Leitrim house prices rose by €10,000 at the end of 2024, MyHome report

Property prices in County Leitrim have risen by €10,025 in the last quarter, according to the latest MyHome Property Price Report, published in association with Bank of Ireland.

The report for Q4 2024 highlights that the median asking price for a property in the county now stands at €189,975, an increase of €20,975 compared to the same period last year. 

Despite the rise, Leitrim remains the most affordable county in Ireland for property purchases, with the average house price reaching €193,124 by the year’s end.

The price of a 3-bed semi-detached house rose by €20,000 over the quarter, bringing the asking price to €190,000. Meanwhile, 4-bed semi-detached homes saw a smaller quarterly increase of €4,525, but their annual rise of €67,475 brought the median asking price to €244,475.

The supply of homes on the market continues to tighten, with only 111 properties for sale in the county at the end of 2024, marking a 10% decrease compared to the previous quarter.

These figures highlight a strong upward trend in Leitrim’s property market, reflecting growing demand and limited supply in the county.

“Demand is still fierce in the market and indeed has strengthened as the year has gone on,” according to  Conall MacCoille, Chief Economist at Bank of Ireland, who authored the report.

The average time for a property to have a sale agreed upon in the county after being placed up for sale now stands at just over two months.  

The pressure on housing demand nationally is unlikely to let up in the next year, and with that prices will continue to rise, according to the report. 

The report states that first-time buyers are taking out larger loans to pay for homes with this year marking the first time since the Celtic Tiger that would-be homeowners in Ireland have had to take out loans that are bigger than those in the UK. The average leveraged loan given to buyers in Ireland last year was 3.37 times their income.

The pressure on housing demand is unlikely to let up in the next year, and with that prices will continue to rise according to the report. “Looking ahead to the rest of the year, the outlook is extremely uncertain. For now, we are sticking with our forecast for 42,000 housing completions next year, rising to 45,000 in 2026. We also expect a 4% rise in Irish house prices. However, if anything this view could be too conservative,” MacCoille says.

There may be signs of improvement in pricing as more houses come on the market nationally in springtime ahead of summer and ECB rate cuts come into effect, which will support house prices, however, MacCoille warns that “any initial improvement in affordability may be diluted by homebuyers bidding up house prices.

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