Cavan’s house prices continue to increase

Cavan has seen its average house price rise in two separate property reports released this week.

The Real Estate Alliance says the price of a second-hand, three-bed semi in the county has risen by 5.5% over the past three months. It now stands at €145,000.

Cavan Town prices rose by 3.2% to €160,000; while prices in Ballyconnell rose by 8.3% to €130,000 during the third quarter, from June to the end of August.

The average time taken to sell across the county is four weeks, the Q3 REA Average House Price Index shows.

“We are seeing that the market is very strong, both from investors and first time buyers,” said James Spring of REA Peter Donohoe.

“There are no new developments due to be built as they are currently unlikely to be cost-effective," he added.

“The demand has increased in the last year with most properties going over the guide price, and buyers are bidding their maximum very quickly.”

The survey 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.

Average house prices nationally have risen by €3,500 per month since the end of June, with selling prices in commuter areas and small towns having twice the growth seen in cities.

The price of a three-bedroomed semi-detached house across the country rose by 4.1% over the past three months to €264,056 – representing an annual increase of 12%.

“The rural flight, which began during lockdown, shows no signs of letting up, even in the face of a return to office working,” said REA spokesperson Barry McDonald.

Separately, a MyHome.ie report shows prices in Cavan rose by just under 1.7% over the past year. That’s one of the smallest increases in the country.

According to that report, the average price in Cavan now stands at €152,500.

Elsewhere counties Longford and Roscommon saw their prices remain stable over the last year; while Donegal and Galway saw their averages drop.