Property prices up 11% in Cavan in a year, though stabilising
Housing prices were largely stable between June and September in quarter three of 2022, according to the latest Daft.ie Sales Report. The average listed price nationwide in the third quarter of 2022 was €311,514, up 0.1% on the average for the second quarter of the year. However year-on-year inflation remains high at 7.7%, although this is down from 9.2% three months ago.
When Dublin is factored out, average prices nationwide are now €261,878 – up 8.4% on the previous 12 months.
In Cavan, prices in the third quarter of 2022 were 11% higher than a year previously, compared to a rise of 18% seen a year ago. The average price of a home is now €200,000, 29% below its Celtic Tiger peak. The number of homes available to buy nationally on September 1 stood at nearly 15,500, up 22% on the same date last year and the highest in almost two years. On Monday of this week, there were just over 330 properties for sale in County Cavan and 12 to rent on Daft.ie, Ireland's largest property website.
Compared to three months ago, prices were stable in Dublin but rose slightly in the other cities. Cork city prices rose by 0.2% and Limerick prices by 0.3%, while Galway prices rose by 0.5% and Waterford prices by 0.6% between the second and third quarters. Outside the cities, prices rose in Leinster (by 1.1%) while they fell in both Munster (-0.7%) and Connacht-Ulster (-0.5%). Despite the quarterly falls in many locations, year-on-year inflation remains positive in each city and county in Ireland – ranging from 5.4% in Meath to 16.8% in Donegal.
Commenting on the report, its author Ronan Lyons, economist at Trinity College Dublin, said: “Improved stock on the market over the course of 2022 has helped reduce inflationary pressures in the sales market. This is most notably the case in Dublin, where the total number of listings coming on to the market in the year to August was effectively in line with the pre-covid number.”
He added: “While weaker demand – due to inflation in other living expenses and to increases in interest rates – may help stabilise prices, the true solution to the high level of housing prices remains significantly increased supply, over years and indeed decades to come.”