The growth of asking prices for homes slowed last year. Latest figures from Daft.ie shows prices nationally rose by 3.4 per cent in 2023, with the average asking price now just over €320,000. In Monaghan prices in the final three months of 2023 were 5% higher than a year previously, compared to a rise of 3% seen a year ago. Meanwhile, the average price of a home in Monaghan is now €230,000, 24% below its Celtic Tiger peak. In Cavan, prices in the final three months of 2023 were 8% higher than a year previously, compared to a rise of 10% seen a year ago.
The average price of a home is now €219,000, 23% below its Celtic Tiger peak. Author of the report, Ronan Lyons explained; "Having increased dramatically in the second half of 2022, the availability of homes fell throughout 2023. The number of homes on the market is now at levels only previously seen during the pandemic. With price inflation easing off even as the number of listings is down over 10%, this suggests that the dramatic change in market conditions over the past 18 months is taking its toll.
"Looking ahead to 2024, the question will be about the performance of the second-hand market. The construction of new homes has improved dramatically over the past five years and looks set to continue into 2024 and potentially 2025. However, the second-hand market remains critical to the overall health of the housing system. If uncertainty continues to fade, and potentially interest rates start to fall again, it may be the case that 2024 sees the second-hand market recover. This would likely mean a healthier housing market than for some time, with transactions up but prices largely stable."
