Mayo House Price Report June 2021

The price of the average second-hand three-bed semi in County Mayo has risen by 0.9% to €167,500 in the last three months, according to a national survey by Real Estate Alliance.

The average time taken to sell in the county fell by a fortnight to four weeks this quarter, the Q2 REA Average House Price Index shows.

The average price in Westport rose 1% to €247,500 this quarter and Castlebar prices rose by 0.9% to €167,500.

“We are seeing increasing demand, in particular from people who have been working in other cities but are from Castlebar,” said Robert McGreal of REA McGreal Burke.

“Without supply of new builds and lack of supply for vendors to move to, there is a tight restriction in the market. All properties at €200,000 and below are moving extremely quickly.

“In Westport, we are seeing continued limited supply with strong demand. First-time buyers are the main drivers of the market, followed by investors.

“With the continued low supply, it is expected that prices will continue to increase over the coming months.”

Average house prices have risen by almost €1,000 per week nationwide since the end of March, the REA Average House Price Survey has found.

The 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.

Fuelled by pent-up demand and the return of physical viewing, the marketplace is also seeing the lowest supply and the shortest time taken to sell in recent history.

And as multiple buyers bid for scarce supplies, the average three bed semi is now reaching sale agreed after just four weeks on the market across the country – less than half the ten-week average this time last year.

The price of a three-bedroomed semi-detached house across the country rose by €10,000 over the past three months to €253,685 – representing an annual increase of 8%.

The biggest rises in Q2 came in commuter counties and the country’s large towns as buyers continue to move out further from the city in preparation for long-term hybrid working situations.

In Dublin city, house prices rose by €1,500 per week in Q2, increasing from €438,500 in March to a present rate of €456,667.

Cork, Limerick, Galway and Waterford cities shared a combined increase of 3.5% in the past 12 weeks with prices rising by €10,000 to an average of €275,000.

Three bed semis in commuter counties rose 4.33% by over €11,000 in the past three months to an average of €270,111 – with the average home selling in just three weeks, down from a high of 11 weeks a year ago.

As the flight to rural locations continues, prices in the rest of the country’s towns rose by over 4.6% in Q2 to €176,690.