’s median rent at $3,450 per month, reflecting a 1.4% year-over-year decrease.
