Median price for a property in county stands at €169,000
The median asking price for a property in the county is €169,000.
Property prices in County Roscommon have stayed steady during the quarter, according to the latest MyHome.ie Property Price Report.
The report for Q3 2023, in association with Davy, shows that the median asking price for a property in the county is still €169,000. This means prices have risen by €9,000 compared with this time last year.
Asking prices for a three-bed semi-detached house in the county fell by €2,500 over the quarter to €150,000. This means that prices in the segment have risen by €20,000 compared to this time last year.
Meanwhile, the asking price for a four-bed semi-detached house in Roscommon fell by €3,000 over the quarter to €169,000. This price is up by €6,500 compared to this time last year.
There were 203 properties for sale in Roscommon at the end of Q3 2023 – a decrease of 22% 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 just over three months.
The author of the report, Conall MacCoille, Chief Economist at Davy, said: “The period of falling house prices we saw earlier in the year has come to an end, with the underlying imbalance between demand and supply providing fresh impetus to the market.” He added that housing demand had remained resilient, despite interest rate hikes. “That competition for homes is heating up is evident in the 3% premium over the asking price that buyers were prepared to pay in September, up from 1% at the beginning of the year. Furthermore, in July the average mortgage approval was €298,800, up 4% on the year, lending volumes up 18% on 2022.” He said Ireland had avoided the house price declines seen in the UK and other countries for two reasons. “First off, the Irish economy has performed far better with employment already 12% above pre-pandemic level, an extraordinary pace of job creation. Hence, housing demand has remained robust. Second, the Irish housing market has been less liquid than other countries, so less vulnerable to the unexpected rise in ECB rates.
However, he noted that supply was still a major issue. “The figures suggest any period of catch-up for housing activity following the Covid19 pandemic is now over. Worryingly, homebuyers may have to reconcile themselves to this tighter market.”
Mr MacCoille added that while we saw 28,900 housing starts in the year to July, we needed 40,000-50,000 units annually to address our pent-up demand.
Joanne Geary, Managing Director of MyHome.ie, said that our ever-present problems with supply were concerning. “We know that there were just 13,400 homes listed for sale on MyHome.ie at the end of the third quarter, which is down from the pre-Covid figure of 20,000-plus. Even more striking is the marked decline in new listings on the website; there were just over 7,500 new listings during Q3, down a massive 38% compared with the same period last year.” She said this lack of stock has had inevitably negative societal consequences. “Recent CSO data shows us that the cohort of employed adults living with their parents has grown by 28% since 2016. Similarly, the average household size for those adults living with unrelated persons is now 3.72.”
