Cavan House Price Survey January 2024

9th January 2024

Cavan House Price Survey January 2024

The price of the average second-hand three-bed semi in County Cavan is predicted to increase by 8pc in 2024, according to a national survey by Real Estate Alliance.

Three-bed semi-detached homes in the county now cost an average of €177,500, up 6pc on the December 2022 average of €168,000, the Q4 REA Average House Price Index shows.

First time buyers made up 70pc of the market in Q4, with 35pc of sales coming from outside the county, and 50pc of sales attributed to landlords selling properties.

Ballyconnell prices rose 6.7pc in 2023 to €160,000, while prices in Cavan town rose by 5.4pc to €195,000.

“The final quarter of 2023 played out the same as Q3, however properties are now taking a bit longer to sell,” said James Spring of REA Donohoe Spring.

“Seasonality is certainly part of the reason for this, as well as low supply combined with steady demand.

“There are fewer viewings but prices being achieved are as predicted.

“There was a slight increase in sale prices in Q4, with a steadier and more stable market, hence longer sale times with similar results.

“We are also seeing landlords continuing to exit the market.”

The REA Average House Price Index concentrates on the actual sale price of Ireland's typical stock home, the three-bed semi, giving an accurate picture of the second-hand property market in towns and cities countrywide.

Three-bed semi prices nationally will rise by 3pc in 2024, estate agents nationally are predicting.

A record shortage of supply has driven a 1.5pc rise in the last three months in the capital, but only in houses under a certain price, the index found.

House prices in Dublin and the other cities outpaced Ireland’s large towns and commuter counties as mortgage approved buyers chase properties within their price ceiling.

The actual selling price of a three-bed, semi-detached house across the country rose by 1pc in the final quarter of 2023 to €304,259 – representing an annual increase of 4.3pc.

Time taken to reach sale agreed nationally is steady at five weeks as low supply continues to drive sales in an increasing interest rate environment.

Prices in Dublin city rose by 1.5pc in the last three months, meaning that the average three-bed semi in the capital is now selling at €511,667 – an increase of 3pc in the last year.

Mortgage-approved first-time buyers are still the main market drivers, with 59pc of sales nationally – a figure that rises dramatically to over 80pc in commuter counties as they hunt suitably priced properties.

Cities outside Dublin experienced a 1.73pc rise in the past three months to an average selling price of €323,000 – with the annual rate of increase of 4.5pc.

Homes in the commuter belt showed the most stability in 2023, rising by just 2.2pc to €319,722, with counties within travelling distance of the capital recording growth of just 0.2pc in the past three months.

The biggest annual rise came in large towns nationwide, which rose by 6.6pc annually and 1.2pc in the quarter to €223,638.