House prices jump again in Offaly in final quarter of 2022

HOUSE prices in Offaly were eight per cent higher in the final three months of 2022 compared to the year previously, a major new report has revealed.

In the same period in 2021 house prices increased by 14pc on the year previously showing a slow down in the rate of growth.

The average price of a home in the county is now €244,000, 22pc below its Celtic Tiger peak.

Nationally, housing prices rose by 6.1pc during 2022, according to the latest Daft.ie Sales Report released this week by Ireland’s largest property website,  daft.ie.

The average listed price nationwide in the final quarter of 2022 was €309,941, down 0.4pc on the average for the third quarter of the year and 16% below the Celtic Tiger peak. The 6.1pc increase in 2022 compares with increases of 8.1pc in 2021 and 7.7pc in 2020 and a fall of 1.2pc in 2019.

Compared to a year previously, prices in Dublin in the final quarter of 2022 were 5pc higher, similar to the increase seen in Galway city (5.4pc).

The increase in the last 12 months was larger in Galway city (8pc) and Waterford city (6.4pc), while prices in Cork city were 3.3pc higher than a year ago.

Outside the cities, prices rose by 7.1pc on average – with similar increases seen in Leinster, Munster and Connacht-Ulster. 

The number of homes available to buy on December 1st stood at just over 15,200, up 33pc on the same date last year but still significantly below the 2019 average of 24,200.

The increase in availability on the market has been greatest in Leinster (up 51pc) and smallest in Munster (up 19pc).

Commenting on the report, its author Ronan Lyons, economist at Trinity College Dublin, said: “2022 started with a continuation of the significant upward pressure on prices seen during the second half of 2020 and in 2021. However, the year ends with prices falling, albeit modestly, in the final quarter. While supply has increased, availability is still tight, indicating that the change in market conditions is more likely driven by a change in the strength of demand. We can see this with expected inflation, which has hit its lowest level since the outbreak of covid19, suggesting uncertainty on the part of demand. Overall, with supply recovering and demand softening, it is unlikely that 2023 will see prices gains similar the last three years.”