Mayo three-bed semi prices rise 27% in last 12 months

THE price of the average second-hand three-bed semi in County Mayo has risen by 27% in the last 12 months, according to the latest Real Estate Alliance survey.

The average three-bed semi in the county is now selling for €245,000, an increase of 2% in the first three months of this year, the Q1 REA Average House Price Index shows.

This compares to selling prices of €192,500 in March 2024, with increases driven by an acute lack of supply across 2024.

“We are currently seeing huge demand across all house types and growth in provincial towns,” said Robert McGreal of REA McGreal Burke.

The survey shows that across the county, 75% of purchasers were first-time buyers, while a total of 10% of sales in the county this quarter were attributed to landlords leaving the market.

The REA Average House Price Index concentrates on the sale price of Ireland's typical stock home, the three-bed semi, giving an accurate picture of the second-hand property market in towns and cities countrywide.

The actual selling price of a three-bed, semi-detached house across the country rose by 2.5% in the past three months to €338,847, and 10% overall annually.

Three-bed semis in Dublin’s suburbs are reaching sale agreed in days as a wave of mortgage approved buyers turn their focus from apartments to family homes, the survey has found.

Prices in the major cities outside the capital rose by an average of 3% to €355,250 in the last three months - an annual rate of increase of 8%.

Homes in the country’s large towns continue to show the biggest annual growth nationwide, 2.9% this quarter and 13% on last March to an average of €256,576.

The absence of new home building, and historically low supply, has seen three bed semi-detached homes in parts of Donegal, Kerry, Mayo, Offaly and Roscommon increase by over 23% in the past year.