The price of the average second-hand three-bed semi in County Monaghan has fallen by 2.4% in the last three months, according to a national survey by Real Estate Alliance.
The average cost of three-bed homes in the county is now €200,000, down from €205,000 in December 2022, the Q1 REA Average House Price Index shows.
By concentrating on the actual sale price of three-bed semis, the survey provides an up-to-date picture of the second-hand property market in towns and cities countrywide.
Across County Monaghan, first-time buyers made up 40% of the market during Q1 with 10% of buyers moving to the county from the cities.
The average time taken to complete a sale in the county is six weeks, the same as it was in the previous quarter, the survey shows.
“We have found that increased interest rates and cost of living hikes have combined to dampen the market, and sellers’ expectations may have to adjust as a result. The shortage of supply of properties for sale is still the main driving force in the market,” said Dermot Conlon of REA Gunne Property, Carrickmacross.
Across the rest of Ireland, the actual selling price of a three-bedroomed semi-detached rose by 0.6% over the past three months to €293,343 – representing an annual increase of 5.3%.
House prices in Dublin recovered after a pre-Christmas fall and rose by 0.5% to €498,333 in the past three months, slightly exceeding last September’s prices and showing an annual rise of 3.5%.
Mirroring the capital, cities outside Dublin experienced a 0.4% rise to an average selling price of €310,250.
The smallest percentage increases came in commuter counties where average prices went from €312,778 to €313,056 – a rise of just 0.1% on average over three months.
The country’s large towns saw the largest quarterly increase at 1%, with prices now averaging €211,776 and properties selling faster at an average of five weeks, than in cities or commuter areas.
Nationally, first-time purchasers make up 60% of the market, the quarterly survey has found.
The actual selling price of a three-bedroomed semi-detached house across the country rose by 0.6% over the past three months to €293,343 – representing an annual increase of 5.3%.
