House prices rise by 6% in Co Cavan according to latest report

Nationally prices rose by an average of 3.8%.

Housing prices rose by an average of 3.8% nationally, in the second quarter of 2024 according to the latest Daft.ie House Price Report released today. In Co Cavan prices were 6% higher than a year previously, compared to a rise of 6% seen a year ago. The average price of a home is now €228,000, 19% below its Celtic Tiger peak.

There’s a 6.2% increase across Connacht-Ulster and while almost all regions saw inflation tick up, compared to previous quarters, in Connacht-Ulster inflation is cooling slightly. In Leinster (outside Dublin), prices were up 6.1% year-on-year, while in Munster the increase was 10.4%.

The number of second-hand homes available to buy nationwide on June 1 stood at just over 11,350, down 18% year-on-year and less than half the 2015-2019 average of almost 25,000. Since the start of the year, there have been consistently fewer than 12,000 second-hand homes available to buy. The only other time the market has been as tight, in a series extending back to 2007, is the period January-May 2022.

The typical listed price nationwide in the second quarter of 2024 was €340,398, 6.7% higher than in the same period a year earlier and 35% higher than at the onset of the Covid19 pandemic.

While the increase in the second quarter was broadly based, there remain notable differences in price trends across the country. The report’s author, Ronan Lyons, economist at Trinity College Dublin says the “tightness” in availability has put upward pressure on housing prices.

“As the figures show, inflation had peaked in late 2021, as that glut of savings found its way into the housing market. Inflation cooled from 13% in mid-2021 to just 2.6% in mid-2023. As of mid-2024, however, it is back to 6.7%. Where it goes next will depend on how fast second-hand supply recovers,” he added.