Wexford House Price Survey January 2022

10th January 2022

Wexford House Price Survey January 2022

The price of the average three-bed semi in County Wexford is expected to rise by 5% in the next 12 months, according to a survey by Real Estate Alliance.

Three-bed semi-detached homes in the county now cost an average of €227,500, up 14% on the December 2020 average of €200,000 and a 3.4% increase in the last quarter of 2021, the REA Average House Price Index shows.

The survey concentrates on the actual sale price of Ireland's typical stock home, the three-bed semi, giving an up-to-date picture of the second-hand property market in towns and cities countrywide.

Landlords exiting the market have accounted for almost one in four home sales over the past three months, the data shows.

Across the county in Q4 2021, prices in Wexford town rose by 5% to €210,000 and in Gorey, the REA Average House Price Index shows that prices increased by 2.1% to €245,000.

The average time taken to sell in these areas was three weeks.

“In terms of supply, the last quarter of 2021 has seen the least amount of properties for sale,” said Winston Halnon of REA Halnon McKenna.

“The traditional autumn selling season was strong from the point of view of sales prices and results, however the supply side that would normally be expected in this period did not materialise.

“This is particularly true for traditional starter homes and properties located within urban areas.

“There had been a noticeable number of landlords selling up due to new rental legislation being introduced and with more regulation due early this year. This will, unfortunately, be a continuing trend into 2022.”

Average house prices rose by 2.24% nationally in the last three months of 2021, half the rise experienced between June and September as demand eased and the market calmed.

The price of a three-bedroomed semi-detached house across the country rose by €5,900 over the past three months to €269,963 – representing an annual increase of 13%.

Selling prices rose in commuter areas (3.34%) and the country’s large towns (2.57%) as buyers continue to move out further from the capital in anticipation of long-term remote and hybrid working situations.

The commuter area increases are treble those in Ireland’s major cities, with Dublin increasing by 1% and Cork Limerick and Galway by an average of 0.8% as agents reported a quieter quarter.

In Dublin city, house prices rose by over €4,000 in Q4, compared to more than €10,000 in Q3, increasing from €467,000 in September to a present rate of €471,667.

Three bed semis in commuter counties rose 3.34% by over €9,000 in the past three months to an average of €291,944 – with the average home selling in just three weeks.

As the flight to rural locations continues, prices in the rest of the country’s towns rose by 2.6% in Q3 to €190,138.