House prices in Dundalk fall for third straight month
Median house prices in Dundalk fell for the third consecutive month in December, according to Central Statistics Office (CSO) figures released today.
The Residential Property Price Index for December 2019 shows that the median (middle) house price for the 30 residential properties that were sold and legally transferred (termed executions) in Dundalk in December was €191,500.
This compares to a median price of €205,000 for the 49 properties sold and legally transferred in November and €215,000 for the 71 properties sold and legally transferred in October.
Looking at the prices of executions in Dundalk in December, it can be seen that new properties were sold at a higher price than existing properties.
The median price of the 11 new properties sold and legally transferred in Dundalk in December was €259,000. This compares to a median price of €160,000 for the 19 executions of existing properties in Dundalk during the same month.
To understand median prices a bit better, they are obtained by ranking all transactions from the most expensive to the least expensive. The price that ranks exactly in the middle is the median price.
Average prices are generally higher than median prices. This is because average prices are often inflated by the sale of individual high value properties.
Median price answers the question what price is paid by the typical buyer purchasing property in this group?