Limerick House Price Survey January 2024

9th January 2024

Limerick House Price Survey January 2024

The price of average three-bed semis in both Limerick city and county is expected to rise by 5pc in the next 12 months, according to a survey by Real Estate Alliance.

Three-bed semi-detached homes in Limerick city now cost an average of €290,000, up 7pc on the December 2022 average of €270,000, the REA Average House Price Index shows.

Limerick county house prices have increased to €237,500 in the past year, an annual increase of 5pc from €227,000.

Agents have reported that first-time buyers made up 75pc of the market in Q4 2023 across both the city and county.

Buyers from outside the county accounted for 25pc of the sales in the city and 30pc of the sales across the county in Q4, while 60pc of city sales and 40pc of county sales were attributed to landlords leaving the market.

“Quarter four has seen a modest increase in prices, and stock levels are down, most likely due to seasonality,” said Pat Dooley of REA Dooley.

“We would predict in 2024 that there should be a better supply of stock coming to market, as long as there are no more interest rate hikes.”

The REA Average House Price Index concentrates on the actual 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.

Three-bed semi prices nationally will rise by 3pc in 2024, estate agents across the country are predicting.

A record shortage of supply has driven a 1.5pc rise in the last three months in the capital, but only in houses under a certain price, the index found.

House prices in Dublin and the other cities outpaced Ireland’s large towns and commuter counties as mortgage approved buyers chase properties within their price ceiling.

The actual selling price of a three-bed, semi-detached house across the country rose by 1pc in the final quarter of 2023 to €304,259 – representing an annual increase of 4.3pc.

Time taken to reach sale agreed nationally is steady at five weeks as low supply continues to drive sales in an increasing interest rate environment.

Prices in Dublin city rose by 1.5pc in the last three months, meaning that the average three-bed semi in the capital is now selling at €511,667 – an increase of 3pc in the last year.

Mortgage-approved first-time buyers are still the main market drivers, with 59pc of sales nationally – a figure that rises dramatically to over 80pc in commuter counties as they hunt suitably priced properties.

Cities outside Dublin experienced a 1.73pc rise in the past three months to an average selling price of €323,000 – with the annual rate of increase of 4.5pc.

Homes in the commuter belt showed the most stability in 2023, rising by just 2.2pc to €319,722, with counties within travelling distance of the capital recording growth of just 0.2pc in the past three months.

The biggest annual rise came in large towns nationwide, which rose by 6.6pc annually and 1.2pc in the quarter to €223,638.