Cavan house price rises continue
Prices are continuing to increase.
Cavan saw one of the largest increases in house prices over the past year according to the latest property survey.
The myhome.ie report for quarter 2 shows prices locally now stand at an average of €190,000, up 13.43% on the same period last year.
That’s the fourth highest percentage increase in the country, behind only Wexford, Donegal and Roscommon.
Surrounding counties also saw increases, with Carlow the only area to see a drop in prices over the past year.
Meath rose by 7.6% to €285,000 on average, Leitrim was up 10.7% to €165,000 and Westmeath prices have reached €200,000 after an 8.1% increase. Monaghan also saw a sizable increase at 12.1% to stand at €185,000 on average.
Of the counties to see price increases, Longford saw the smallest in the country at 0.82% to €119,975. Prices nationally rose by an average of 4.9%.
Rural counties and those in the west and north-west in particular have seen the sharpest increases.
In Cavan, a two-bed apartment will set you back an average of €97,500, while a four-bed semi-detached house will cost an average of €197,000.
While prices have risen over the past year, a comparison between the first and second quarter of this year shows no change in average prices across Co Cavan.
CEO of myhome.ie Joanne Geary says while average prices rises have been slowing, there is still demand for homes:
“Demand is still intense, which means money is changing hands at a quicker pace than we have seen in recent quarters. How do we know this? The average time to sale agreed has fallen to a fresh record low of just 2.6 months in Q2 2022 meaning that transactions are happening faster.”
The report also notes the slowdown in price increases could continue if indications from estate agents turn out to be true:
Despite the news the Residential Property Price Index rose by just 0.1% in April, perhaps signalling affordability is starting to act as a constraint, there could still be sufficient momentum to drive house prices higher in the coming months. That said, anecdotal evidence from estate agents points to momentum slowing.”