The average price of a second-hand, three-bed semi in County Sligo rose by 1.3% in the first three months of the year, according to the latest national survey by Real Estate Alliance.

Three-bed homes in the county now cost €197,500, up from €195,000 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.

First-time buyers in County Sligo made up 25% of the market during Q1 with 10% of buyers moving from the cities.

The average time taken to complete a sale in the county is now five weeks, up two from the previous quarter, the survey shows.

A traditional three-bed semi in Sligo town now costs €240,000, up 2.13% from €235,000 in the previous quarter, with the time to sell rising one week to four.

In Tubbercurry, the average cost of a three-bed semi remained at €150,000 from the previous quarter, while the time to sell in the town also rose one week to four.

“Rising interest rates are having a cooling effect but the shortage of property available is still evident in the market,” said Roger McCarrick of REA McCarrick & Sons, in Sligo.

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%.