Property prices in Cavan up by €15k since last year

The price of a property in Cavan has risen by €15,000 in the last year according to a MyHome Property Price Report released this week.

Meanwhile during the second quarter of the year prices in Cavan have risen by €525.

The report, in association with Bank of Ireland, shows that the median asking price for a property in the county is now €230,000.

Meanwhile, asking prices for a 3-bed semi-detached house in the county stayed the same over the quarter at €195,000. This means that prices in the segment are also steady compared to this time last year.

The asking price for a 4-bed semi-detached house in Cavan fell by €1,300 over the quarter to €229,950. However, this price is up by €9,950 compared to this time last year.

In terms of availability, there were 205 properties for sale in Cavan at the end of the second quarter, which is an increase of 10% compared to the last quarter.

The average time for a property to go sale agreed in the county after being placed up for sale now stands at just over three months.

Giving a more national picture, the author of the report Chief Economist at Bank of Ireland, Conall MacCoille said the average mortgage approval in May was up 6.7% on the year, while the typical residential transaction is being settled 7.5% above the original asking price.

Meanwhile, one in six properties is sold by 20% or more over asking price, which he said indicates that "competition for homes remains fierce."

“Another factor at play is loosening of the Central Bank mortgage lending rules," he said, describing how the average first-time-buyer borrowed 3.4 times’ their income in 2024.

"This change has pushed up house prices by €15,000 to €20,000,” he said.