Galway House Price Survey March 2023

The average price of a second-hand, three-bed semi in Galway city rose by 1% in the first three months of the year, according to the latest national survey by Real Estate Alliance.

Three-bed semi-detached homes in the city now cost €334,000, up from €331,000 in December 2022, the Q1 REA Average House Price Index shows.

By concentrating on the actual sale price of three-bed semis, the survey provides an up-to-date picture of the second-hand property market in towns and cities countrywide.

In Galway, time taken to sell in the city remained the same at four weeks, with first time buyers making up 60% of the market and 20% moving from other cities.

Across Galway County, three-bed semis now cost €225,000 – a rise of 2.3% from €220,000 in the previous quarter.

First-time buyers made up 70% of the wider county market during Q1, with 30% of buyers coming from outside the county.

The average time taken to complete a sale in the county is six weeks, unchanged from the previous quarter, the survey shows.

“The new year has started on a positive note. And despite mortgage interest rate increases, the market is very active, with a limited supply of good quality homes available,” said Kevin Burke of REA McGreal Burke.

Across the rest of Ireland, the actual selling price of a three-bedroomed semi-detached rose by 0.6% over the past three months to €293,343 – representing an annual increase of 5.3%.

House prices in Dublin recovered after a pre-Christmas fall and rose by 0.5% to €498,333 in the past three months, slightly exceeding last September’s prices and showing an annual rise of 3.5%.

Mirroring the capital, cities outside Dublin experienced a 0.4% rise to an average selling price of €310,250.

The smallest percentage increases came in commuter counties where average prices went from €312,778 to €313,056 – a rise of just 0.1% on average over three months.

The country’s large towns saw the largest quarterly increase at 1%, with prices now averaging €211,776 and properties selling faster at an average of five weeks, than in cities or commuter areas.

Nationally, first-time purchasers make up 60% of the market, the quarterly survey has found.

The actual selling price of a three-bedroomed semi-detached house across the country rose by 0.6% over the past three months to €293,343 – representing an annual increase of 5.3%.