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02 Oct 2022

Dundalk house prices rise by 4.4% in three months

Q1 REA Average House Price Index

Dundalk house prices rise by 4.4% in three months

Dundalk house prices rise by 4.4% in three months

The price of the average second-hand three-bed semi in Dundalk has increased by €10,000 to €240,000 in the last three months, a rise of 4.4%, with first-time buyers representing 60% of sales, according to a national survey by Real Estate Alliance.

The Q1 REA Average House Price Index has shown that the price of the average second-hand three-bed semi in County Louth has risen by 3.1% to €252,500, with 68% of sales in the county going to first-time buyers.

The REA Average House Price Survey concentrates on the actual sale price of Ireland's typical stock home, the three-bed semi, giving an accurate picture of the second-hand property market in towns and cities countrywide.

Commenting on the rise in prices in Dundalk, Michael Gunne of REA Gunne Property, Dundalk said, “the market is currently impacted by the limited supply of houses available". 

Prices in Drogheda rose by €5,000 to €265,000, an increase of 1.9%, with 75% of sales to first-time buyers. “We are seeing a buoyant new homes market in Drogheda, with a number of competing schemes,” said Darina Collins of REA O’Brien Collins, Drogheda.

Nationally, house prices are increasing at an average of almost €100 a day as the market shows no signs of slowing up in the early months of 2022, the survey has found. Average house prices rose by 3.16% nationally in the first three months of year, matching the 1% a month increases experienced during the Celtic Tiger days.

The price of a three-bedroomed semi-detached house across the country rose by almost €9,000 over the past three months to €278,500 – representing an annual increase of over 14%.

The average three bed in Dublin is fast approaching the €500,000 mark, with actual selling prices rising by 2.2% since the new year, to an average of €481,250. Commuter counties saw prices increase 4.47% – a jump of €13,000 to €305,000 – and double the rate of increase seen in the capital.

In the rest of the country, where prices rose 3.4% to €196,569, the survey found that one in every three buyers were from outside the county as new working conditions enable a rethink on home bases. 

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