Longford property prices rise by €5,500

Property prices in Longford have risen by €5,500 during the quarter, according to the latest MyHome.ie Property Price Report.

The report for Q2 2024, in association with Bank of Ireland, shows that the median asking price for a property in the county is now €145,000. This means prices have stayed steady compared with this time last year.

Asking prices for a 3-bed semi-detached house in the county also stayed flat over the quarter at €140,000. This means that prices in the segment were also steady compared to this time last year.

Meanwhile, the asking price for a 4-bed semi-detached house in Longford rose by €4,750 over the quarter to €164,750. This price is up by €5,750 compared to this time last year.

There were 124 properties for sale in Longford at the end of Q2 2024 – a decrease of 7% over the quarter.

The average time for a property to go sale agreed in the county after being placed up for sale now stands at just over three and a half months.

The author of the report, Conall MacCoille, Chief Economist at Bank of Ireland, said: “The clear message from the Q2 2024 MyHome.ie Property Price 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.

“This represents an acceleration in the pace of annual asking price inflation from 6.5% in Q1 2024. Furthermore, the pick-up in the pace of asking price inflation has been broad based across Dublin (7.2%) and the rest of Ireland (7.6%).”

He said that the sustained strength of the Irish labour market was having a significant effect. “The 4.7% rise in average earnings to €50,300 in the year to Q1 2024 was always likely to push up house prices.

“Indeed, the average mortgage approval in April was €313,000, also up 4.6% on the year.”