Leitrim property prices soar nearly €5000 in just three months

Property prices in Leitrim have risen by €4,950 during the quarter, according to the latest MyHome.ie Property Price Report.

The report for Q3 2024, in association with Bank of Ireland, shows that the median asking price for a property in the county is now €179,950. 

This means prices have risen by €2,950 compared with this time last year.

Asking prices for a 3-bed semi-detached house in Leitrim stayed flat over the quarter at €170,000, meaning that prices in the segment have risen by a modest €25 compared to this time last year.

Meanwhile, the asking price for a 4-bed semi-detached house in the county rose by €22,475 over the quarter to €239,950. 

This price is up by €59,950 compared to this time last year.

There were 124 properties for sale in Leitrim at the end of Q3 2024 – an increase of 5 percent over the quarter.

The average time for a property to go sale agreed in the county after being placed up for sale now stands at nearly two and a half months.

The author of the report, Conall MacCoille, Chief Economist at Bank of Ireland, said: “Perhaps the most striking news since our last MyHome report is that Ireland’s population grew by 1.9 percent pace for a second successive year, to 5.38 million in 2024. 

Communities in Leitrim allocated €615,233 under the 2024 Clár Funding Programme

14 projects across Leitrim will share in funding of €615,233, it has been confirmed

“We have not seen population and economic growth at this level since the Celtic tiger era, and as a result the housing market is being put under intense pressure.

“A simple way to illustrate this is to ask how many homes Ireland would need to build to match the UK’s housing to population ratio. 

“Our report shows that to ‘catch up’ with the UK’s housing stock would now require an additional 206,000 homes, versus 138,000 in 2020.”

He added: “New instructions for sale in Q3, were up 2 percent on the year, but remain depressed. 

“The overarching concern is that the tight housing market is now feeding on itself, with would-be vendors put off by fear of failing to secure a property once they sell their own home.

He said that despite extremely challenging market conditions, with intense demand and a sustained lack of adequate supply, it was promising to see housing starts rise to 49,000 in the year to July.

“However, the rush of activity prior to the expected expiry of waivers on local authority development levies and infrastructure charges means it is hard to gauge when these starts will translate into completions. 

“Still, housing activity has held up far better than expected to the threat to viability from build cost inflation and elevated energy costs.”

Looking ahead to 2025, and noting another expected cut to ECB rates, Mr MacCoille said another mid-single digit price gain looks likely.

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