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Annual home-price growth hits 10% again

Official figures show that annual growth in the price of residential property hit the 10% mark again in September.

The Central Statistics Office (CSO) said that home prices rose by 10% compared with September 2023 – down slightly from August’s 10.1% growth.

The August figure was the first time that annual growth had topped 10% since September 2022.

September’s marginal decline follows 12 consecutive months of accelerating growth.

Fingal leads Dublin growth

Prices jumped at an annual rate of 10.8% in Dublin in September, according to the CSO figures, while prices outside Dublin rose by 9.4% over the year.

Home prices rose by 0.9% during September alone – the same rate of growth as in August.

In the 12 months to September, house prices in Dublin rose by 11.5% while apartment prices were up by 8.2%. The highest house-price growth in Dublin was in Fingal at 13.5%.

Outside Dublin, house prices were up by 9.6% over the year, while apartment prices rose by 7.9%. The region outside of Dublin that saw the largest rise in house prices was the border (Cavan, Donegal, Leitrim, Monaghan, and Sligo) at 15.3%.

In September, 4,167 home purchases by households at market prices were filed with Revenue – a fall of 2.1% when compared with the 4,255 recorded in the same month last year.

New and existing homes

Households paid a median or mid-point price of €346,000 for a residential property in the 12 months to September 2024.

Quarterly figures show that residential-property prices of new homes in the third quarter (Q3) of 2024 were 6.4% higher than in the corresponding quarter of 2023.

This compares with an increase of 7.4% in the year to the second quarter of 2024, and an increase of 10.4% in the four quarters to Q3 of 2023.

Prices of existing homes in Q3 of 2024 were 11% higher than in the corresponding quarter of 2023. This compares with an increase of 8.8% in the year to the second quarter of 2024, and a decrease of 0.9% in the four quarters to Q3 of 2023.