Roscommon house prices rise 3.4% over twelve months

The price of the average three-bedroomed, second-hand, semi-detached house in county Roscommon has increased by 3.4% to €150,000 in the last 12 months, according to a national survey by Real Estate Alliance.

Across the county, this quarter has seen the average time taken to sell remaining steady at four weeks, and prices also remain unchanged since December, with Roscommon town prices currently at €170,000 and Castlerea prices at €130,000, the Q1 REA Average House Price Index shows.

 “We have seen no change in semi-detached houses this quarter,” said Seamus Carthy of REA Seamus Carthy. “The market is extremely active for large, four-bedroomed, detached family homes, both in town locations and rurally.

“The market is extremely active with plenty of enquiries, but no real new stock is coming on stream during the lockdown. As soon as the lockdown is lifted, we expect a very active market with demand enquiries expected to far outweigh supply levels. As such, prices will continue to increase in this market.”

Nationally, average house prices rose by almost 2% over the past three months (despite the absence of physical viewing) in a marketplace that is seeing the lowest supply and the shortest time taken to sell in recent history.

The REA Average House Price Survey concentrates on the actual sale price of Ireland’s typical stock home, the three-bedroomed, semi-detached house, giving an accurate picture of the second-hand property market in towns and cities countrywide. The price of a three-bedroomed semi-detached house across the country rose by almost €4,500 over the past three months to €243,603 – representing an annual increase of 3.6%. The average three-bedroomed, semi-detached house is now reaching sale agreed after just five weeks on the market across the country – almost half the nine-week average this time last year.

Not having to schedule appointments has led to potential buyers making swift bidding decisions on the back of virtual viewings, speeding up the selling process according to REA. The biggest rises in Q1 came in commuter counties, as buyers move out further from the city in preparation for long-term hybrid working situations.

Dublin city experienced its biggest quarterly rise in over three years, as the price of a three-bedroomed, semi-detached house rose by 1.5% to €438,500 during the past 12 weeks. This represents an annual increase of 2.7%, and means that the average Dublin three-bedroomed, semi-detached house has now recovered to its December 2017 price level after a period of decreases, mainly in 2019.

  Cork, Limerick, Galway and Waterford cities shared a combined increase of 1.2% in the past twelve weeks, with prices rising by €3,000 to an average of €265,625. Three-bedroomed semi-detached houses in commuter counties rose 2.3% by almost €6,000 in the past three months to an average of €258,889 – with the average home selling in four weeks – down from a high of eleven a year ago.

As the flight to rural locations continues, prices in the rest of the country’s towns rose by over 2% in Q1 to €168,828.