New report reveals SHOCKING price hikes for 4-bed houses in Carlow last year

The price of a four-bed semi-detached house rose by over 20% in Carlow in 2022. 

That's according to a report conducted by MyHome.ie, which also found the standard home purchase now costs 7.7 times the average annual income. 

The report states that although median Carlow prices fell by approximately 1.5% between the third and fourth quarter of 2022 to €243,750, they were still up 20.5% on the year. 

It marks one of the highest percentage increases in the country, followed by Leitrim (30% rise) and Sligo (26% rise). 

Carlow also had one of the highest price rises on two bedroom apartments with a 17% rise in the year despite a quarter-on-quarter dip of 6.6% between quarter three and four. 

The median price of a 2-bed apartment in Carlow now stands at €140,000, with MyHome.ie reporting a 43% price rise in Sligo (€125,000) and 38% in Monaghan (€145,000). 

Chief Economist at Davy Conall MacCoille, who authored the report, said that these stretched valuations may have been subjected to the Central Bank's decision to ease mortgage lending rules to four times income.

The findings suggest that potential home buyers are now stretched to the largest extent in over a decade.

Specifically, the report found that the average home sale in the third quarter of 2022 was €370,000, which is 7.7 times the average income of €48,000, and the highest multiple since 2009.

The report covers the last three months of 2022. 

In addition, the report also found that the market is resilient, but it also stressed that the annual asking price inflation slowed to 6% nationally during the period, when compared with October to December 2021.

Asking price inflation for Dublin was 3.6%, while the figure was 7.6% for the rest of the country outside Dublin. 

The median asking price for a home nationally is now €330,000, while in the context of Dublin the price is €436,000.

Elsewhere around the country it is €283,000. 

The report also noted that that asking prices tend to fall towards the end of the year.