Fewer homes for sale as prices rise in Cork

The number of properties for sale in Cork at the end of last year was down 10% on the same period of 2023, while prices increased by 10.5%.

The latest MyHome Property Price Report, for quarter four of 2024, in association with Bank of Ireland, shows that the median asking price for a property across Cork — city and county — is now €315,000, meaning prices have risen by 10.5%.

In Cork county, the median price is up 7%, to €305,000, while the median price has increased by 12% in Cork City, to €325,000. Prices for both city and county are the third- and fourth-highest in Ireland, behind Dublin and Wicklow.

Across Cork as a whole, the asking price for a three-bed, semi-detached house was €315,000, a rise of €30,000 compared to this time last year. Meanwhile, the asking price for a four-bed semi-detached house was €395,000, up €20,000 compared to this time last year.

There was “a substantial, 9% rise” on the median price of a two-bedroom apartment in Cork, which rose to €235,000.

Additionally, there were 1,528 properties for sale in Cork at the end of 2024, a decrease of 10% over the quarter.

The average time for a property to go ‘sale agreed’ in the county now stands at nearly four months, while in the city it is nearly three months.

The author of the report, Conall MacCoille, chief economist at Bank of Ireland, said: “The message from this report is that pricing has retained its momentum, and has still not softened, even as affordability has become stretched through 2024.

“Demand is still fierce in the market and, indeed, has strengthened as the year has gone on. This demand has been impacted by rising mortgage-approval values, and the first-time buyer market is particularly hot.

“Looking ahead to the rest of the year, the outlook is extremely uncertain. For now, we are sticking with our forecast for 42,000 housing completions next year, rising to 45,000 in 2026. We also expect a 4% rise in Irish house prices. However, if anything, this view could be too conservative.”

Joanne Geary, managing director of MyHome.ie, added: “As we look to the rest of the year, a key metric to watch will be housing completions. Given we do not see any short-term easing in demand, it underscores the importance of increasing our stock levels.”