The second quarter of 2024 has brought significant developments in the Irish property market, as detailed by the latest reports from Daft.ie and MyHome.ie. Here’s a closer look at the key trends and figures shaping the market this quarter.

National Overview

According to Daft.ie, housing prices across Ireland have experienced a notable rise. Nationally, the average price increased by 3.8% in Q2 2024. This brings the typical listed price to €340,398, marking a 6.7% increase compared to the same period last year. The current prices are also 35% higher than those observed at the beginning of the COVID-19 pandemic. This broad-based increase highlights a continued recovery and growth in the housing market.

Regional Variations

While the national trend shows a consistent upward movement, increases do vary from region to region, with Waterford, in particular, standing out with a substantial price increase. The average list price in Waterford surged by approximately 10%, reaching €258,199, highlighting the growing demand and attractiveness of properties in the area.

Waterford Market Specifics

The MyHome.ie report provides further insights into Waterford’s property market. According to the report, property prices in Waterford increased by €4,000 during the quarter, bringing the median asking price to €219,000. Compared to the same time last year, this represents an increase of €9,000.

For specific property types, the asking prices have also risen. A 3-bed semi-detached house saw its price increase by €4,000 over the quarter to €229,000, which is up by €9,000 year-on-year. Similarly, a 4-bed semi-detached house experienced a price hike of €7,000 over the quarter, now priced at €272,000 – a significant €22,000 increase compared to last year.

Market Activity and Dynamics

The property market in Waterford has been particularly dynamic, with an increase in the number of properties for sale. There were 305 properties available at the end of Q2 2024, reflecting a 15% rise over the quarter. This increase in inventory suggests that more homeowners are looking to capitalise on the rising market prices.

Moreover, the average time for a property to go “sale agreed” in Waterford has now settled at just over two months. This relatively quick turnaround indicates a healthy demand, with buyers eager to secure properties in a competitive market.

Conclusion

The second quarter of 2024 has proven to be a robust period for the Irish property market, with national prices continuing their upward trajectory and specific regions like Waterford experiencing remarkable growth. Both the Daft.ie and MyHome.ie reports highlight the ongoing demand and confidence in the housing market, suggesting a sustained positive outlook for the remainder of the year.

Whether you’re a potential buyer, seller, or investor, staying informed about these trends can help you make better decisions in this evolving market. As always, keeping an eye on regional variations and market dynamics will be key to navigating the property landscape effectively.