Price of County Cork homes up 2.4% in three months

Cork TDs have called for “tangible solutions” to tackle the housing crisis, as new figures show the average cost of buying a home across the county has risen by 2.4% over the last three months.

The figures, published following a survey conducted by Real Estate Alliance, show the average price of a secondhand, three-bed semi in Cork city has risen by 1.2%, to €405,000, alongside a 2.4% increase for a similar property in Cork county, to €243,562.

The data, using the Q3 REA Average House Price Index, additionally showed the average time taken to sell a home in Cork county is five weeks, and four weeks in Cork city.

The figures further highlighted how 60% of sales are now first-time buyers.

Labour Party Cork East TD Eoghan Kenny said the increase is “causing significant challenges for single people, families, and many others in the housing market”.

“The biggest concern is for those who are earning too much for social housing, but are in a situation where they are being priced out of [non-social] housing.”

Michael O’Donoghue of REA said there “continues to be strong demand for both secondhand and new homes, which is reflective of an increase of new home developments coming on stream”.

“The scarcity of stock, together with steady interest rates and increased competition, will cause secondhand property prices to further increase for the remainder of 2025,” Mr O’Donoghue said. 

“Demand is strong for all property types, [and] it will be interesting to see what impact the new rent pressure zone (RPZ) controls will have on landlords and the disposal of properties before the end of the year.”

According to Mr O’Donoghue, the announcement of a nationwide RPZ in June has triggered a sharp increase in landlords exiting the housing market, leading to a spike in landlord sales.

Sinn Féin Cork South Central TD Donnchadh Ó Laoghaire said this latest house price report “shows house prices continuing to spiral upwards with no sign of abating”.

“There are people in Cork who are saving and saving, and yet as they do so, house prices are moving further out of their reach,” Mr Ó Laoghaire said. “These are people who are doing everything right, working hard, training and developing their careers, and saving.

“The simple reality is that policy is not being developed to suit the ordinary people of Cork or Ireland,” he said. “We need a radical change in direction if we are to address the deepening housing and homelessness crisis.

“That means a ban on rent increases for all tenants, a full month’s rent back into every private renter’s pocket, and a dramatic increase and acceleration in the delivery of social, affordable rental, and affordable purchase homes.”