Property prices in Limerick rise by €5,000
PROPERTY prices in Limerick have risen by €5,000 during the third quarter of 2023, according to the latest MyHome.ie Property Price Report.
The report for Q3 2023, in association with Davy, shows that the median asking price for a property in the county is now €240,000. This means prices have risen by €10,000 compared with this time last year.
Asking prices for a three-bed semi-detached house in the county also rose by €5,000 over the quarter to €240,000. This means that prices in the segment have risen by €10,000 compared to this time last year.
Meanwhile, the asking price for a four-bed semi-detached house in Limerick rose by €3,000 over the quarter to €298,000. This price is up by €16,500 compared to this time last year.
There were 452 properties for sale in Limerick at the end of Q3 2023 – an increase of 5% over the quarter.
The average time for a property to go sale agreed in the county after being placed up for sale now stands at just over two and a half months. In the city, it is nearly two and a half months.
The author of the report, Conall MacCoille, Chief Economist at Davy, said: "The period of falling house prices we saw earlier in the year has come to an end, with the underlying imbalance between demand and supply providing fresh impetus to the market.”
He said that housing demand had remained resilient, despite interest rate hikes: "That competition for homes is heating up is evident in the 3% premium over the asking price that buyers were prepared to pay in September, up from 1% at the beginning of the year.
"Furthermore, in July the average mortgage approval was €298,800, up 4% on the year, lending volumes up 18% on 2022."
He said Ireland had avoided the house price declines seen in the UK and other countries for two reasons.
"First off, the Irish economy has performed far better with employment already 12% above pre-pandemic level, an extraordinary pace of job creation. Hence, housing demand has remained robust.
"Second, the Irish housing market has been less liquid than other countries, so less vulnerable to the unexpected rise in ECB rates".