Limerick property prices €25,000 higher than this time last year
Prices rose by €11,000 in Q2 of 2024
PROPERTY prices in Limerick have risen by €11,000 in Q2 of this year.
According to the latest MyHome.ie Property Price Report, the median asking price for a property in the county is now €260,000, up €25,000 compared to Q2 in 2023.
Asking prices for a 3-bed semi-detached house in the county rose by €3,500 over the quarter to €260,000. Meanwhile, the asking price for a 4-bed semi-detached house in Limerick stayed steady over the quarter at €320,000.
The asking prices for a 3-bed semi-detached house and a 4-bed semi-detached house are both up by €25,000 compared to this time last year.
The average time for a property to go sale agreed after being placed up for sale now stands at nearly two months in both county and city.
Nationally, Conall MacCoille, chief economist at Bank of Ireland and author of the report, says that the clear message from this report is that “house prices have gained further momentum. Asking prices rose by 5% in Q2 2024, up 7.3% on the year, the highest figure since Q3 2022”.
One factor impacting prices is the sustained strength of the Irish labour market, with a 4.7% rise in average earnings to €50,300 in the year to Q1 2024. The average mortgage approval in April was €313,000, up 4.6% on the year.
Another impacting factor is the low levels of property supply in the market. “There were just 12,500 properties listed for sale at end-June, still close to the historic low in Q1 2024 and down 11% on 2023,” Mr MacCoille said.
In Limerick, however, there were 369 properties for sale at the end of Q2 2024 – an increase of 15% over the quarter.
Joanne Geary, managing director of MyHome.ie, said: “The strength of our labour market is of course a positive thing, but without an adequate supply of properties to meet the demand generated by rising incomes, it is inevitable that competition will remain intense. It will take time for the growing rate of housing starts to have a real impact, but it is promising to see this figure move in the right direction.”