23-06-2025
- Business
- Irish Independent
Sligo house prices rising as demand outstrips supply
Across the county this quarter, the average time taken to sell is four weeks, the Q2 REA Average House Price Index shows.
In Sligo town, prices this quarter rose 1.7pc to an average of €300,000, and prices in Tubbercurry rose to €210,000, up 2.4pc.
'Despite the fact that new building has commenced in Sligo town, demand still outstrips supply, resulting in continued high demand from first-time buyers and investors in the €200,000-300,000 price bracket,' said Roger McCarrick of REA McCarrick & Sons.
'Larger family homes on the outskirts of Sligo and in the Strandhill area regularly sell for over €500,000. Lack of new building in smaller towns such as Tubbercurry have kept pressure on the values of existing stock, which means first-time buyers and investors are competing for the same limited supply.'
The survey shows that across the county, 30pc of purchasers were first-time buyers, while a total of 10pc of sales in the county this quarter were attributed to landlords leaving the market.
Additionally, agents across the county reported that the BER ratings of properties saw A-rated properties command 10pc price increases in comparison to comparable C-rated properties.
According to the lastest report from prices in the second quarter of 2025 in Sligo were 5% higher than a year previously, compared to a rise of 10% seen in the 12 months to March 2024. The average price of a home is now €224,000, 50% above the level seen at the start of the covid19 pandemic.
The strong increases in prices are related to very tight supply. The number of second-hand homes available to buy nationwide on June 1st stood at close to 12,100. This is largely unchanged from the figure a year ago and less than half the pre-covid average of almost 25,000.
Commenting on the report, its author Ronan Lyons, economist said: 'The substantial increases over the past year in almost all parts of the country are linked to the lack of second-hand supply. This in turn is related to the increase in interest rates earlier in the decade.'
