The price of the average second-hand three-bed semi in County Meath has risen 5.8% to €275,000 in the last three months, according to a national survey by Real Estate Alliance.
Homes in the county are reaching sale agreed in three weeks this quarter, the Q3 REA Average House Price Index shows.
The average house price in Kells rose 12.8% to €220,000, with time to sell remaining at three weeks.
“Property prices rose considerably from Q2 to Q3, ” said Cara Gavigan of REA T&J Gavigan, Kells.
“A four-bed semi previously which sold at €210k in 2020 is now selling at up to €260k. Equally, a four-bed detached in 2020 sold for €335k, while a similar property on the same road sold in June 2021 for €385k.”
Prices in Ashbourne rose 4.6% to €340,000, with time to sell remaining at two weeks.
“Lack of stock continues to be the issue — vendors wanting to sell but being unable to find their onward purchase along with delays on new homes have stalled the market,” said Paul Grimes of REA Grimes, Ashbourne.
Navan prices rose 6% to €265,000 this quarter, with time to sell remaining at four weeks.
“We have just gone sale agreed on a three-bedroom semi-detached in Navan, at €282k, while we sold a neighbouring property last December 2020 at €250k — this is just over a 12% increase,” said Michael Gavigan of REA T&J Gavigan, Navan.
“The property market is very active in Navan at the moment with plenty of buyers, however supply remains challenging.”
Average prices in Trim rose 1.9% this quarter to €275,000, with time to sell remaining at three weeks.
“The majority of our buyers are mortgage and first time buyers, or buyers down-sizing, and we are seeing very few investors,” said Thomas Potterton of REA TE Potterton, Trim.
“The market is still strong, but there was a poor supply of houses over the Summer, and viewings did slow off in August but we just attribute this to it being the holiday month.”
Average house prices nationally have risen by €3,500 per month since the end of June, with selling prices in commuter areas and small towns increasing by over double the growth experienced in the major cities.
The survey concentrates on the actual sale price of Ireland's typical stock home, the three-bed semi, giving an accurate picture of the second-hand property market in towns and cities countrywide.
The price of a three-bedroomed semi-detached house across the country rose by 4.1% over the past three months to €264,056 – representing an annual increase of 12%.
The biggest rises in Q3 came in commuter counties (4.6%) and the country’s large towns (4.9%) as buyers continue to move out further from the capital in anticipation of long-term remote and hybrid working situations.
They are being joined by a surge of interest from ex-pats, anxious to return to Ireland after the pandemic, with more set to return when family homes become available.
The rural and commuter area increases are double those being experienced in Ireland’s major cities, with Dublin increasing by 2.3% to €467,000 and Cork, Limerick and Galway by an average of 2.4% to €281,750.
“The survey’s average of four weeks to sell should be even lower because, while bidding is fast and furious, vendors are not rushing to accept offers,” said REA spokesperson, Barry McDonald.
“With an exceptional shortage of stock, demand is being fuelled by an increase in mortgage-approved buyers on the market.
“The rural flight, which began during lockdown, shows no signs of letting up, even in the face of a return to office working.”