Average house price in Cork hits €300,000

The average price of a house in Cork has now reached €300,000, according to latest figures released by the Central Statistics Office.

The Residential Property Price Index for November 2022, published on Wednesday, shows that house prices are still on the rise, as the national index has increased by 8.6% in a year to a value of 168.5.

The national index is now 3% above its highest level at the peak of the property boom in April 2007, and property prices outside of Dublin are now 135.2% higher than at their trough in May 2013.

However, the rate at which the RPPI is increasing continues to slow down. The yearly 8.6% increase is lower than the 9.7% increase recorded in October, 10.7% increase in September, and 14% increase recorded in November 2021.

Nationally the median price for a home stands at €300,000, a milestone reached in last month’s index for September 2022.

Cork has now caught up with the national trend, as the median price for a home across Cork county is now also €300,000. In Cork city, the average price for a property is still slightly less, at €280,000.

The figures show that there is now only one area in Cork where the average home buyer can expect to pay less than €200,000 - in Charleville, the median price for a home now sits at €190,000.

The most expensive Eircode in Cork continues to be Kinsale, where the median price of a home as at November 2022 was €405,000.

Other pricey areas including Carrigaline, Cork Southside, Ballincollig, Crookstown, Rylane, and Glanmire, where the average home buyer still needs at least €325,000 to purchase a property.

There are only three areas in Cork where house prices have shown a monthly decrease in the RPPI for November 2022. In Mitchelstown, the median price of a home decreased to €227,500, in Skibbereen the average price of a home has reduced to €297,000, and in Clonakilty, the median price of a property has fallen to €275,000.

Across the entire country, the lowest average price for a house was €150,000 in Longford, while the highest median price of a home in any area was €620,000 in Dún Laoghaire-Rathdown.