New data reveals steep rise in property prices in Mayo in 2024

The price of the average second-hand three-bed semi-detached home in Co Mayo increased to €240,000 in 2024, up 25% from €192,500 at the end of 2023, according to a national survey by Real Estate Alliance (REA).

Across the county, the Q4 REA Average House Price Index shows that first-time buyers accounted for 70% of purchasers between October and December, with 10% of buyers coming from outside the county, and landlords selling accounting for 20% of sales.

In 2024, the price of the standard three-bed semi-detached home in Westport rose by 24% to €335,000, while prices in Castlebar rose by 24.7% to €240,000.

“Although from a small sample, we feel the outlook for people selling homes is positive,” said Robert McGreal of REA McGreal Burke.

“Supply has never been tighter, the interest rate outlook is positive and the cost of construction continues to increase, and all of these factors are pushing the prices up in the area."

The REA Average House Price Index concentrates on the 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.

House prices in western counties increased at twice the rate of the east coast last year as buyers battle over the lowest supply on record, the survey found.

The absence of new home building and historically low supply has seen three-bed semi-detached homes in counties Clare, Donegal, Galway, Limerick, Mayo, Roscommon and Sligo increase by over €10,000 in the past 12 weeks – with an average annual rise of 16%.

This is twice the rate of increase in commuter counties, which rose by 7.5% over 2024.

The actual selling price of a three-bed semi-detached house across the country rose by 2.1% in the past three months to €330,602, and 9% overall annually.

REA agents nationwide are predicting a 6% rise in house prices in 2025.

Prices in the major cities outside the capital rose by an average of 2% to €348,000 in the last three months – an annual rate of increase of 7.7%, with agents predicting a further 9% rise in 2025.

Homes in the country’s large towns continue to show the biggest growth nationwide, up 11.5% on last September and 2.6% in the last quarter of 2024 to an average of €249,448.

Homes in commuter counties rose by 2% over the past three months to an average of €343,778, an annual rise of 7.5%.