Sustained demand from returning natives of Co Monaghan has seen the price of the average second-hand three-bed semi rise by 1.6% in the last three months, according to a national survey by Real Estate Alliance.
The increase continues the growth which has seen prices in the county rise by almost 10% in the past year.
As of September, the price of an average three second-hand three-bed semi in County Monaghan is now €195,000, up from €192,000 at the end of the second quarter of this year.
Across the county, homes are reaching sale agreed in four weeks, the Q3 REA Average House Price Index shows.
“The market is strong, and there is good demand for three bed semis and for detached properties outside the towns,” said Dermot Conlon of REA Gunne Property, Carrickmacross.
“We are seeing an influx of local people coming from the cities, and demand is mainly from people with a local connection who lived in larger urban areas or in other countries as people are returning from Australia and New Zealand.
“There are a number of new small developments coming online in the next few months, and most are for social and affordable housing.”
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.”