Carlow House Price Survey January 2024

9th January 2024

Carlow House Price Survey January 2024

The price of the average second-hand three-bed semi in County Carlow has increased to €227,500, up 7pc from €212,500 in the last twelve months, according to a national survey by Real Estate Alliance.

Across the county, the Q4 REA Average House Price Index shows that first-time buyers accounted for 40pc of purchasers between October and December, with 35pc of buyers coming from outside the county, and landlords selling accounting for 35pc of sales.

Agents in the county are reporting that the average time taken to sell has fallen by one week to a total of four.

“We have seen a huge demand for starter homes, with housing agencies competing with first time buyers,” said Harry Sothern, REA Sothern, Carlow town.

“High end properties are now more difficult to shift, and a lack of stock at entry level is likely to keep prices pushing upwards, with no increase expected in higher end housing.”

Prices in Carlow town rose 4.6pc to €230,000 in 2023, with Tullow house prices seeing an annual increase of 9.8pc to €225,000.

“Demand is currently holding steady for first-time buyer stock and starter homes,” said Matthew Conry, REA Dawson, Tullow.

“Enquiries for the more expensive properties appear to have moderated.”

The REA Average House Price Index 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.

Three-bed semi prices nationally will rise by 3pc in 2024, estate agents nationally are predicting.

A record shortage of supply has driven a 1.5pc rise in the last three months in the capital, but only in houses under a certain price, the index found.

House prices in Dublin and the other cities outpaced Ireland’s large towns and commuter counties as mortgage approved buyers chase properties within their price ceiling.

The actual selling price of a three-bed, semi-detached house across the country rose by 1pc in the final quarter of 2023 to €304,259 – representing an annual increase of 4.3pc.

Time taken to reach sale agreed nationally is steady at five weeks as low supply continues to drive sales in an increasing interest rate environment.

Prices in Dublin city rose by 1.5pc in the last three months, meaning that the average three-bed semi in the capital is now selling at €511,667 – an increase of 3pc in the last year.

Mortgage-approved first-time buyers are still the main market drivers, with 59pc of sales nationally – a figure that rises dramatically to over 80pc in commuter counties as they hunt suitably priced properties.

Cities outside Dublin experienced a 1.73pc rise in the past three months to an average selling price of €323,000 – with the annual rate of increase of 4.5pc.

Homes in the commuter belt showed the most stability in 2023, rising by just 2.2pc to €319,722, with counties within travelling distance of the capital recording growth of just 0.2pc in the past three months.

The biggest annual rise came in large towns nationwide, which rose by 6.6pc annually and 1.2pc in the quarter to €223,638.