Property prices in Roscommon dropped by €2,000 during the last quarter of 2023, according to the latest MyHome.ie Property Price Report.
The report for Q4 2023, in association with Bank of Ireland, shows that the median asking price for a property in the county is now €167,000. This means prices overall have risen by €2,000 compared with this time last year.
Asking prices for a three-bedroomed, semi-detached house in the county rose by €2,500 over the quarter to €152,500. This means that prices in that segment have risen by €7,750 compared to this time last year.
Meanwhile, the asking price for a four-bedroomed, semi-detached house in Roscommon rose by €31,000 over the quarter to €200,000. This price is up by the same amount compared to this time last year.
There were 153 properties for sale in Roscommon at the end of Q4 2023 – a decrease of 25% over the quarter. The average time for a property to go sale agreed in the county after being placed up for sale now stands at nearly two and a half months.
Speaking about the report’s findings nationally, the author of the report, Conall MacCoille (Chief Economist at Bank of Ireland) said, “If asking prices were under pressure at the start of the year as the market adapted to a new interest rate environment, the picture at year end was very different.
“Continuing supply issues meant that the market heated up again and by year end, we saw once again that asking prices nationally were up over 4% over the year as a whole. Furthermore, we are seeing properties being sold for 4% over asking prices compared with 1% at the start of the year, indicating a more competitive market.
“Ireland’s buoyant labour market has meant that high interest rates have not had a negative impact on property prices. Indeed, Revenue estimates that there has been a 50% rise since 2022 in the number of tax units (single or jointly assessed couples) with incomes exceeding €100,000.
“As for 2024, our view is that the most likely outcome is another single digit rise in house prices over the course of the year. There will again be competing pressures on prices coming from elevated rates of interest on the one hand and continuing supply shortages on the other. If anything, the rise may be sharper given the supply issues and the possibility – despite mixed signals from policymakers – of interest rate reductions happening at some point during the year”.