Property prices in Galway have stayed flat during the quarter, according to the latest MyHome Property Price Report.
The report for Q4 2024, in association with Bank of Ireland, shows that the median asking price for a property in the county is still €325,000. This means prices have risen by €30,000 compared with this time last year.
Asking prices for a 3-bed semi-detached house in the county fell by €11,000 over the quarter to €309,000. This means that prices in the segment have risen by €34,000 compared to this time last year.
Meanwhile, the asking price for a 4-bed semi-detached house in Galway stayed flat over the quarter at €345,000. This price is up by €50,000 compared to this time last year.
There were 652 properties for sale in Galway at the end of Q4 2024 – a decrease of 7% 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 nearly three months. In the city, it is nearly two months.
Joanne Geary, Managing Director of MyHome, said the latest report shows the extent of the demand in the property market, with residential transactions on average being settled at 9% over the asking price and annual asking prices nationwide at their highest level since summer 2022.
“In our last report, we noted that Ireland would need an additional 200,000 homes to match the UK’s housing to population ratio. This time, we drew the comparison on the demand side, with first-time buyers here now taking on more debt relative to income than their UK counterparts for the first time since the Celtic tiger era.
“As we look to the rest of the year, a key metric to watch will be housing completions. Given we do not see any short-term easing in demand, it underscores the importance of increasing our stock levels," he concluded.
