We are excited to share exclusive insights from the latest Daft.ie House Price Report Q4 2023, offering a comprehensive overview of the current property landscape. At Rowan Fitzgerald Auctioneers, Estate Agents, and Letting Agents in Limerick City, we understand the importance of staying informed about market trends. Here’s a snapshot of the key findings:

1. Modest Growth in Housing Prices: Housing prices in 2023 exhibited a moderate increase of 3.4%, marking the smallest uptick since 2019. The average listed price nationwide in the final quarter was €320,046, showing a 1.5% decrease from the previous quarter and approximately 14% below the Celtic Tiger peak.

2. Regional Variances: While Dublin experienced a 2% price increase, the rest of Leinster saw a modest 0.8% rise. Noteworthy increases were observed in Cork City (3.7%), Galway City (4.1%), Waterford City (6.1%), and Limerick City (9%). Beyond the cities, Munster and Connacht-Ulster reported price increases of 6.8% and 8.3%, respectively.

3. Declining Availability: The number of homes available for purchase on December 1st was just over 11,100, reflecting a 27% year-on-year decrease and the lowest level since March 2022. This decline, seen across major regions, was most pronounced in Dublin, down 33% year-on-year.

Ronan Lyons, economist at Trinity College Dublin, commented on the evolving market conditions: “Having increased dramatically in the second half of 2022, the availability of homes fell throughout 2023. The number of homes on the market is now at levels only previously seen during the pandemic.”

4. Outlook for 2024: Looking ahead, there is anticipation regarding the performance of the second-hand market. While new home construction has shown improvement, the second-hand market remains crucial. If uncertainty wanes and interest rates potentially decrease, 2024 could witness a recovery in the second-hand market, leading to a healthier overall housing market.

5. Average List Price and Year-on-Year Change – Major Cities, Q4 2023:

  • Dublin City: €433,613 – up 3.4%
  • Cork City: €337,550 – up 3.7%
  • Galway City: €365,813 – up 4.1%
  • Limerick City: €271,203 – up 9.0%
  • Waterford City: €239,709 – up 6.1%
  • Rest of the Country: €271,117 – up 4.3%

For a detailed analysis of how your county is performing, we invite you to explore the complete Daft.ie House Price Report Q4 2023.

At Rowan Fitzgerald Auctioneers, we remain committed to keeping you informed about the latest developments in the property market. If you have any queries or are considering buying or selling in Limerick City, our experienced team is ready to assist you.