Cavan house prices rise by €20,000

Annual asking price inflation of 7.3% nationally.

House prices in Co Cavan rose by as much as €20,000 in the second quarter of this year indicating further that demand is stronger than supply.

The median asking price for a home in the county now stands at €215,000 with annual asking price inflation of 7.3% nationally.

These statistics have emerged from the latest MyHome.ie Property Price Report which was published earlier this week.

Meanwhile, prices have risen locally by €15,000 when compared with this time last year. Asking prices for a three-bed semi-detached house in the county rose by €15,000 over the quarter to €195,000. This means that prices in the segment have risen by the same amount compared to this time last year.

Elsewhere, the asking price for a 4-bed semi-detached house in Co Cavan rose by €10,000 over the quarter to €220,000. This price is flat compared to this time last year. There were 232 properties for sale in the county at the end of Quarter two – an increase of 8%.

The average time for a property to go sale agreed in the county after being placed up for sale now stands at just over three and a half months.

Author of the report, Conall MacCoille, Chief Economist at Bank of Ireland, added: “The clear message from the MyHome.ie Property Price Report is that house prices have gained further momentum. Asking prices rose by 5% in Q2 2024, up 7.3% on the year, the highest figure since Q3 2022.

“This represents an acceleration in the pace of annual asking price inflation from 6.5% in Q1 2024. Furthermore, the pick-up in the pace of asking price inflation has been broad based across Dublin (7.2%) and the rest of Ireland (7.6%).

“There were just 12,500 properties listed for sale at the end of June, still close to the historic low in Q1 2024 and down 11% on 2023. To some extent this appears to reflect a hangover from 2023, when reports of falling house prices, stretched affordability and ECB rates led many would-be vendors to incorrectly fear demand was soft. This trend may reverse but it will take time.”