Enniscorthy Property Market Update - Winter Report

This is now my fourth report on the Enniscorthy Property Market in the past few years, the market has seen significant changes, from Covid-19 and the uncertainty, to todays strong market. This report provides a summary of the Enniscorthy property market over the past six months,

Overview

The Enniscorthy property market has shown surprising resilience over the last six months, outperforming many predictions. Despite concerns about market slowdowns nationally, demand for homes in the Enniscorthy area has remained strong. This is reflected in that the same amount of properties that closed last year are very close to this years figure, indicating a buoyant and active market. A key challenge for potential buyers, however, continues to be the lack of available stock.

Residential Property Prices

The median price of a house in County Wexford has increased by 5.1% compared to the same period last year, reaching an average of €305,644 (Daft.ie). In comparison, the median house price in Enniscorthy has risen by 5%, from €233,522 in 2023 to €247,229 in 2024. This price growth demonstrates a steady increase in demand for properties in the area, which remains one of the most attractive locations in County Wexford.

The median price for new homes across the county is now €310,000 (Daft.ie Q3 report), which aligns closely with prices in the Enniscorthy area. New developments, such as the Greenhill project in Clonhaston, feature two-bedroom properties priced from €280,000, with three beds priced at €305,000, making them competitive with other newly built properties in the region.

According to the Daft.ie report, the median price for second hand three-bed semi’s is €197,000. However, in Enniscorthy, prices for three-bed semi-detached homes are higher, typically ranging from €220,000 to €260,000. This variation is reflective of differing property conditions and locations within the town.

Traditionally, three-bed semi-detached houses were the most sought-after property type. However, since the onset of the COVID-19 pandemic, demand has shifted significantly towards larger homes, with four-bedroom properties becoming the most in-demand option in the current market. The price growth observed in the market is a reflection of the overall shortage in property supply. With fewer homes available, particularly in desirable locations, prices continue to rise as demand outstrips supply.

The continuation of new phases of new homes in Greenhill, Clonhaston is a significant addition to the housing supply in Enniscorthy, offering modern two-, three-, four- and five-bedroom homes at competitive prices for the area. This development, alongside others, plays a crucial role in addressing the demand for new homes, although the market continues to face a shortage.

 

Market Supply:

There has been a significant drop in the number of properties available for sale in Enniscorthy, with a decrease of 22% in available listings from the same period in 2023 (see above table). This reduction in supply has created a more competitive market, pushing prices higher and reducing options for potential buyers. As a result, many buyers are finding themselves in bidding wars or facing limited choices.

Despite the limited supply, demand remains high, with many properties seeing fast sales. The shift in buyer preference towards larger homes, particularly four-bedroom properties, has been a significant factor in sustaining demand. Additionally, the local market is being supported by first-time buyers, families seeking more space, and investors looking for rental properties.

Several factors have played a role in the performance of the Enniscorthy property market:

Recent reports of lower interest rates have contributed to maintaining buyer activity, particularly among first-time buyers and those looking to upgrade their homes.

Market Forecast for 2025

Looking ahead to 2025, the Enniscorthy property market is expected to continue experiencing upward price trends. The ongoing lack of supply, coupled with the sustained demand for larger homes and a recent trend of lower interest rates, will likely keep the market buoyant. The scarcity of properties, particularly in popular areas, will continue to drive prices higher, and with new developments like Greenhill, there is hope that this supply shortfall will be somewhat alleviated.

However, challenges remain, particularly with affordability as prices continue to climb. Buyers may face increasing competition, and prices may continue to outpace wage growth, creating further barriers for some prospective homeowners.

The Enniscorthy property market has performed well over the last six months, with significant price increases and a strong volume of transactions despite a sharp reduction in available properties. The market remains competitive, driven by the limited supply of homes, especially larger family-sized properties. Looking ahead to 2025, expectations are for continued price growth, with the market likely to remain busy due to the ongoing demand and relatively low interest rates.

Declan O'Leary

Managing Director

Sherry FitzGerald O'Leary Kinsella, Enniscorthy