The latest Daft.ie report has found house prices have increased almost 6% in the past year, with the average price of a home now standing at €326,469. Nationally, prices rose by almost 2% in the first three months of the year.
Latest figures from the property listings website show average house prices are now 30% higher than they were at onset of the Covid-19 Pandemic in 2020.
The number of houses available to buy is at its lowest level in 17 years. There were only 10,500 homes were available for sale on March 1st.
It represents a drop of almost a quarter on the same time last year, and a 40% decrease on the 2019 average.
Latest figures from the property listings website show prices are rising at a faster rate outside of Dublin.
Limerick, Waterford and Galway cities had the highest increases of between 9% and 10%. That's compared to increases of 3% in Dublin.
| Dublin City | €437,125 | up 3.2% |
| Cork City | €347,409 | up 7.3% |
| Limerick City | €274,427 | up 10.3% |
| Galway City | €378,504 | up 9.4% |
| Waterford City | €247,064 | up 10.2% |
| Rest of the country | €278,340 | up 7.2% |
Economist at Trinity College Dublin and author of The Daft.ie Report, expects that trend to continue:
"Current increases in prices is being driven not by a shortage necessarily of new-builds, although there are parts of the country that absolutely could do with more new-build accommodation, but actually instead a shortage of secondhand accommodation.
So I think for the moment, we're talking about shortages pushing up prices, not dramatically, but steadily".
