Limerick – In the third quarter of 2023, the Limerick property market has witnessed a notable upswing, with property prices surging by €5,000, according to the latest MyHome.ie Property Price Report. This market report, presented in collaboration with Davy, reveals intriguing insights into the evolving real estate landscape in the county.
The report for Q3 2023 indicates that the median asking price for properties in Limerick now stands at a competitive €240,000, reflecting a substantial increase of €10,000 compared to the same period last year.
For those eyeing three-bedroom semi-detached houses in the county, the news is equally promising, as their asking prices have risen by €5,000, leveling at €240,000. This marks a noteworthy increase of €10,000 compared to the prices recorded in the corresponding period last year.
Notably, four-bedroom semi-detached houses in Limerick have also witnessed an upward trajectory, with their asking prices increasing by €3,000 during the quarter, now reaching €298,000. This translates to an impressive growth of €16,500 when compared to the prices from the previous year.
The inventory of available properties in Limerick has seen a positive uptick, with 452 properties for sale at the end of Q3 2023, marking a substantial 5% increase within the quarter.
It’s also essential to highlight that the average time for a property to go sale agreed in the county has remained competitive, with the process taking just over two and a half months. In Limerick city, this period extends to nearly two and a half months, indicating a resilient and active real estate market.
Conall MacCoille, Chief Economist at Davy and author of the report, expressed his insights, stating, “The period of declining house prices observed earlier this year has now come to an end, thanks to the persistent demand and supply dynamics revitalizing the market.” He further noted that housing demand has remained resilient, even in the face of interest rate hikes, with buyers increasingly willing to pay a premium of 3% over the asking price in September, up from 1% at the beginning of the year.
Moreover, MacCoille reported a notable increase in average mortgage approvals, with the figure in July standing at €298,800, marking a 4% year-on-year increase. Lending volumes have also surged by 18% compared to 2022.
He pointed out that Ireland’s real estate market has managed to steer clear of the price declines witnessed in the UK and other countries, attributing this to two key factors. Firstly, the robust Irish economy has exhibited remarkable performance, with employment levels already exceeding pre-pandemic levels by 12%, resulting in consistent housing demand. Secondly, the Irish housing market’s comparative lack of liquidity has rendered it less vulnerable to unforeseen shifts in ECB interest rates.
In summary, the Limerick property market continues to present an enticing landscape for both buyers and sellers, with steadily rising prices and persistent demand, marking a promising phase for the region’s real estate sector.