The price of the average three-bedroomed semi-detached house in County Roscommon is expected to rise by 10% in the next twelve months, according to a survey by Real Estate Alliance. Three-bedroomed semi-detached homes in the county now cost an average of €175,000 (with an 11% rise in the last quarter of the year, the REA Average House Price Index shows).
The survey concentrates on the actual sale price of Ireland’s typical stock home, the three-bedroomed semi, giving an up-to-date picture of the second-hand property market in towns and cities countrywide. Landlords exiting the market have accounted for almost one in four home sales over the past three months, the data shows.
Prices in Roscommon town rose to €200,000 in quarter four 2021, an increase of 11.1% over three months and 17.6% annually. In Castlerea, prices rose 11.1% in Q4 to €150,000, representing an annual increase of 15.4%.
“There is a lot of interest from people moving home from the main cities,” said Seamus Carthy of REA Seamus Carthy. “Roscommon town is a great place to settle so there is a lot of demand for quality homes. In Castlerea, the price-base is low, attracting interest in terms of its value, with buyers coming from the cities and overseas.”
Average house prices rose by 2.24% nationally in the last three months of 2021, half the rise experienced between June and September as demand eased and the market calmed. The price of a three-bedroomed semi-detached house across the country rose by €5,900 over the past three months to €269,963 – representing an annual increase of 13%.
Selling prices rose in commuter areas (3.34%) and the country’s large towns (2.57%), as buyers continue to move out further from the capital in anticipation of long-term remote and hybrid working situations.
The commuter area increases are treble those in Ireland’s major cities, with Dublin increasing by 1% and Cork Limerick and Galway by an average of 0.8% as agents reported a quieter quarter. In Dublin city, house prices rose by over €4,000 in Q4, compared to more than €10,000 in Q3, increasing from €467,000 in September to a present rate of €471,667.
Three-bedroomed semis in commuter counties rose 3.34% by over €9,000 in the past three months to an average of €291,944 – with the average home selling in just three weeks. As the flight to rural locations continues, prices in the rest of the country’s towns rose by 2.6% in Q3 to €190,138.
Cork, Limerick, Galway and Waterford cities shared a combined increase of 0.8% in the past twelve weeks with the average three bed semi now costing €283,000. While Cork (€335,000), Galway (€302,000) and Waterford (€250,000) were relatively static, prices in Limerick rose by 2.1% to €245,000.