Cork house prices set to increase 4% this year

Average three-bed semi-detached home in Cork city now costs €370,000, new research shows

Across Cork County, the average price of a three-bed semi-detached home increased by 2% in 2023, totalling €222,500 in December, up from €217,500 in the same period one year ago. 

Continued strong demand for housing has seen the price of a three-bed semi-detached home in Cork city rise by 4% in the past year, now costing an average of €370,000 as supply struggles to keep pace. 

Up from €355,000 in December 2022, a new survey conducted by Real Estate Alliance found that prices across both Cork city and county are expected to rise by a further 4% in the next twelve months as housing demand continues to outstrip supply. 

Across Cork County, the average price of a three-bed semi-detached home increased by 2% in 2023, totalling €222,500 in December, up from €217,500 in the same period one year ago. 

"Demand for property for both new and second-hand homes in the West Cork area continues to be good, with continuing overseas interest in the latter part of the year,” said Michael O’Donoghue of REA O’Donoghue & Clarke, Bantry.

First-time buyers accounted for just 15% of purchases in both city and county, with one-fifth of sales being attributed to landlords selling. The average time taken to sell in the county in the three months ending in December was five weeks, the survey showed. 

Mr O'Donoghue also noted that while the level of bidding slowed somewhat, there remains a "steady demand in relation to all property types which should continue into 2024 throughout the county.”

“Overall demand continues to be good, with a mixture of both cash purchasers and mortgage approved clients."

The REA Average House Price Index concentrates on the actual sale price of Ireland's typical stock home, the three-bed semi-detached, which the estate agents says gives "an accurate picture of the second-hand property market in towns and cities countrywide." 

Nationally, estate agents are predicting three-bed semi prices to rise by 3% in 2024.

REA has also said that a record shortage of supply has driven a 1.5% rise in the last three months in the capital, but only in houses under a certain price, meaning that the average three-bed semi in the capital is now selling at €511,667.