House prices in Monaghan are on the rise, with the average asking price for a new home now standing at over €230,000.
The upward trend in asking prices represented the largest increase compared to any other Ulster based county during the final three months of last year.
Despite the rise, average asking prices within the county remain 24 pc below their Celtic Tiger peak.
The figures are contained in online property website’s Daft.ie end-of-year report which showed house prices nationally during 2023 rose by an average of 3.4pc.
The average listed price throughout the country in the final three months of the year was €320,046, which is 1.5pc lower than in the third quarter and roughly 14pc below the height of the Celtic Tiger.
The report stated that just 11,100 homes were listed for sale on its website on December 1st, almost 30pc lower than on the same date 12 months earlier.
Ronan Lyons, Economics Professor at Trinity College, Dublin and author of the report, said there was a common underlying theme to the levelling off in asking prices.
“Housing prices are stabilising not because supply has increased to meet demand, but instead because demand has fallen to meet it,” he said. “Supply of newly built homes for purchase has certainly increased but the second-hand market, which is the larger share of the market, has been working in the other direction ‐ buffeted by changed economic conditions.”
Mr Lyons said a key concern going forward would be the performance of the second hand housing market.
“With construction of homes seemingly set to remain high, compared to recent years, for the next year at least, drilling into the differential trends between the new and second-hand markets is a target for this report as 2024 begins,” he said.