Cavan house prices rise as Monaghan bucks trend

Property prices in Co Cavan have continued to climb over the past year, while Co Monaghan has bucked the national trend, recording a slight annual fall despite strong quarterly growth, according to the latest MyHome Property Price Report in association with Bank of Ireland.

The report for the second quarter of 2026 shows the median asking price for a home in Cavan now stands at €237,000, an increase of €7,000 over the past year and up €14,500 since the first quarter.

In Monaghan, the median asking price is now €199,000. While that represents a quarterly increase of €4,000, it remains €1,000 lower than this time last year.

The report also highlights rising values across key family home types in both counties.

In Cavan, the asking price for a three-bedroom semi-detached house increased by €15,000 over the year to €210,000, rising €5,000 during the latest quarter.

The same type of property in Monaghan also now commands €210,000, following a €10,000 increase over both the quarter and the past 12 months.

Four-bedroom semi-detached homes have also increased in value. In Cavan, the average asking price rose by €7,500 over the year to €237,500, including a quarterly increase of €12,500.

In Monaghan, the annual increase was significantly stronger, with asking prices jumping by €30,000 to reach €280,000, up €5,000 on the previous quarter.

There has also been an improvement in the number of homes available for sale.

At the end of June, there were 206 properties on the market in Cavan, up 26% over the quarter; while 120 properties were listed in Monaghan, representing a 29% increase.

Despite the increase in supply, homes continue to sell quickly. The average time for a property in Cavan to go sale agreed is now just over three months, while in Monaghan the average is just over six weeks.

Nationally, the report found annual asking price inflation has risen to five per cent, with the median asking price for a newly listed home now standing at €395,000.

More than 14,200 properties were advertised for sale on MyHome in June, compared to 12,600 a year earlier; while almost 19,000 new listings have come onto the market so far this year.

The report also found mortgage approvals continue to increase, with the average mortgage for a house purchase now standing at €345,700.

Conall MacCoille, Chief Economist at Bank of Ireland and author of the report, said the key question is whether buyers can continue to afford rising asking prices.

"Our data, while surprising, does not suggest vendors are being unrealistic," he said.

"Through May and June transactions were being settled 7-8% above the original asking price – if anything signalling more intense competition amongst homebuyers."

He said affordability pressures are becoming more noticeable but pointed out that wage growth is continuing to broadly match house price increases.

"The bigger picture is still one in which house prices are rising broadly in line with wages – so that affordability is broadly steady."

Mr MacCoille also highlighted a continuing shortage of second-hand homes coming onto the market.

He said just two per cent of Ireland's 2.2 million homes are currently changing hands each year – the weakest level since 2014. This implies the average home is sold just once every 50 years.

"The underlying message here is that existing homeowners clearly feel unwilling to consider moving home – for fear of failing to secure another," he said.

"The elevated cost of retrofitting an existing home may also be another impediment."

One factor that could improve supply, he added, is the sharp increase in landlords leaving the rental market.

The number of notices of termination issued to tenants rose by 50% during the first three months of 2026 to 7,062.

"Given the pick-up in terminations since mid-2025, and that 60% of landlords intended to sell, this could in time add five per cent to market liquidity," he said.

"Clearly, here a temporary improvement in housing availability for homebuyers would come at the expense of those seeking to rent."

Looking ahead, Mr MacCoille believes previous forecasts for house price growth this year may prove too cautious.

"In this context, the clear risk to our previous forecast that Irish house prices would rise by four per cent looks probably to the upside."

Joanne Geary, Managing Director of MyHome, said the increase in asking prices would be disappointing for prospective buyers, but welcomed the improvement in supply.

"The rise in asking prices is tough news for prospective homebuyers, however we are seeing very positive signs on supply," she said.

"The number of properties for sale on MyHome has jumped by 20% in the last quarter to just over 14,000 properties, which should ease the fierce competition in the market."

She added that first-time buyers continue to drive activity, although affordability remains under pressure as house prices, interest rates and inflation continue to rise.