Mayo property prices fall by €1,500 in Q1

PROPERTY prices in Mayo have fallen by €1,500 during the first quarter of the year, according to the latest MyHome.ie Property Price Report.

The report for Q1 2024, in association with Bank of Ireland, shows that the median asking price for a property in the county is now €188,500. This means prices have fallen by €500 compared with this time last year.

Asking prices for a 3-bed semi-detached house in the county rose by €1,000 over the quarter to €170,000. This means that prices in the segment have fallen by €7,000 compared to this time last year.

Meanwhile, the asking price for a 4-bed semi-detached house in Mayo fell by €20,500 over the quarter to €202,000. This price is up by €3,000 compared to this time last year.

There were 416 properties for sale in Mayo at the end of Q1 2024 - a decrease of 10% on the quarter.

The average time for a property to go sale agreed in the county after being placed up for sale now stands at just over five months.

Looking at the national picture, the author of the report, Conall MacCoille, Chief Economist at Bank of Ireland, said supply continues to be a concern; the number of properties listed for sale on MyHome has hit a fresh record low of 10,935 properties. This is below even the Covid-19 trough of 11,200, and down 19.5% on the year.