Cox & Walsh Estate Agents spoke with the Roscommon People this week to provide an insightful analysis of the current state of the Roscommon property market. As experts in the field, they shed light on why 2023 could be the ideal time for both buying and selling property in the county. Here’s why Roscommon should be on your radar…
Changing property landscape
Recent data from the Central Statistics Office (CSO) in Ireland indicates a dynamic and somewhat unpredictable property market. According to the CSO, the national Residential Property Price Index (RPPI) saw an uptick of 2.2 per cent in the twelve months leading up to June 2023.
However, this blanket statement masks a more nuanced picture: property prices in Dublin have actually decreased by 0.9 per cent, while those outside Dublin have surged by 4.5 per cent.
Roscommon: Value and growth
In this shifting environment, Roscommon presents an exceptional opportunity. Not only does the county offer affordable property – quite a respite from soaring prices in metropolitan areas – but it has also seen steady growth. A 2.66 per cent increase in three-bedroomed homes and a 4.22 per cent rise in four-bedroomed homes should make any potential buyer or investor sit up and take notice.
Stability in uncertainty
Nationwide, the Institute of Professional Auctioneers and Valuers (IPAV) asserts that property prices are stabilising. Roscommon stands out in this regard, too. Between January and June 2023, overall house prices in the county have increased by 1.45 per cent. Compare this to the fluctuating market in Dublin, and the case for Roscommon strengthens.
Cox and Walsh explained: “While demand is high for fixer-uppers and renovation projects, we simply cannot keep turn-key properties in the €130,000 to €175,000 on our books for more than a few weeks before they are snapped up.
“When you move into the €200,000 and above range, there are obviously fewer buyers but stand-out properties, completed to a high standard and well located are attracting huge interest, particularly from cash buyers and first-time buyers”.
Getting more for less
Between January to June, the average price for a three-bedroomed, semi-detached house in Roscommon was €178,750 – an increase of €4,625 from the latter half of 2022. While a four-bedroomed, semi-detached averages at €205,500, a leap of €8,312. These trends offer a compelling reason to consider Roscommon as an ideal location for investment or settling down, especially as we might be reaching the peak of the market.
Why now is the time!
If you’re already a property owner in Roscommon and looking to sell, now could be the ideal moment. With the process of closing a sale ranging anywhere from a month to six months, waiting could be detrimental.
To make the most of the current conditions, consider seeking advice from Cox & Walsh Estate Agents in Dromod, who can guide you through the intricacies of the selling process. Their no-obligation consultations can be reached at 071-9658600.
By every measure, Roscommon presents a compelling case for buyers and sellers in 2023. Those looking for value, stability, and a wise investment need look no further.
