Property prices in Cork have bucked the national trend by staying flat during the quarter, according to the latest MyHome.ie Property Price Report.
The report for Q1 2023, in association with Davy, shows that the median asking price for a property in the county is still €275,000. This means prices have risen by €25,000 compared with this time last year.
Asking prices for a 3-bed semi-detached house in the county rose by €1,000 over the quarter to €280,000. This means that prices in the segment have risen by €25,000 compared to this time last year.
Meanwhile, the asking price for a 4-bed semi-detached house in Cork fell by €2,525 over the quarter to €337,475. This price is up by €17,475 compared to this time last year.
There were 1,478 properties for sale in Cork at the end of Q1 2023 – a decrease of 11% over the quarter.
The average time for a property to go sale agreed in the county after being placed up for sale now stands at nearly four and a half months. In the city, it is nearly three and a half months.
Chief Economist at Davey and author of the report, Conall MacCoille describes the cause of the slowdown:
"Overall I think this is sort of a broadly flat year, we'll probably see some price, falls in the coming months, and at the same time the bigger picture is that the housing crisis certainly isn't solved. There's certainly a lack of supply out there as well so falling prices, but certainly the housing crisis is not resolved."
