A shortage of housing in cities and counties nationwide has seen average house prices soar in the first quarter of the year.
According to the latest REA Average House Price Index, lack of supply has led selling prices in lower-priced counties to increase to over the national average during the first three months of 2024.
Nationally, the average selling price of the typical stock home – a three-bed, semi-detached house – increased by 1.3 per cent to €308,235 in Q1.
With many home buyers seeking affordability outside of Dublin due to the rise of remote and hybrid working, average prices in Tipperary, Cavan and Kilkenny saw significant increases over the 12-week period, up 3.8 per cent, 2.8 per cent, and 2.7 per cent respectively.
By county, Longford saw the greatest increase over the three months, with prices there jumping by 4.4 per cent to an average of €181,700.
Similarly, cities outside the capital also noted rising average house prices, increasing by an average of over €5,000, led by Galway city (+2.4 per cent) and Limerick city (+1.7 per cent).
Commuter counties saw a 0.6 per cent jump in the quarter, increasing to an average of €321,667. While prices were up 1.3 per cent in Kildare, they remained relatively unchanged across Meath, Louth and Wicklow.
In Dublin city, prices increased by 1.1 per cent over the last three months (+3.8 per cent annually) with the average three-bed semi-detached house selling for €517,333.
REA said that despite high prices and interest rates, demand remains strong as buyers compete for limited supply as the stock of residential properties remains at a two-decade low.
