House prices fall by €5,000 in Q4

The average time for a property to go sale agreed in the county after being placed up for sale now stands at nearly four months. In the city, it is nearly three months.

That was just one of the findings in a new report published today, 9 January, which gives an overview of house prices for the last quarter of 2024.

According to the latest MyHome Property Price Report, property prices in Cork fell by €5,000 from Q3 to Q4, but there was year on year increases.

The report for Q4 2024, in association with Bank of Ireland, showed the median asking price for a property in the county is now €305,000. This means prices have risen by €20,000 compared with this time last year.

Asking prices for a 3-bed semi-detached house in the county stayed steady over the quarter at €315,000. This means that prices in the segment have risen by €30,000 compared to this time last year.

Meanwhile, the asking price for a 4-bed semi-detached house in Cork was steady over the quarter at €395,000. This price is up by €20,000 compared to this time last year.

There were 1,528 properties for sale in Cork at the end of Q4 2024 – a decrease of 10% over the quarter.

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Author of the report, Conall MacCoille, Chief Economist at Bank of Ireland, said: “The message from this report is that pricing has retained its momentum, and has still not softened even as affordability has become stretched through 2024.

“Demand is still fierce in the market and indeed has strengthened as the year has gone on. This demand has been impacted by rising mortgage approval values, and the first-time buyer market is particularly hot.”

Joanne Geary, Managing Director of MyHome, said: “As we look to the rest of the year, a key metric to watch will be housing completions. Given we do not see any short-term easing in demand, it underscores the importance of increasing our stock levels.”