House prices are still climbing in Cork.

And with local estate agents experiencing 16-year high numbers of first-time buyers desperate to get on the property ladder, the housing crisis shows no signs of abating.

The Residential Property Price Index (RPPI) for the 12 months to January 2024, released this week by the Central Statistics Office, shows that prices have increased by 5.5 percent in the 12 months since January 2023 in the South-West division, which includes Cork city and county.

The median price of residential properties sold in Cork Southside in January 2024 is €355,000, dropping to €259,500 in Cork Northside.

Record viewing attendance 

“Over the last number of months, there has been a distinct lack of supply of properties coming to the market; this has resulted in huge demand from buyers with every listing that goes live,” said Helen O’Keeffe, Director of Auctioneera Estate Agency.

“We’re recording consistently high viewing attendance figures of our properties and with 16-year high numbers of first-time buyers out there desperate to get on the property ladder, this shows no signs of abating.

The continuation of the work-from-home landscape for many people also means more are expanding their property searches outside the main population centres such as Cork city in search of more bang for their buck.

“However, this continues to drive the prices up all over the country,” added O’Keeffe.

“This data released from the CSO is not the news that so many of those anxious first-time buyers in Cork were hoping to hear but it is news that might spur more property sellers to bring their second-hand properties to the market.

“We all want more supply as it makes for a more stable market.”