A decline in home sales in the second quarter of 2024 failed to arrest a rise in prices, according to property tech firm Geowox.
The group’s latest report on the property market indicated a total of 12,212 homes were sold between April and June this year, down more than 13 per cent on the same period last year.
Dublin had the highest number of sales at 3,594 units.
At the same time the median price (or middle value) for a home sold in the first quarter was €335,000, which was up 5.3 per cent or €17,000 compared with the same period in 2023.
House sales fall but prices still rise
The Irish Times Business Person of the Month: Evelyn Moynihan, Kilkenny Group
EY Entrepreneur of the Year profiles: From treating hair loss in men to providing e-scooters across Europe, here are some of this year’s nominees
The good news is the real economy is still growing strongly
Dublin topped the county charts in terms of the priciest place to buy, with median values averaging €450,000. Dublin city had an average median value of €505,000.
Leitrim and Longford were the most affordable counties with median prices averaging €170,000.
[ House price inflation jumps to 8.2%, new figures showOpens in new window ]
Geowox’s head of data Marco Giardina said: “Home transaction volume is on a strong downward trend. Meanwhile, prices maintain a steady growth path in urban areas, while stabilising in rural areas.”
Irish housing crisis: increased supply will not help affordability
In its report, Geowox noted that energy-efficient homes commanded a significant price premium over less efficient homes.
Energy-efficient existing homes (with A-B ratings) achieved a median sales price of €405,000, a €90,000 premium over the €315,000 for non-efficient homes (with C-G ratings).
“This energy-based comparison excludes new homes to gain a more precise understanding of the energy efficiency premium,” the company said.
Geowox’s figures broadly tally with the Central Statistics Office’s (CSO) latest residential property price index which put headline inflation for the 12 months to the end of May at 8.2 per cent, up from a rate of 7.9 per cent the previous month.
In Dublin, residential values rose at an even higher annual rate of 8.6 per cent, while prices outside Dublin were 7.6 per cent higher compared with a year earlier.
- Sign up for Business push alerts and have the best news, analysis and comment delivered directly to your phone
- Join The Irish Times on WhatsApp and stay up to date
- Our Inside Business podcast is published weekly – Find the latest episode here
