Average price of second-hand three-bed semi in Louth stands at €262,500

The price of the average second-hand three-bed semi in County Louth has risen to €262,500, up 1% from €260,000 in the last three months, according to a national survey by Real Estate Alliance.

Across the county, the average time taken to sell is currently five weeks, the Q2 REA Average House Price Index shows.

Agents in the county reported that this quarter, 75% of properties were purchased by first time buyers, with buyers from outside of the county making up 60% of sales. 

This quarter, agents found that 40% of sales are directly linked to landlords leaving the market.  

In Drogheda, average prices this quarter were unchanged at €280,000.

“The cumulative effect of interest rate increases is that buyers are exercising more caution, resulting in slower turn-around times for the sale of houses,” said Darina Collins of REA O’Brien Collins, Drogheda.

The average price in Dundalk this quarter rose 2.1% to €245,000.

“We are seeing a market which is currently understocked,” said Michael Gunne of REA Gunne Property, Dundalk.

A separate report published by Daft.ie yesterday revealed that in Louth, prices in the second quarter of 2023 were 1% higher than a year previously, compared to a rise of 9% seen a year ago. The average price of a home is now €269,000, 23% below its Celtic Tiger peak.

Nationally, housing prices in the second quarter of 2023 were 0.5% lower than a year ago, according to the latest Daft.ie House Price Report released today by Ireland’s largest property website, Daft.ie. 

This marks the first time since mid-2020 that prices have fallen in year-on-year terms. Looking at the second quarter compared to the first, prices rise – and by an average of 2.4% nationally. The average listed price nationwide in the second quarter of 2023 was €309,648, up 2.4% on the average for the first quarter but slightly lower than this time last year and one-sixth below the Celtic Tiger peak. 

The number of homes available to buy on June 1st stood at just over 13,000, up 5% on the same date last year but well below the 2019 average of 24,200. In all parts of the country, the rate at which availability has increased has slowed in recent months.

Commenting on the report, its author Ronan Lyons, economist at Trinity College Dublin, said: 

“The change in market conditions over the last 12 months is clear from the figures in this latest report. A year ago, double-digit inflation in housing prices was still prevalent across much of the country. 

“Now, very few markets are seeing prices more than a percentage point or two higher than a year ago – and those increases largely reflect increases seen March-June last year.

“But while demand has weakened, the post-covid recovery in supply also appears to be weakening, in both new and second-hand segments. Thus, while this year is unlikely to bring any substantial increases in housing prices, underlying issues stemming from housing shortages will persist.”