Local house prices rise by over €4,000 according to latest report
This represents a 17.7% increase, the largest year-on-year hike of any county.
Property prices in Co Cavan have risen by €4,475 in the first quarter of 2025, according to the latest MyHome Property Price Report.
The report, in association with Bank of Ireland, shows that the median asking price for a property in the county is now at €229,475. This means prices have risen by €34,475 compared with this time last year. This 17.7% increase represents the largest year-on-year hike of any county.
Asking prices for a three-bed semi-detached house in the county rose by €2,500 over the quarter to €195,000, which indicates that prices in the segment have risen by €15,000 compared to this time last year. Meanwhile, the asking price for a four-bed semi-detached house in Cavan rose €6,250 over the quarter to €231,250. This price is up by €21,250 when compared to the same period in 2024.
There were 187 properties for sale in Cavan at the end of March 2025 – a decrease of 14% over the quarter - while the average time for a property to go 'sale agreed' in the Breffni county now stands at just over two and a half months.
According to Raymond Smith of Smith Property, Cavan is “performing really well”.
“It’s still at a lower level when compared with other counties surrounding it,” he continued before adding that Cavan is probably one of the most affordable counties outside of Dublin that’s within an hour or 90 minutes of the capital city.
“We are seeing through our agencies people coming out of city areas, working remotely or hybridly buying, houses in Cavan. Hybrid and remote work options are attracting people to live here. There’s a combination of factors involved in the price increase and that’s on all types and sizes of houses.
“Cavan also has wonderful local attractions, facilities and amenities that are enticing people to buy homes and live here. Cavan Town, Virginia, Ballyjamesduff, Bailieboro - they’re all good towns and are performing equally as well.”
National picture
Author of the MyHome Property Price Report Conall MacCoille, Chief Economist at Bank of Ireland, highlighted how record low supply and surging demand are driving the market. “In the absence of a trade war, all signs point to further growth, and in that instance our forecast of five per cernt inflation for 2025 may even prove to be conservative.”
Mr MacCoille went on to say that the average mortgage approval across the country was €318,400 in January, up seven per cent on 2024.
At end-March, just 10,800 homes were listed for sale on MyHome, a fresh record low. Mr MacCoille warned of increasingly stretched affordability in the market. “Through 2024 Ireland’s residential property price index rose by 8.7%, stretching affordability versus the 5.6% pay growth recorded over the same period. The average Irish residential property transaction of €404,000 was an eight-times multiple of average annual earnings of €51,000. This is the most stretched Irish house prices have become relative to income since 2009.”