Mayo housing prices continue to rise as shortages persists

Housing prices in Mayo have risen by nine percent in the past year, that is according to the latest Daft.ie House Price Report.

The figure for the third quarter of 2024 is two percent higher than the same period last year, where a seven percent rise was seen.

The average price of a home is now €232,000, 58 percent above the level seen at the start of the Covid-19 pandemic.

Nationally, housing prices rose by an average of 3.1 percent in the third quarter of this year, according to the report released today by Ireland’s largest property website.

The typical listed price nationwide in the third quarter of 2024 was €344,848, over six percent higher than in the same period a year earlier and 37 percent higher than at the onset of the Covid-19 pandemic.

The number of second-hand homes available to buy nationwide on September 1 stood at less than 11,900, down 12 percent year-on-year, the fifteenth month of contracting supply.

The fall in availability largely reflects a dip in the number of second-hand homes coming on to the market over the last year, with just over 51,000 homes coming on to the market in the twelve months to September, compared to almost 57,000 a year ago.

Economist at Trinity College Dublin, Ronan Lyons, said the figures support the ‘suspicion that the recovery of the second-hand market’ is likely to take time.

“The true number of homes needed each year, if the housing deficit is to be addressed, is close to twice what was built last year,” he explained.

Mr Lyons continued to say that while the volume of new homes being built and bought has ‘largely held up despite rising interest rates’, the same cannot be said of the second-hand market. 

“The slow decline in mortgage interest rates will help the market, as will sitting homeowners coming off fixed-rate mortgages. But these factors are largely outside of policymaker control. The underlying issue remains a lack of homes, of all kinds, and this should remain the focus for policymakers before and after the next election,” he concluded.

For more information, see the full report.