Clare properties costing €25k more now compared to this time last year

Property prices in Clare have risen by €10,000 since the Spring according to the latest MyHome.ie Property Price Report.
 
The report for Q2 2024, in association with Bank of Ireland, also shows that the average asking price for a property in Clare is now €275,000. This means prices have risen by €25,000 compared with this time last year.
 
Asking prices for a three-bed semi-detached house in the county stayed steady over the quarter at €249,000. This means that prices in the segment have risen by €19,500 compared to this time last year.
 
Meanwhile, the asking price for a four-bed semi-detached house in Clare rose by €9,500 over the quarter to €274,500. This price is up by €24,500 compared to this time last year.
 
There were 261 properties for sale in Clare at the end of Q2 2024 – an increase of 14% over the quarter.
 
The average time for a property to go sale agreed in the county after being placed up for sale now stands at just over three months. 
 
The author of the report, Conall MacCoille, chief economist at Bank of Ireland, said: “The clear message from the report is that house prices have gained further momentum. Asking prices rose by 5% in Q2 2024, up 7.3% on the year, the highest figure since Q3 2022.”

He said that the sustained strength of the Irish labour market was having a significant effect: “The 4.7% rise in average earnings to €50,300 in the year to Q1 2024 was always likely to push up house prices.

“The average mortgage approval in April was €313,000, also up 4.6% on the year.” 

Joanne Geary, managing director of MyHome.ie, said: “The strength of our labour market is of course a positive thing, but without an adequate supply of properties to meet the demand generated by rising incomes, it is inevitable that competition will remain intense.

“It will take time for the growing rate of housing starts to have a real impact, but it is promising to see this figure move in the right direction,” she concluded.