Price of house in Cork city increased by €5,000 in second quarter of 2024

Prices remained unchanged across the county (224,750) this quarter, the Q2 REA Average House Price Index shows.

In Cork city, average prices increased to €380,000 this quarter, up 1.3% from €375,000.

In both Cork city and county, the average time taken to sell remained unchanged at an average of five weeks this quarter.

The REA survey shows that 60% of purchasers in the city and 15% across the county were first-time buyers, and five per cent of purchasers in the city and 25% across the county were from outside Cork.

A total of 20% of sales in the county and 15% in the city this quarter were attributed to landlords leaving the market.

“There continues to be strong demand from first-time buyers in both the second-hand and new homes market this quarter, which is also reflected in a 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 a lack of supply at present, but hopefully with the first reduction in interest rates this may increase.

“Overall, there continues to be a good mixture of both mortgage approved and cash purchasers for all property types throughout Cork City and its surrounding satellite towns, and throughout the county in general.”

In Cork county and city it takes an average of five weeks for a house to sell, according to the REA report.

Meanwhile, a new Daft.ie House Price Report for Q2 of 2024 has found that the average list prices for houses in Cork city and county have risen in the last year.

The current price of a house in Cork city is €308,698, up 8.2% on this time last year. The current price of a house in Cork county is €363, 845, up 9.3% on last year.

Cork North Central TD Mick Barry said that the increase of over 9% on houses in Cork county is more than the take home pay of “huge numbers” of young workers.

“Young people are being priced out of the housing market. The Government keep telling us that their housing policy is beginning to work. How can it be working for young people when house prices are increasing year on year by an amount greater than their annual salary?” Deputy Barry said.

The Cork North Central deputy said that market solutions are failing young people and called for the establishment of a state construction company to prioritise the building of social and affordable homes.

In Cork county, the average price of a one-bed apartment is €114,000 (down 1% on last year), a two-bed terraced house is €148,000 (up 2.9%) and a three-bed semi-detached is €210,000 (up 2.9%). A four-bed bungalow is €385,000 (up 6,6%) and a five-bed detached is €426,000 (13.9%), according to Daft.ie.

The average list price for a one-bed apartment in Cork city is now €149,000 (up 1% on last year), the cost of a two-bed terraced house is €210,000 (up 10%) and the cost of a three-bed semi-detached is €312,000 (up 8.9%). A four-bed bungalow costs €518,000 (up 4.6%) and a five-bed detached house is €646,000 (up 22%).