REA Hynes market analysis - Jan 2025

Westmeath house prices rise 12pc in 12 months - survey

 

The price of the average second-hand three-bed semi in Co Westmeath has increased to €320,000, up 12pc from €285,000 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 buyers coming from outside the county accounted for 10pc of purchasers between October and December, with landlords selling accounting for 20pc of sales.

“We are still seeing very strong demand, with limited supply,” said Donna Hynes of REA Hynes.

The REA Average House Price Index concentrates on the 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.

House prices in western counties increased at twice the rate of the east coast last year as buyers battle over the lowest supply on record, the survey found.

The absence of new home building, and historically low supply has seen three bed semi-detached homes in counties Clare, Donegal, Galway, Limerick, Mayo, Roscommon and Sligo increase by over €10,000 in the past 12 weeks – with an average annual rise of 16pc.

This is twice the rate of increase in commuter counties, which rose by 7.5pc over 2024.

The actual selling price of a three-bed, semi-detached house across the country rose by 2.1pc in the past three months to €330,602, and 9pc overall annually.

REA agents nationwide are predicting a 6pc rise in house prices in 2025.

Actual selling prices in Dublin city rose by 1.8pc in the last three months, and the average three-bed semi in the capital is now selling at €542,000.

Prices in the major cities outside the capital rose by an average of 2pc to €348,000 in the last three months – an annual rate of increase of 7.7pc, with agents predicting a further 9pc rise in 2025.

Homes in the country’s large towns continue to show the biggest growth nationwide, up 11.5pc on last September and 2.6pc this quarter to an average of €249,448.

Homes in commuter counties rose by 2pc over the past three months to an average of €343,778, an annual rise of 7.5pc.