Mayo House Price Survey January 2023

The price of the average three-bed semi in County Mayo is expected to rise by 10% in the next 12 months, according to a survey by Real Estate Alliance.

Three-bed semi-detached homes in the county now cost an average of €190,000, up 12% on the December 2021 average of €170,000, the REA Average House Price Index shows.

However, house prices in the county fell by -2.6% in the last quarter of 2022 as rising interest rates and cost of living increases combined to dampen the market, with time taken to sell rising from seven weeks to ten.

The survey concentrates on the actual sale price of Ireland's typical stock home, the three-bed semi, giving an up-to-date picture of the second-hand property market in towns and cities countrywide.

First time buyers made up 80% of the market in Q4, with 25% of buyers coming from outside the county.

The average price in Westport this quarter fell by almost 6% to €240,000, while Castlebar prices contracted by 2.5% to €190,000.

“We expect sales to continue, and on average for prices to be steady for the year,” said Robert McGreal of REA McGreal Burke.

“With the lack of stock and increased demand, including people who have stepped back due to assessment of increased rate costs, prices should stay steady throughout the year.

“We expect interest rates to begin to decrease in the latter half of the year.”

The actual selling price of a three-bedroomed semi-detached house across the country rose by 0.36% over the past three months to €291,667 – representing an annual increase of 8%.

However, house prices in Dublin have fallen slightly by -0.34% in the same period, as mortgage interest rate rises and cost of living increases stem the stream of potential homeowners.

REA agents throughout the country expect prices to rise by just under 3% on average in the next 12 months.

The property market is expected to enjoy a calmer 2023 as mortgage interest rate rises and cost of living increases affect buying ability, according to the nationwide survey.

The majority of REA members feel that the scheduled changes to the Planning Acts will have little effect on market supply in 2023, due to the time lag between legislation and enactment.

In Dublin city, which is currently experiencing small price drops in certain areas, agents anticipate modest increases of 3.6% across the year.

This comes off the back of a 2022 which saw average house prices rise by 8% nationally and 5% in the capital – with feverish early year increases slowing down in the autumn and winter.

The country’s large towns experienced 10% growth last year, with 1.2% in the final quarter, and REA agents say that this will continue throughout next year, albeit at a slower pace, with growth of 3% predicted.