House prices in County Limerick rising faster than in the city, new report shows

HOUSE prices in County Limerick increased at a higher rate then in the city last year, new figures show.

According to the latest House Price Report from property website DAFT.ie, asking prices in Limerick city during the final three months of 2022 were 5.4% higher than a year previously

At the end of December, the average price of a home in the city was €248,531 - 4% below the Celtic Tiger peak. 

As for houses located outside of the city, asking prices in the final three months of 2022 were 6.4% higher than the previous year.

According to DAFT, the average asking price for a home in Limerick County is now €230,181, 18% below its Celtic Tiger
peak.

While there was an overall year-on-year increase in house prices across Limerick during 2022, there was a quarter-on-quarter reduction of 1.4% in the city and a reduction of 1.7% in the county.

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The report, published this Wednesday, found that house prices nationally rose by 6.1% during 2022. This compares with increases of 8.1% in 2021 and 7.7% in 2020 and a fall of 1.2% in 2019.

Commenting on the latest report, its author Ronan Lyons, economist at Trinity College Dublin, said: “2022 started with a continuation of the significant upward pressure on prices seen during the second half of 2020 and in 2021. “While supply has increased, availability is still tight, indicating that the change in market conditions is more likely driven by a change in the strength of demand.”