Average price of a house in Mayo now €200,000
HOUSING prices in Ireland were largely stable between June and September, according to the latest Daft.ie Sales Report released today by Ireland’s largest property website, daft.ie.
The average listed price nationwide in the third quarter of 2022 was €311,514, up 0.1% on the average for the second quarter of the year and 16% below the Celtic Tiger peak. Due to increases in recent quarters, year-on-year inflation remains high at 7.7%, although this is down from 9.2% three months ago.
In Mayo, prices in the third quarter of 2022 were 10% higher than a year previously, compared to a rise of 21% seen a year ago. The average price of a home is now €200,000 - 22% below its Celtic Tiger peak.
The number of homes available to buy in Ireland on September 1 stood at nearly 15,500 - up 22% on the same date last year and the highest total nationally in almost two years.
The increase in availability on the market is driven by Dublin (where it is up 30% year-on-year) and the rest of Leinster (up 40%), although stock on the market is also higher than a year ago in Munster (up 8%) and Connacht-Ulster (up 15%).
Commenting on the report, its author Ronan Lyons, economist at Trinity College Dublin, said: “Improved stock on the market over the course of 2022 has helped reduce inflationary pressures in the sales market. This is most notably the case in Dublin, where the total number of listings coming on to the market in the year to August was effectively in line with the pre-Covid number. This has helped improve the stock on the market at any one point in time, the key predictor of future price changes.
“Elsewhere, while the number of listings and availability has improved, they remain in some markets well below the 10-year average. While weaker demand - due to inflation in other living expenses and to increases in interest rates - may help stabilise prices, the true solution to the high level of housing prices remains significantly increased supply, over years and indeed decades to come.”