The price of the average three-bed semi in County Cavan is expected to rise by 4% over the next 12 months, according to a survey by Real Estate Alliance.
Three-bed semi-detached homes in the county now cost an average of €127,500 and although unchanged over the past year, properties are selling a week quicker, taking five weeks at the end of Q4 2020 compared to six weeks in September.
The Q4 REA Average House Price Index concentrates on the actual sale price of Ireland's typical stock home, the three-bed semi, giving an up-to-date picture of the second-hand property market in towns and cities countrywide.
In Cavan town, the market remain steady throughout 2020 with three-bed semi-detached homes selling for an average of €150,000.
In Ballyconnell the price of three-bed semi-detached homes was steady at an average of €105,000 throughout the year while the time taken to sell dropped by a week from six weeks last September to five at the end of Q4 2020.
“We saw steady supply and constant demand in an excellent end to the year and we are confident that 2021 will be a busy year for all sales, despite restrictions, and we should see some increase in values,” said James Spring of REA Peter Donohoe.
“People are seeking high quality houses, mainly in terms of insulation, low running costs and high-end finishes.
“We are seeing strong demand for starter homes up to €180,000. Also, a number of sales were agreed in this quarter for good quality homes in the countryside with large gardens and good broadband.”
Nationally, average house prices rose by almost 1.5% over the past three months in a market fuelled by a combination of record mortgage approvals and an unprecedented lack of supply, the Q4 REA Average House Price Index found.
The price of a three-bedroomed semi-detached house across the country rose by more than €3,000 over the past three months to €239,194 – an annual increase of 1.9%.
The biggest rises in Q4 came in Ireland’s secondary cities and the commuter counties – both of whom had experienced the least movement in prices over the preceding 18 months.
The price of a three-bedroomed semi-detached house in Dublin City rose by 0.6% to €431,833 during the past three months, an annual increase of 1.41%.
Cork, Limerick, Galway and Waterford cities shared a combined increase of 2.4% in the past 12 weeks with prices rising by €6,000 to an average of €262,500.
Commuter counties are now feeling the benefit of the migration towards space and home working potential, with three bed semis rising 2.2% by almost €6,000 on the Q3 figure to an average of €253,111.
Reflecting the flight to rural locations, prices in the rest of the country’s towns rose by 1.2% in 12 weeks to €165,397.