Mayo house prices continue to see increases in December
House prices in Mayo continue to rise. Picture Colin Keegan, Collins Dublin
House prices in Mayo have increased by 6% in the past year.
The latest property price report from Daft.ie reveals that the average cost of a house in the county now stands at €212,849. House prices in Mayo have risen by 91.3% since the trough of the market.
The average cost of a five-bed detached home in Mayo is €289,000 (up 15%). A four-bedroom bungalow will set you back an average of €267,000 (up 2.2%) while a three-bed semi-detached comes in at €144,000 (up 3.4%) and two-bed terraced properties are selling for €106,000 (up 6%).
Aside from Galway City, Mayo had the lowest rise in house prices in the West. Property prices in Sligo have jumped by 10.9% with the average cost of a home in the Yeats County standing at €210,799. Roscommon house prices increased by 6.9% (€206,723) while Co Galway homes are selling for an average of €280,178 (up 8.1%). In Galway City, the average price of a home is an eye-watering €365,810 (up 4.1%).
There were approximately 2,330 homes on the market in Connacht-Ulster on December 1, down 24% year-on-year and the lowest total since April 2022.
Supply continues to be an issue, according to the author of the report, economist Ronan Lyons.
“On December 1st, there were just over 11,100 homes for sale in the country. Two things put that in perspective. Firstly, it is very low compared to almost any point over the past 15 years. It’s in line with the volume of homes for sale in the 15 months between March 2021, when Ireland started to emerge from its heavy lockdown, to May 2022. But it’s dramatically below, for example, even the pre-Covid average. Between 2015 and 2019 – not a period known for an abundance of homes for sale – there were on average of almost 25,000 homes for sale at any one time.
"And secondly, in a perhaps fairer comparison with the most recent period, that total for December 1st, 2023, is 27% lower than on the same date a year previously. Over the course of 2023, Ireland lost over 4,000 homes from its inventory, net of new listings.”
