House prices in both Cork city and county continue their upward trend

HOUSING prices in Cork are continuing to rise with the latest report from Daft.ie showing that prices in both the city and county were higher in the third quarter of this year than they were a year previous.

The latest report from the property website covers the period for July, August, and September of 2023.

It shows that nationally, housing prices in the third quarter were 1.1% higher than a year ago.

The typical listed price nationwide in the third quarter of the year was €322,602, 3.7% higher than a year ago and roughly 13% below the Celtic Tiger peak.

Compared to the figures from April, May, and June, prices across the country have risen by an average of 2.4%.

Dublin saw one of the lowest increases, with prices 1.4% higher than they were a year ago, the lowest rate of inflation since prices started to rebound in late 2020.

Cork prices 

Prices in Cork city were 1.7% higher, year-on-year.

The average price of a home in Cork City is now €337,000, just 9% below its Celtic Tiger peak.

In the county of Cork, prices in the third quarter of 2023 were 6% higher than a year previously, and the average price of a home is now €291,000, 17% below its Celtic Tiger peak.

In Galway, Limerick and Waterford cities, the rate of annual increase was between 3.9% and 4.7%.

Outside the main cities, there were year-on-year increases of 4% in Leinster, almost 6% in Munster and just over 8% in Connacht-Ulster.

Housing stock

The number of homes available to buy nationwide on September 1 was just under 12,200, down more than 20% on this date in 2022, when almost 15,500 were available, and remains well below the 2019 average of 24,200.

The fall in availability, which started in the middle of the year, can be seen in all major regions of the country.

According to the report, there were roughly 3,300 properties on the market in Munster on September 1, down 19% on the same date a year ago.

Commenting on the report, its author Ronan Lyons, economist at Trinity College Dublin, said: “Prices continue to rise — albeit at a slower rate than has become common over the last decade.

“That is the key takeaway from this latest Daft Report,” Mr Lyons said.

“Having been largely static in the second half of 2022, and again in the first three months of this year, prices have risen since then.”