House prices continued to rise in the second quarter of 2024 amidst a decline of 13% in the sale of homes, a new report from property tech firm Geowox has found.
“The property market in the Republic of Ireland has continued to evolve in the second quarter of 2024, with significant developments in pricing trends, sales dynamics, new home constructions, and the impact of energy efficiency on property values,” the company said.
It found that a total of 12,212 homes were sold in Ireland between April and June this year, down 13.5% on that period last year, which the analysis said signalled “challenges in affordability and market accessibility”.
It found that it was “notable” that sales of properties priced below €150K continued to decline, with only 1,282 units sold in Q2 2024.
A decrease influenced this decline in new home sales, which fell by 6.9%. Dublin led the sales volume with 3,594 units sold, whereas County Leitrim had the lowest sales, with only 78 units sold.
However, it also found that “the property market in Ireland in Q2 2024 demonstrates a strong growth in sales prices, with a national median home price of €335K, reflecting a 5.3% increase from the same period in 2023”.
“Urban areas experienced a robust 7.3% price growth, starkly contrasting the stability in rural areas,” the report found.
The analysis showed considerable differences in Residential Existing and New Homes sales prices both between and within counties.
New home developments faced challenges in Q2 2024, with the median cost of a new home standing at €399K, a 2.7% decrease compared to last year, Geowox found.
“Co. Dublin maintains the highest prices for existing and newly constructed homes, while Co. Donegal offers relatively affordable prices for existing homes at €165K,” it reported.
“Energy efficiency continues to have a significant impact on the property market. Homes with high energy efficiency (class A-B) command a premium price, costing up to 28.6% more than less efficient homes (class C-G),” it also found.