House prices in Louth continue to climb higher
Daft.ie Irish House Price Report Q3 2023
House prices in Louth continue to climb higher with the average asking price in the third quarter of 2023 (Q3) standing at €279,305, up 3.8% on this time last year, according to the latest house price report from property listings website Daft.ie.
The median price of a newly built home in Louth between Q1 2023 and Q2 2023 stood at €355,001, according to the Daft.ie House Price Report Q3 2023.
On a quarterly basis, the average asking price of a house in Louth was up 0.9% and it also represents an increase of 119% on the trough that occurred during the last recession.
Looking at the asking prices for various house sizes in Louth, one bed apartments are the only type of home that has seen an annual fall in price, with an average asking price of €108,000 representing a fall of 11.4% on the same period last year.
Average asking prices for two bed terraced houses in Louth were €155,000, up 0.7% on last year, while three bed semi-detached houses were €222,000, up 4.3% on last year.
The average asking price of a four bed bungalow in Louth was €424,000, up 4.4% on an annual basis, while the biggest rise in Louth was seen in five bed detached houses, with the average asking price of €435,000 representing an annual increase of 9.2%.
On a national level, author of the report, Ronan Lyons, Associate Professor in Economics in Trinity College Dublin, said that house prices are continuing to rise, although at a slower rate than has become common over the last decade.
The average asking price nationally stood at €322,602, with Leitrim reporting the lowest at €185,701 and the highest in South County Dublin at €656,409.
Between June and September, prices rose by an average of 1.1% – compared to an increase of 3.5% in the second quarter of the year, meaning also that prices are 3.7% higher than a year ago.
Part of the reason for the increase in prices is down to a lack of supply, according to Ronan Lyons, who said in the report that by March 2022, following the seizing up of the housing market due to Covid, there were just 10,000 homes for sale across the country. Over the following six months, there was a brief recovery ‐ culminating in 17,000 in October last year.
That turned out to be a peak however, according to Mr Lyons, and since then, the number of homes available to buy at any point in time has slowly but steadily fallen. In the following year, it has fallen almost 30%, with just 12,200 homes available to buy in September 2023.