Meath House Price Survey September 2023
26th September 2023
The price of the average second-hand three-bed semi in County Meath has risen to €302,500, up 0.8% from €300,000 in the last three months, according to a national survey by Real Estate Alliance.
Across the county, the average time taken to sell has fallen by one week to an average of five weeks, the Q3 REA Average House Price Index shows.
The survey shows that across the county, 84% of purchasers were first-time buyers, and 15% of purchasers were from outside of the county.
A total of 32% of sales in the county this quarter were attributed to landlords leaving the market.
Average prices in Trim rose 3.4% this quarter to €305,000, with average time to sell currently at five weeks.
“We are seeing a strong demand for 2, 3 and 4-bed homes in the town, and first time buyers are more prepared and in general all have their loan approval in principle in place,” said Thomas Potterton of REA TE Potterton, Trim.
Navan prices this quarter are currently averaging at €275,000, with time to sell currently at six weeks.
“In spite of recent increases in mortgage rates over the past 12 months, we are still witnessing a positive property market in Navan,” said Michael Gavigan of REA T&J Gavigan, Navan.
“Prices are still being achieved at the asking price, or in some cases in excess of the asking price depending on condition and BER rating.
“At present we don’t foresee house prices decreasing locally, and demand is still very strong.”
The average house price in Kells was unchanged this quarter at €255,000, with time to sell currently averaging at six weeks.
“Demand is very good for three-bed semis at the moment, but we currently have none available,” said Cara Gavigan of REA T&J Gavigan, Kells.
The REA Average House Price Index concentrates on the actual 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.
The actual selling price of a three-bed, semi-detached house across the country rose by 1.4% over the quarter to €301,370 breaching the €300,000 mark for the first time since 2007.
House prices in Ireland’s large towns rose by 2% in the past three months and are increasing at twice the rate of Dublin and the major cities as mortgage approved buyers chase properties within their price ceiling.
Time taken to reach sale agreed nationally fell from six to five weeks as low supply continues to drive sales in an increasing interest rate environment.
Prices in Dublin city rose by 0.8% in the last three months, meaning that the average three-bed semi in the capital is now selling at €504,167 – an increase of 1.3% in the last year.
Nationally, 57% of sales are to first-timers, a figure that rises dramatically to 85% in Wicklow, Meath and North County Dublin as mortgage-approved buyers hunt suitably priced property.
Cities outside Dublin experienced a 0.73% rise to an average selling price of €317,500 – with the annual rate of increase halving to 4.5% from the previous survey.
Prices rose in Cork (1.4% to €365,000) and Limerick (1.8% to €285,000) while Waterford city and Galway remained static.
Commuter areas rose by 1.1% to €318,889, with 39% of buyers in areas such as Louth, Meath, Kildare and Wicklow coming from outside the county, a large proportion of them from the capital, with 73% of sales to first-time buyers.