Leitrim house prices expected to rise 7 per cent in 2024

The price of the average second-hand three-bed semi in Leitrim is predicted to increase by 7 per cent in 2024, according to a national survey by Real Estate Alliance.

Three-bed semi-detached homes in the county now cost an average of €182,500, up 8pc on the December 2022 average of €169,500, the Q4 REA Average House Price Index shows.

County agents reported that first-time buyers made up 65 per cent of the market in Q4, with 38 per cent of sales coming from outside the county and 33 per cent of sales attributed to landlords selling properties.

Carrick-on-Shannon prices rose 5.4 per cent in 2023 to an average of €215,000.

"Q4 has been busier than expected, and there has been strong take-up through November, while new listings in December have enjoyed immediate and vibrant bidding," said Joe Brady of REA Brady, Carrick-on-Shannon.

"The levels of housing stock on the market are still low," he said.

In Carrigallen, 2023 saw prices rise by 11.1 per cent to €150,000.

"We are seeing a market similar to Q3, except things are taking a bit longer to sell," said James Spring of REA Donohoe Spring, Carrigallen.

"Seasonality is certainly part of the reason for this, as well as low supply combined with steady demand.

"There are fewer viewings but prices are being achieved are as predicted," he said.

The REA Average House Price Index concentrates on the sale price of Ireland's typical stock home, the three-bed semi, giving an accurate picture of the countrywide second-hand property market in towns and cities.

Three-bed semi prices nationally will rise by 3 per cent in 2024, estate agents across the country are predicting.

A record shortage of supply has driven a 1.5 per cent rise in the capital in the last three months, but only in houses under a certain price, the index found.

House prices in Dublin and the other cities outpaced Ireland's large towns and commuter counties as mortgage-approved buyers chased properties within their price ceiling.

The actual selling price of a three-bed, semi-detached house across the country rose by 1 per cent in the final quarter of 2023 to €304,259 – representing an annual increase of 4.3 per cent.

Time taken to reach sales agreed nationally is steady at five weeks as low supply continues to drive sales in an increasing interest rate environment.

Prices in Dublin city rose by 1.5 per cent in the last three months, meaning that the average three-bed semi in the capital is now selling at €511,667 – an increase of 3 per cent in the previous year.

Mortgage-approved first-time buyers are still the main market drivers, with 59 per cent of sales nationally. This figure rises dramatically to over 80 per cent in commuter counties as they hunt suitably priced properties.

Cities outside Dublin experienced a 1.73 per cent rise in the past three months to an average selling price of €323,000 – with an annual increase of 4.5 per cent.

Homes in the commuter belt showed the most stability in 2023, rising by just 2.2 per cent to €319,722, with counties within travelling distance of the capital recording growth of just 0.2 per cent in the past three months.

The biggest annual rise came in large towns nationwide, which rose by 6.6 per cent annually and 1.2 per cent in the quarter to €223,638.