Download the full VALUEMYHOME HOUSING MARKET REPORT HERE
Home sales prices rose 12% year on year by the first quarter of 2022. Since Q1 2021, the Irish housing market has undergone five consecutive quarters of price inflation. The length of this price surge is now quite close to the heady days of 2006 - 2007, when rises were seen in six consecutive quarters.
A total of 12,876 units were sold in the republic in the first quarter of the year, representing just a 1% increase over the same period in 2021. Co. Dublin and Co. Cork registered the largest total number of sales, while Co. Westmeath (-27.3%), Co. Wicklow (-21.4%) and Co. Cavan (-21.3%) saw the most significant year on year unit sales drops. Half of the counties in Ireland recorded negative volume vs the same period in 2021. Co. Offaly was the county with the highest growth year on year (+27%).
Dublin prices are currently 41% higher than in the rest of the country. (48% in Q1 2021). Co. Dublin and its commuting counties (Wicklow, Kildare, and Meath) are the most expensive counties according to 2022 Q1 figures, with Dublin leading median prices at €395K, followed by Wicklow at €366K, Kildare at €340K, and Meath at €305K. While Co. Longford is the least expensive county with a median price of €135K, the largest price rises during this period were in Co. Monaghan (39.1%), Co. Carlow (35.5%), and Co. Offaly (33.5%).
Out of a total of 734 sales in Co. Kildare, 34% were new homes making it the county with the highest percentage of new homes sold. Dublin saw a total of 3,919 new homes sold, representing only 12% of its total sales. Co. Roscommon (2%) and Co. Leitrim (2%) recorded the lowest percentage of new homes transactions in Ireland.
With house prices continuing to rise, Gareth McKeown, Head of valuation, Geowox observed “We are nearing Celtic Tiger price territory”.
Gareth McKeown draws these conclusions in the Valuemyhome Q1 2022 Market Report, “Having regard to the above, factoring in a lack of supply, increasing costs in fuel and building commodities, and an uncertain global economy, house prices look certain to continue rising throughout the year and into 2023”.
- A total of 12,876 units were sold in the republic in the first quarter of the year, representing just a 1% increase over the same period in 2021
- In the first quarter of the year, sales prices are up 12% vs the same period in 2021
- The median price for a home in Ireland is €280K, a €30K increase compared with the same period in 2021
- The highest increase of prices occured in the last month of the quarter (W09 to W13)
You can download the full VALUEMYHOME HOUSING MARKET REPORT HERE