2 January 2025
By Elaine Murphy
elaine@TheCork.ie
The full report is available from here and includes commentary by Ronan Lyons, Assistant Professor of Economics at Trinity College Dublin and author of the Daft.ie Report.
- Housing prices nationally rose by an average of 9% during 2024, according to the latest Daft.ie House Price Report released today by Ireland’s largest property website, Daft.ie.
- The typical listed price nationwide in the final quarter of 2024 was €332,109, 1.4% higher than in the third quarter of the year and 30% higher than at the onset of the covid19 pandemic.
- Prices rose for the fourth consecutive quarter in Dublin, where the increase of 9% during 2024 matched the national average and marked the highest rate of inflation seen in the city since late 2017.
- Galway city saw a similar increase during the year, while in Limerick city, prices rose by 8.2%.
- In Cork and Waterford cities, average prices rose by 6.3% during 2024.
- Outside the five main cities, inflation ranged from 11.1% in Leinster to 5.3% in Connacht-Ulster.
- The number of second-hand homes available to buy nationwide on December 1st stood at less than 10,500, down 15% year-on-year and the lowest total ever recorded in a series extending back to January 2007.
In Cork City, prices in the final three months of 2024 were 6% higher than a year previously, compared to a rise of 6% seen during 2023. The average price of a home is now €347,000, 24% above the level seen at the start of the covid19 pandemic. In the rest of Cork, prices in the final three months of 2024 were 8% higher than a year previously, compared to a rise of 7% seen during 2023. The average price of a home is now €297,000, 32% above the level seen at the start of the covid19 pandemic.
Housing prices nationally rose by an average of 9% during 2024, according to the latest Daft.ie House Price Report released today by Ireland’s largest property website, Daft.ie. The typical listed price nationwide in the final quarter of 2024 was €332,109, 1.4% higher than in the third quarter of the year and 30% higher than at the onset of the covid19 pandemic.
Prices rose for the fourth consecutive quarter in Dublin, where the increase of 9% during 2024 matched the national average and marked the highest rate of inflation seen in the city since late 2017. Galway city saw a similar increase during the year, while in Limerick city, prices rose by 8.2%. In Cork and Waterford cities, average prices rose by 6.3% during 2024. Outside the five main cities, inflation ranged from 11.1% in Leinster to 5.3% in Connacht-Ulster.
The number of second-hand homes available to buy nationwide on December 1st stood at less than 10,500, down 15% year-on-year and the lowest total ever recorded in a series extending back to January 2007.
File photo of Ronan Lyons
“If the goal of policymakers is to ensure stable housing prices, then, this has been the least successful year for policymakers since 2017, when prices rose by roughly the same proportion.”
Commenting on the report, its author Ronan Lyons, economist at Trinity College Dublin, continued:
“2024 saw the largest increase in listed prices since 2017. And, unlike earlier in the 2020s, Dublin is now driving price growth, with its rate of inflation ahead of the other cities. This is, once again, a story of weak supply and strong demand. With incomes and employment growing, demand for owner-occupied housing is likely growing at close to 5% per year.
But while the number of newly-built homes being transacted is increasing, it is growing much more slowly than demand. Further, the increase in new builds has, in recent quarters, been more than offset by a decline in the volume of second-hand homes coming on to the market. While 2022 saw 63,000 second-hand homes listed for sale, there were just 51,000 put on the market during 2024, similar to levels seen during pandemic lockdowns. The new government may look to intervene in the mortgage market, to improve mobility of those with fixed interest rates. But ultimately, the solution remains boosting the volume of homes being built.”
Average list price and year-on-year change – major cities, Q4 2024
Dublin: €442,909, up 9%
Cork city: €347,263, up 6.3%
Limerick city: €284,138, up 8.2%
Galway city: €389,742, up 9%
Waterford city: €247,236, up 6.3%
Rest of the country: €284,163, up 9.2%