According to Daft’s most recent home price survey, the average increase in house prices nationwide in 2024 was 9%.For example, reports RTE.
In the last quarter of 2024, the average listed price nationally was €332,109, which was 30% more than it was at the start of the epidemic and 1.4% more than it was in the third quarter.
Dublin’s prices increased for the fourth consecutive quarter in 2024, with a 9% increase that was comparable to the national average and the greatest pace of inflation the city has witnessed since late 2017, reports RTE.
Prices in Limerick City increased by 8.2% throughout the year, while Galway City had a similar increase.
Average prices in the cities of Cork and Waterford increased by 6.3% in 2024. Inflation outside of the five major cities varied from 5.3% in Connacht-Ulster to 11.1% in Leinster, reports RTE.
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Average list price in Q4 2024:
Dublin €442,909 +9%
Cork City €347,26 +6.3%
Limerick City €284,138 +8.2%
Galway City €389,742 +9%
Waterford City €247,236 +6.3%
Rest of the country €284,163 +9.2%
Less than 10,500 used homes were for sale nationally as of December 1, a 15% decrease from the previous year and the lowest number ever noted in a period dating back to January 2007, reports RTE.
“If the goal of policymakers is to ensure stable housing prices, then, this has been the least successful year for policymakers since 2017, when prices rose by roughly the same proportion,” economist at Trinity College Dublin and author of the report Ronan Lyons said, reports RTE.
Mr. Lyons stated on RTÉ’s Morning Ireland that people with mortgages would have paid them off, leaving “very little incentive” to sell their home.
According to him, mortgages for houses in 2021 or 2022 that had fixed rates for three, five, or seven years will no longer have them by 2029.
“That’s the length of time it will take for the second hand market to get back to normal, as things stand,” he said, reports RTE.
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