House prices increased by over 15% in the last year

Residential property prices are skyrocketing.

The cost of housing continues to skyrocket across the country, as residential property prices have increased by 15.2% in the 12 months up to March 2022. The new figures were released by the Central Statistics Office (CSO) as part of the latest Residential Property Price Index on Monday, May 16th. Overall, the national index is around 2% lower than peak house prices in Ireland in 2007. The median price of a home purchased in the 12 months between March 2021 and March 2022 was €285,000. 3,918 purchases by households at market prices were filed with Revenue in March 2022. While this represents a 0.8% decrease compared to the 3,951 purchases in March 2021, it is a 9.3% increase over the 3,584 houses purchased in February 2022. The total value of transactions filed in March was €1.3 billion. “Residential property prices rose by 15.2% in the 12 months to March 2022, up from 15.1% in February 2022," said Viacheslav Voronovich, a statistician with CSO. "In Dublin, residential property prices saw an increase of 12.7%, while property prices outside Dublin were 17.3% higher. "In Dublin, house prices increased by 12.6% and apartment prices by 12.9%. "The highest house price growth in Dublin was in Dublin City at 13.8%, while South Dublin saw a rise of 11.3%. "Outside Dublin, house prices were up by 17.3% and apartment prices rose by 17.6%. "The region outside of Dublin that saw the largest rise in house prices was the Border at 25.1%, while at the other end of the scale, house prices in the Mid-East increased by 15.2%. "Existing dwellings accounted for 3,288 (83.9%) of the dwelling purchases filed with the Revenue Commissioners in March 2022, the balance of 630 (16.1%) were new dwellings. "Households paid a median or mid-point price of €285,000 for a residential property in the 12 months to March 2022. "The lowest median price paid for a dwelling was €136,500 in Longford, while the highest was €601,000 in Dún Laoghaire-Rathdown.” The CSO has provided a breakdown of median house prices across the country, organised by Eircode. You can check out the average cost of a home in your area here.