Homes in county now making €214K

REPORT Prices grow by six per cent in a year - Daft.ie

Housing prices nationally rose by an average of 1.8% in the first three months of 2024, according to the latest Daft.ie House Price Report released this week by one of Ireland’s largest property websites, Daft.ie

In Cavan, prices in the first three months of 2024 were six per cent higher than a year previously, compared to a rise of six per cent seen a year ago.

The average price of a home is now €214,000, 24% below its Celtic Tiger peak. This is typical for counties in Connacht-Ulster, which collectively grew by up 6.7% in the first quarter compared to a year earlier.

The typical listed price nationwide in the first three months of the year was €326,469, some 5.8% higher than in the same period a year earlier and 30% higher than at the onset of the Covid-19 pandemic.

The number of homes available to buy nationwide on March 1 stood at below 10,500. This is down 24% year-on-year and represents a new all-time low for the series, which extends back to January 2007. The number of homes to buy currently is just 40% of the 2019 average.

The fall in availability affects all major regions of the country and started in mid-2023, after 12 consecutive months of recovering availability following lockdowns.

The report’s author, Ronan Lyons, associate professor in Economics at Trinity College Dublin is hopeful that supply will improve towards the end of the year and price inflation will ease.

“Interest rates are expected to level off and indeed maybe even fall later in the year.

As that happens, and as existing homeowners come off their fixed rate mortgages, the supply situation ought to improve.

Perhaps then, coupled with far higher rates of construction, a decade-long trend of rapidly rising prices may come to an end,” he remarked.