Average Cavan house price remains steady

The price of the average Cavan home has remained stable over the last three months, with the time taken to sell a home increasing.

A new report from the Real Estate Alliance (REA) shows average prices locally stand at €168,000. That’s for a three bed semi-d.

This quarter, prices in Ballyconnell are reported as unchanged at €150,000, while prices in Cavan Town currently stand at €185,000.

Additionally, Q3 REA Average House Price Index shows agents are reporting that 70% of purchasers this quarter were first-time buyers, with 30% of buyers coming from outside of the county.

While prices have remained static, problems are still being faced due to the lack of supply of new homes.

“We are seeing that prices are steady, but the market is still under-supplied,” said James Spring of REA Peter Donohoe.

“There is good demand and steady supply, but we could do with more stock. Bidding is currently competitive, with some buyers being pushed outside Cavan Town.”

Nationally, the rate of house price inflation has halved in the past three months as rising costs cause home buyers to be more cautious.

However, the selling price of a three-bedroomed semi-detached house across the country rose by 1.4% over the past three months to now stand at €290,630. That increase represents an annual rise of 10%.

It is a marked slowdown on the 2.9% quarterly increase recorded in the preceding three months, signalling a cooling in the marketplace.

There’s also a slowing in the time taken to reach a deal with it rising to five weeks from four. REA says its agents nationwide reported “a less frenzied approach” to viewing and buying.