The price of the average three-bed second-hand semi in County Roscommon rose 4.3% to €157,500 this quarter, according to a national survey by Real Estate Alliance.

Roscommon town prices rose 4.7% to €180,000 with Castlerea prices rising 3.9% to €135,000, the Q3 REA Average House Price Index shows.

“The market is extremely active with a huge amount of people returning from cities to live in Roscommon County,” said Seamus Carthy of REA Seamus Carthy.

“The majority of properties are selling within six weeks. 

“Semi-detached properties in Castlerea are up €5,000, and in Roscommon we are seeing a range of price increases which fluctuate due to the demand guiding the price in each case. 

“For example, we just agreed a two-bed townhouse in Roscommon Town for €170,000. The majority of three-bed semi-detached homes are now hitting on average, €180,000.

“Overall, the huge trend is the family unit returning to Roscommon, with 75% of our sales in the last quarter large, four-bed family homes ranging in value from €275,000 to €450,000.”

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.”