The average price of a second-hand home in Ireland rose by 8.4 per cent last year, nearly doubling the growth rate seen in 2023, according to the latest residential market review and outlook by property advisors DNG.
The DNG National Price Gauge (NPG) highlights that the annual rate of price growth strengthened in the second half of 2024, rising from 6.8 per cent in the year to June to 8.4 per cent in the year to December.
Excluding Dublin, the national average price of a second-hand home recorded by the NPG reached €299,429 by the end of 2024. This marks a significant increase from €276,149 at the close of 2023. Robust price growth was observed across all regions, reflecting the continued strength of the residential property market.
The Mid-West region led the way with the strongest rate of price growth last year, recording a 9.6 per cent increase. This was followed by the West, South East, and Midlands regions, which all experienced average price increases of 8.7 per cent.
In contrast, the Border region recorded the lowest rate of price growth in 2024 at 6.8 per cent. However, this was still an improvement over the 4.6 per cent growth rate seen in the region during 2023.
Meanwhile, the average price of resale properties in Dublin surged to €582,772 by the end of 2024, up from €531,773 at the close of 2023.
Dublin remains the most expensive region for second-hand homes, reflecting strong demand and limited supply in the capital.