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30 Jun 2022

Leitrim house prices expected to rise 5% in 2022 - says local auctioneer

The price of the average three-bed semi in County Leitrim is expected to rise by 5% in the next 12 months, according to a survey by Real Estate Alliance.

A three-bed semi-detached home in the county now costs an average of €144,000, up 15% on the December 2020 average of €125,000, the REA Average House Price Index shows.

The survey concentrates on the actual sale price of Ireland's typical stock home, the three-bed semi, giving an up-to-date picture of the second-hand property market in towns and cities countrywide.

Landlords exiting the market have accounted for almost one in four home sales over the past three months, the data shows.

Carrick-on-Shannon prices rose to €178,000 in 2021, representing an annual increase of 11.3%. Carrigallen prices rose by 22.2% to an average of €110,000.

“Demand remains very strong in the area, however supply remains limited with no new builds yet,” said Joe Brady of REA Brady, Carrick-on-Shannon.

“The current growth trend in prices points to A-rated new-build homes selling at €230,000 in the area in the near future.”

Average house prices rose by 2.24% nationally in the last three months of 2021, half the rise experienced between June and September as demand eased and the market calmed.

The price of a three-bedroomed semi-detached house across the country rose by €5,900 over the past three months to €269,963 – representing an annual increase of 13%.

Selling prices rose in commuter areas (3.34%) and the country’s large towns (2.57%) as buyers continue to move out further from the capital in anticipation of long-term remote and hybrid working situations.

The commuter area increases are treble those in Ireland’s major cities, with Dublin increasing by 1% and Cork Limerick and Galway by an average of 0.8% as agents reported a quieter quarter.

In Dublin city, house prices rose by over €4,000 in Q4, compared to more than €10,000 in Q3, increasing from €467,000 in September to a present rate of €471,667.

Three bed semis in commuter counties rose 3.34% by over €9,000 in the past three months to an average of €291,944 – with the average home selling in just three weeks.

As the flight to rural locations continues, prices in the rest of the country’s towns rose by 2.6% in Q3 to €190,138.

Cork, Limerick, Galway and Waterford cities shared a combined increase of 0.8% in the past 12 weeks with the average three bed semi now costing €283,000.

While Cork (€335,000), Galway (€302,000) and Waterford (€250,000) were relatively static, prices in Limerick rose by 2.1% to €245,000.

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