The price of an average three-bed semi in counties Cavan and Monaghan is expected to rise by 5% in the next 12 months.
That's according to a survey by Real Estate Alliance on its House Price Index which states that the average three-bed semi now costs €168,000 in Cavan - up 16% on the December 2021 average of €145,000.
In Monaghan, the Index highlights how homes in the county now cost an average of €205,000 - up 4% on the December 2021 average of €198,000. In Cavan, first time buyers made up 70% of the market in Q4, with 30% of sales coming from outside the county while in Monaghan, 40% of buyers were first time buyers.
Ballyconnell prices were unchanged in the last quarter of 2022 at €150,000, while prices in Cavan town remained at €185,000 during this period. James Spring of REA Donohoe Spring highlighted how Cavan has a stable market but could do with an increase in stock for sale.
“We fully expect demand to remain constant, as there are no new builds and houses are still very affordable," he added. Meanwhile, according to the Index, the actual selling price of a three-bedroomed semi-detached house across the country rose by 0.36% over the past three months to €291,667 – representing an annual increase of 8%.
However, house prices in Dublin have fallen slightly by -0.34% in the same period, as mortgage interest rate rises and cost of living increases stem the stream of potential homeowners. REA agents throughout the country expect prices to rise by just under 3% on average in the next 12 months.
The property market is expected to enjoy a calmer 2023 as mortgage interest rate rises and cost of living increases affect buying ability, according to the nationwide survey. In Dublin city, which is currently experiencing small price drops in certain areas, agents anticipate modest increases of 3.6% across the year.
