House prices in Cork rise by 11.2% in 2024

A dramatic 11.2% increase in the house prices in Cork in the year up to November has also highlighted a glaring ‘tale of two cities’ as the median price for a home on Cork’s southside is more than €100,000 higher than a similar house north of the Lee.

According to expert analysis of Central Statistic Office (CSO) figures, the “exceptional increase” in house prices in the Cork region “reflects high demand and limited housing supply in areas such as Cork city and its surroundings”.

The 11.2% increase in house prices in the Cork region is well ahead of the price increase nationally of 9.4% and puts the median price of a house on Cork’s northside (the T23 Eircode) area at €275,000 and at €377,500 south of the Lee in the T12 Eircode area.

Fiona Waldron, senior property negotiator at Auctioneera.ie, described Cork’s property market as remaining “robust”, and said the 11.2% annual price increase showcases the “exceptional demand in the region”.

“The jump from 9% in October to 11.2% in November signals heightened activity, driven by strong buyer interest despite supply challenges,” said Ms Waldron.

“Encouragingly, the recent mortgage interest rate cuts from the ECB provide a much-needed boost for buyers by reducing borrowing costs.

“This is especially beneficial in a market as competitive as Cork. However, addressing the ongoing housing supply bottleneck is essential for ensuring long-term stability and affordability in the region.”