House prices have increased in both Cavan and Monaghan over the past 12 months according to a national survey carried out by Real Estate Alliance.
While in Cavan, the average price of a second-hand three-bed semi has risen from €168,000 to €175,000 in the past year, the price of a similar property in Co. Monaghan has increased by 2.4% from €210,000 to €215,000 in the same period.
This quarter, the average price of a second-hand three-bed semi in Ballyconnell is €160,000, while prices in Cavan town are currently averaging at €190,000.
The survey also shows that across County Cavan 70% of purchasers were first-time buyers and 35% came from outside of Cavan.
30% of sales in County Monaghan this quarter were attributed to landlords leaving the market and the survey also highlighted how 40% of purchasers were first-time buyers and 30% were buyers from outside of Monaghan.
Local estate agent, Dermot Conlon of REA Gunne Property, Carrickmacross said interest rate hikes have 'dampened enthusiasm slightly' but said that demand remains solid, 'especially for houses in the €170,000 to €300,000 category, with some new developments now coming to the market in Co Monaghan,' he said.
Nationally, house prices in Ireland's large towns rose by 2% in the past three months and are increasing at twice the rate of Dublin and the major cities as mortgage-approved buyers chase properties within their price ceiling.
Time taken to reach sale agreed nationally fell from six to five weeks as low supply continues to drive sales in an increasing interest rate environment.