Average house prices in Limerick city have increased by almost 10% over the past 12 months
Average house prices in Limerick city increased by almost 10% over the past 12 months, new figures have revealed.
According to the latest Daft.ie House Price report, the average asking price for a house in the city over the past three months was €220,061 - representing a 9.6% year-on-year increase.
The Daft report also shows there has also been an increase in the average asking price for houses in County Limerick.
The average price is now €201,409 - representing a 10.5% increase compared to 2019 and a 3.1% increase since the end of September.
According to report, the asking price for a three-bed semi-detached in Limerick city is now €191,000 while a similar property in County Limerick costs an average of €127,000.
A one-bedroom apartment in the city costs and average of €103,000 while the average cost in the county is €78,000.
Ronan Lyons, economist at Trinity College Dublin and author of the Daft Report, says Covid-19 has had a major impact o nthe housing market in Ireland. "It didn’t escape this upheaval, with the number of homes put up for sale in the second quarter of the year down over 50%. While things improved in the third quarter of the year, as the economy reopened, the volume of
listings in any given month never even matched the same month in 2019, let alone offered catch-up. For the year as a whole, just 49,000 homes were advertised – the lowest total in over five years," he said.
Mr Lyons added: "Combined with the fall in the construction of new homes, this reduction in the volume of homes
coming on to the market has translated into unprecedented scarcity of homes for sale. Since the Covid-19 pandemic reached Ireland in March, supply on the market has never been above 20,000 and, on December 1st, was just 15,390, down one third on the already low figure recorded in the same month a year previously. The housing market is, as the name suggests, a
market and the laws of supply and demand are powerful descriptors of what is going on. The lack of supply – coupled with demand for housing holding up remarkably well this year – has translated into strong increases in housing prices, especially in the, second half of the year.