The average price of a second-hand, three-bed semi in County Cavan rose by 7% in the past year, according to the latest national survey by Real Estate Alliance.

Three-bed semi-detached home values in the county remained at €168,500 during the first three months of 2023, the Q1 REA Average House Price Index shows.

By concentrating on the actual sale price of three-bed semis, the survey provides an up-to-date picture of the second-hand property market in towns and cities countrywide.

Across County Cavan, first-time buyers made up 63% of the market during Q1 with 20% coming from buyers moving out of cities.

The average time taken to complete a sale in the county has not changed since the last quarter of 2022 and remains at four weeks, the survey shows.

In Cavan town, the average price for a three-bed semi remained static at €185,000 with time to sell this quarter also staying the same at four weeks.

The average price of a three-bed semi in Ballyconnell also remained unchanged, at €150,000, with the time to sell at four weeks over the quarter.

“There hasn’t really been a big change from the end of 2022, but then it was a really good end to last year,” said James Spring of REA Donohoe Spring.

“So far, 2023 has seen consistent demand but there is still an under supply.

“People moving from cities are not really going for semis in our area, they want detached homes.

“We have, however, seen people who would have bought in Cavan town moving out for better value.”

Across the rest of Ireland, the actual selling price of a three-bedroomed semi-detached rose by 0.6% over the past three months to €293,343 – representing an annual increase of 5.3%.

House prices in Dublin recovered after a pre-Christmas fall and rose by 0.5% to €498,333 in the past three months, slightly exceeding last September’s prices and showing an annual rise of 3.5%.

Mirroring the capital, cities outside Dublin experienced a 0.4% rise to an average selling price of €310,250.

The smallest percentage increases came in commuter counties where average prices went from €312,778 to €313,056 – a rise of just 0.1% on average over three months.

The country’s large towns saw the largest quarterly increase at 1%, with prices now averaging €211,776 and properties selling faster at an average of five weeks, than in cities or commuter areas.

Nationally, first-time purchasers make up 60% of the market, the quarterly survey has found.

The actual selling price of a three-bedroomed semi-detached house across the country rose by 0.6% over the past three months to €293,343 – representing an annual increase of 5.3%.