House prices in Roscommon showed a 14 per cent increase in the third quarter of the year compared to the same period in 2021, according to the latest Daft.ie property report. The average price of a home in the county is now €191,000, 24 per cent below its Celtic Tiger peak.
Nationally, housing prices were largely stable between June and September, with the average listed price nationwide €311,514, up 0.1 per cent on the average for the second quarter of the year and 16 per cent below the Celtic Tiger peak.
Due to increases in recent quarters, year-on-year inflation remains high at 7.7 per cent, although this is down from 9.2 per cent three months ago.
Compared to three months ago, prices were stable in Dublin but rose slightly in the other cities. Cork city prices rose by 0.2 per cent with Limerick prices seeing a 0.3 per cent increase.
Meanwhile, Galway prices rose by 0.5 per cent and Waterford prices 0.6 per cent between the second and third quarters.
Outside the cities, prices rose in Leinster (by 1.1 per cent) while they fell in both Munster (-0.7 per cent) and Connacht-Ulster (-0.5 per cent).
The number of homes available to buy on September 1st stood at nearly 15,500, up 22 per cent on the same date last year and the highest total nationally in almost two years. The increase in availability on the market is driven by Dublin (up 30 per cent) and the rest of Leinster (up 40 per cent), although stock on the market is also higher than a year ago in Munster (up 8 per cent) and Connacht-Ulster (up 15 per cent).
Commenting on the report, its author Ronan Lyons, economist at Trinity College Dublin, said: “Improved stock on the market over the course of 2022 has helped reduce inflationary pressures in the sales market. This is most notably the case in Dublin, where the total number of listings coming on to the market in the year to August was effectively in line with the pre-covid number. This has helped improve the stock on the market at any one point in time, the key predictor of future price changes.
“Elsewhere, while the number of listings and availability has improved, they remain in some markets well below the ten-year average. While weaker demand – due to inflation in other living expenses and to increases in interest rates – may help stabilise prices, the true solution to the high level of housing prices remains significantly increased supply, over years and indeed decades to come”.