The overall sales volume during Q1 of 2024 was down 25% from Q1 of 2023, while the number of properties trading hands was down 26% during the same period.
The average price per unit, while above pre-pandemic levels, has also continued to fall, registering at $190,184 in 1st quarter, down 6.5% year-over-year and the lowest level in three years.
Cap rates for apartment transactions in 2024’s 1st quarter were up 50 basis points (bps) year-over-year, averaging 5.7%. That was the highest cap rate in nearly eight years.
Source: RealPage
Multifamily Market News 