Q2 2022: Home Sales prices Have Risen 14% compared to Previous Year

The median price for a home in Ireland is €285K, +€35K vs the same period in 2021, with the last 4 weeks of Q2 following a consistent upward trend.

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Home sales prices have risen 14% year compared to the same period last year, the latest Valuemyhome Housing Market Report reveals. The report includes all entries in the Irish residential property price register.

The median price for a home in Ireland is €285K, +€35K vs the same period in 2021, with the last 4 weeks of Q2 following a consistent upward trend. Since Q1 2021, the Irish housing market has charted six consecutive quarters of price inflation. The length of this price surge now matches that of 2006 - 2007, the very peak of the ‘Celtic Tiger’ boom years.

Despite demand being as strong as ever, a total of 12,627 units were sold in the 2nd quarter of the year - a 3.4% drop vs the same period in 2021. Co. Dublin had the highest number of sales in Q2'22 at 3.697 units (29.3% of the national total), followed by Co. Cork at 1.341 (10.6% of the total). Co. Leitrim registered the lowest number in Q2'22, with only 101 sales. Co. Kildare is the third county by sales in Q2'22 at 699, after Co. Dublin and Co. Cork.

According to 2022 Q2 figures, Co. Dublin and Co. Wicklow remain Ireland’s most expensive counties by far, both hitting a median price of €405K. Kildare and Meath command the next highest prices at €360K and €314K, respectively. Co. Longford is the least expensive county at €140K. Co. Dublin and its commuting counties (Wicklow, Kildare, Meath) are the only counties with prices higher than the national median.

In a quarter-on-quarter comparison, almost all counties experienced price increases with the exception of Co. Cavan, Co. Clare, Co. Monaghan, and Co. Westmeath. Co. Wicklow recorded the highest price rise, +€39K. 

Co. Wicklow also underwent the highest price growth quarter over quarter (+24%), while Co. Longford registered the sharpest decline in sales compared with the previous quarter in Q1'22 (-19%). Co. Carlow was the county with the highest growth year over year (+33%), and Co. Laois witnessed the steepest sales decline compared to the same period in '21 (-30%).

The second quarter of 2022 saw a large number of new homes delivered in the commuter counties serving Dublin. The highest figure was achieved in Co. Dublin itself (567), though only accounting for 15.3% of the total houses sold there. By contrast, Co. Wicklow sold the highest percentage of new homes (36.4%). Co. Longford recorded the lowest number of new homes transactions in Ireland (only 4), and the lowest median price for a new home (just €189K). Co. Roscommon registered the highest price ratio between new and existing homes (2.1). 

Summarising the latest market trends, Geowox’s Head of valuations, Gareth McKeown, observed “We anticipate that the rise in interest rates and a rate of inflation in the wider economy - not seen since 1984 - will have some impact in the rate of home price inflation, dampening it somewhat. We do not, however, foresee prices falling as we move towards the latter half of 2022.”

  • A total of 12,627 homes were sold in the 2nd quarter of the year, -3.4% vs the same period in 2021
  • The median price for a home in Ireland is €285K, +€35K vs the same period in 2021
  • In the first six months of 2022, sales prices are up 12.8% vs the first half of 2021 
  • 1.47 is the average price ratio between new homes sales prices and existing housing prices in Ireland

Download the full VALUEMYHOME HOUSING MARKET REPORT HERE

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