CoreLogic’s chief economist Dr. Frank Nothaft reported that multi-family property sales totaled some $100B in 2018. This $100B represents the largest annual sales volume recorded for this market sector. Additionally, Nothaft reported that apartment prices surpassed existing highs during last year.

The national median sales price for multi-family properties exceeded $100/square foot in 2018, a +5% increase from 2017 and a more than +50% increase from the 2010 Great Recession trough.

As with everything real estate, prices for multi-family properties varied by location, land values and rent. Take a look and you’ll see that the highest prices for multi-family properties were found along the Pacific Coast and the environs of New York City.

Price/square foot in Top Metros

San Francisco            $479/square foot – 4X national average

Anaheim                     $339/square foot

San Diego                   $303/square foot

Los Angeles                 $296/square foot

Oakland                       $291/square foot

Seattle                         $271/square foot

Denver                         $201/square foot

Portland                       $163/square foot

Sacramento                 $159/square foot

Washington DC             $141/square foot

Dallas                          $140/square foot

Austin                          $136/square foot

Phoenix                        $133/square foot

Minneapolis                   $117/square foot

Charlotte                       $102/square foot

Tampa                           $99/square foot

Chicago                         $92/square foot

Orlando                         $90/square foot

Atlanta                          $74/square foot

Multi-family properties, after nose-diving during the Recession, recovered sooner and faster than the single-family sector of the market. CoreLogic anticipates that rent is expected to rise +3% in 2019 with cap rates close to last year’s levels. Such forecasting supports further gains in multi-family property values.