The price of the average three-bed semi in County Cavan rose by 2% to €127,500 in the past year according to a national survey carried out by Real Estate Alliance.
Despite fears of a downturn in the market during the Covid-19 crisis, the price of a three-bedroomed semi-detached house across the county remained unchanged over the past three months.
“Since our reopening on June 8 it has been incredibly busy, with pent up demand from purchasers, and we have very good expectations for the rest of the year,” said James Spring of REA Peter Donohoe, Ballyconnell.
“We also expect to see an increase in people moving into the countryside, based on recent enquiries, and a number of investors are looking for deals.”
In Cavan Town, the price of an average three-bed semi remained unchanged at €150,000 over the past 12 months, with time taken to sell remaining unchanged this quarter at eight weeks.
Prices in Ballyconnell are up 5% to €105,000 in the last year, while time to sell dropped from eight weeks to seven this quarter.
The REA Average House Price Survey concentrates on the actual sale price of Ireland's typical stock home, the three-bed semi, giving an accurate picture of the second-hand property market in towns and cities countrywide.
Across the country, despite fears of a downturn in the market due to lockdown, the price of a three-bedroomed semi-detached house fell by just -0.15% over the past three months to €234,667, an annual decline of -0.56%.
“Although sales slowed during the lockdown, they did happen and, despite fears, very few fell through or had to be renegotiated,” said REA spokesperson Barry McDonald.
“Changes in the world of work are having an immediate effect on the second-hand housing market with a nationwide trend emerging of buyers looking to move 15 minutes outside of their urban location where they can get more space for the same money.
“We are finding that people are looking for three things – more space, gardens and a guarantee of better broadband, where transport was previously the highest priority.
“While the current outlook is positive, and there seems to be a lot of pent-up demand, it may be Q3 before we see the effect of Covid-19 on the market and on the outcome of mortgage approvals granted before the lockdown.”