Housing market "heating up again" as property prices rise at fastest pace in 18 months

National asking price inflation for three bedroom homes is rising at the fastest pace in 18 months, according to the latest property price report from MyHome.ie and Bank of Ireland.

In its latest property price report published this morning, the property website said the median asking price for a three-bed home was up 6.5 per cent nationally in the 12 months to the end of March. This is the strongest recorded rise in prices since the third quarter of 2022, when inflation was 7.8 per cent nationwide.

Notably it means the annual rate of property price growth has accelerated by more than two percentage points in the first three months of this year. 

“The message from this quarter’s MyHome.ie report is that the housing market is heating up again,” report author Conall MacCoille, chief economist at Bank of Ireland, said. 

The https://t.co/I0viYecPxH Property Report for Q1 2024, in association with @bankofireland, is out today showing national asking prices are up 6.5% over the year - the fastest rate of inflation growth since Q3 2022

Read the report in full at https://t.co/w1uHDzgzfU pic.twitter.com/k3NRmaCytS

— MyHome.ie (@MyHomeProperty) April 8, 2024

The report also found asking prices rose by 2 per cent in the first three months of 2024. The median asking price for homes nationally in the first quarter of this year was €340,000. In Dublin, this figure increases to €425,000 and across the rest of the country it was €285,000.

Mayo was the only county nationwide to record a decrease in housing asking prices, dropping a staggering 4 per cent.

MyHome.ie also reported that the number of properties listed for sale on their website hit a fresh record low of 10,935. This is below even the Covid-19 trough of 11,200, and down 19.5% on the year.