The price of the average second-hand three-bed semi in County Cavan has risen to €175,000, an increase of 4.2% from €168,000 in the last three months, according to a national survey by Real Estate Alliance.

Over the last quarter, the average time taken to sell across the county fell by one week to an average of three weeks, the Q2 REA Average House Price Index shows.

Agents in the county reported that this quarter, 70% of properties were purchased by first time buyers, with buyers from outside of the county making up 33% of sales.

This quarter, agents found that 40% of sales are directly linked to landlords leaving the market. 

Cavan town prices rose by 2.7% this quarter to €190,000, while Ballyconnell prices rose by 6.7% to €160,000 during this period.

“Many landlords with one or two units are exiting the rental market for a variety of reasons,” said James Spring of REA Donohoe Spring.

“With limited supply and high demand, we are seeing that property presentation is having a big effect on prices.

“Serious offers are being received very quickly after listing, and properties are going sale agreed within a short time frame.

“We are not seeing any new builds.

“There is a good mix among buyer types: first timers; older people downsizing and moving into town; people relocating due to greater affordability and quality of life.

“Fast broadband remains a primary requisite among buyers.

“Many properties could be sold within the first two weeks, if vendors were willing.

“Cavan has a large variety in developments with wide differences in perceived desirability which leads to difficult averaging, but prices are definitely increasing steadily quarter-on-quarter, even though it may appear in some developments that it is not.”

The REA Average House Price Index 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.

The actual selling price of a three-bedroom, semi-detached house across the country rose by 1.3% over the quarter to €297,056 – representing an annual increase of 6.6%.

The price of a three-bed semi in Dublin city has hit €500,000 for the first time, rising by by 0.3% in the past three months. They are now 14% ahead of their €431,000 Celtic Tiger peak level, with demand being largely driven by first-time buyers in an otherwise cautious market.

Time taken to reach sale agreed nationally has risen to six weeks as REA agents reporting that pricing levels are key in a sensitive market.

Cities outside Dublin experienced a 1.53% rise to an average selling price of €315,000 – an increase of 8.9% in the past 12 months.

Commuter areas rose by 0.4% to €315,389, with 41% of buyers coming from outside the county, a large proportion of them from the capital, with 72% of sales to first-time buyers.

The highest three-bed semi price rises came in the country’s main towns which rose by 2.24% in the past three months to an average of €216,517, with time taken to sell at five weeks.

Areas that attract holiday home buyers have noted an increase in UK or cross border interest with examples such as Bantry and Bundoran both recording €5,000 average increases in the past three months.