Mayo House Price Survey December 2024

The price of the average second-hand three-bed semi in Co Mayo has increased to €240,000, up 25pc from €192,500 in the last twelve months, according to a national survey by Real Estate Alliance.

Across the county, the Q4 REA Average House Price Index shows that first-time buyers accounted for 75pc of purchasers between October and December, with 10pc of buyers coming from outside the county, and landlords selling accounting for 20pc of sales.

In 2024, Westport prices rose 24pc in 2024 to €335,000, while prices in Castlebar rose by 24.7pc to €240,000.

“Although from a small sample, we feel the outlook for people selling homes is positive,” said Robert McGreal of REA McGreal Burke.

“Supply has never been tighter, the interest rate outlook is positive and the cost of construction continues to increase, and all of these factors are pushing the prices up in the area."

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.

House prices in western counties increased at twice the rate of the east coast last year as buyers battle over the lowest supply on record, the survey found.

The absence of new home building, and historically low supply has seen three bed semi-detached homes in counties Clare, Donegal, Galway, Limerick, Mayo, Roscommon and Sligo increase by over €10,000 in the past 12 weeks – with an average annual rise of 16pc.

This is twice the rate of increase in commuter counties, which rose by 7.5pc over 2024.

The actual selling price of a three-bed, semi-detached house across the country rose by 2.1pc in the past three months to €330,602, and 9pc overall annually.

REA agents nationwide are predicting a 6pc rise in house prices in 2025.

Actual selling prices in Dublin city rose by 1.8pc in the last three months, and the average three-bed semi in the capital is now selling at €542,000.

Prices in the major cities outside the capital rose by an average of 2pc to €348,000 in the last three months – an annual rate of increase of 7.7pc, with agents predicting a further 9pc rise in 2025.

Homes in the country’s large towns continue to show the biggest growth nationwide, up 11.5pc on last September and 2.6pc this quarter to an average of €249,448.

Homes in commuter counties rose by 2pc over the past three months to an average of €343,778, an annual rise of 7.5pc.