Limerick House Price Survey September 2024

The price of the average second-hand three-bed semi in Limerick city has increased to €315,000, up 3.3% from €305,000 in the last three months, according to a national survey by Real Estate Alliance.

Limerick City prices increased by an average of €10,000 for the second quarter in succession, and saw an 11pc annual rise, the Q3 REA Average House Price Index shows.

Prices across Limerick county this quarter increased to €250,000, up 2% from €245,000.

“The market remains very strong in Limerick city,” said Pat Dooley, REA Dooley.

“Supply is still scarce and demand, particularly in the three-bed semi and first-time buyer house market remains very strong.

“We are also seeing that the vendors of these three-bed semis seem to be more active in the trader-upper market, and more and more have to sell their own property first before buying.

“We would only assume that this would mean that the larger family homes that they are trading up to are becoming less affordable and mortgage lending is remaining very strict.

“It seems to be more evident that a lot of transactions, particularly for the larger family home, will be chain dependent going forward."

The survey shows that 75pc of purchasers in the city and 80pc of those across the county were first-time buyers, and 35pc of city purchasers and 45pc of purchasers in the county were from outside Limerick.

A total of 60pc of sales in the city and 45pc across 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 2.7pc in the past three months to €323,741.

Time taken to reach sale agreed nationally has dropped to four weeks as low supply continues to drive sales.

A supply drought in Dublin has reignited the commuter property market as buyers battle to secure affordable family homes, the Index has found.

Frustration in the capital has led to the return of the previously unheated commuter market, which has risen by 2.9pc over the past three months to an average of €336,944.

And further afield, large towns such as Ennis, Tralee, Tullamore and Athlone have experienced previously increases of €20,000 in the past three months.

Actual selling prices in Dublin city rose by 1.3pc in the last three months, and the average three-bed semi in the capital is now selling at €532,333 – an annual increase of 7.4pc.

The number of sales in the capital due to landlords leaving the market has risen six points to 24pc in the past year, the Index revealed, but some areas are reporting a figure of over 50pc.

Prices in the major cities outside the capital rose by an average of 2.25pc to €341,250 in the last three months – an annual rate of increase of 7.5pc.

Homes in the country’s large towns continue to show the biggest growth nationwide, up 10pc on last September and 3.6pc this quarter to an average of €243,241.