10 January 2025
By Elaine Murphy
elaine@TheCork.ie
The price of the average second-hand three-bed semi in Co Cork is predicted to increase by 8pc in 2025, according to a national survey by Real Estate Alliance
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Three-bed semi-detached homes in the county now cost an average of €231,750, up 4pc on the December 2023 average of €222,500, the Q4 REA Average House Price Index shows.
In Cork City, prices rose to €390,000 in 2024, up 5pc on the December 2023 average of €370,000, and this year prices in the city are expected to rise by 8pc.
“There continues to be strong demand from first-time buyers in both the second-hand and new homes market, which is also reflected in an general increase of new developments coming on stream,” said Michael O’Donoghue of REA O’Donoghue & Clarke, Cork.
“In relation to the second-hand market there is still a general lack of supply, but hopefully with further interest rate reductions in the new year supply should improve.
“Overall, there continues to be good mixture of both mortgage-approved and cash purchasers for all property types throughout Cork City, its surrounding satellite towns, and the county in general.”
The REA Average House Price Index concentrates on the 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.
House prices in western counties increased at twice the rate of the east coast last year as buyers battle over the lowest supply on record, the survey found.
The absence of new home building, and historically low supply has seen three bed semi-detached homes in counties Clare, Donegal, Galway, Limerick, Mayo, Roscommon and Sligo increase by over €10,000 in the past 12 weeks – with an average annual rise of 16pc.
This is twice the rate of increase in commuter counties, which rose by 7.5pc over 2024.
The actual selling price of a three-bed, semi-detached house across the country rose by 2.1pc in the past three months to €330,602, and 9pc overall annually.
REA agents nationwide are predicting a 6pc rise in house prices in 2025.
Actual selling prices in Dublin city rose by 1.8pc in the last three months, and the average three-bed semi in the capital is now selling at €542,000.
Prices in the major cities outside the capital rose by an average of 2pc to €348,000 in the last three months – an annual rate of increase of 7.7pc, with agents predicting a further 9pc rise in 2025.
Homes in the country’s large towns continue to show the biggest growth nationwide, up 11.5pc on last September and 2.6pc this quarter to an average of €249,448.
Homes in commuter counties rose by 2pc over the past three months to an average of €343,778, an annual rise of 7.5pc.