Listed house prices have seen a first-quarter fall for the first time in a decade.
The latest House Price Report from Daft.ie shows that listed house prices fell by 0.3% in the first three months of 2023.
It is the first time in a decade the property website recorded a first-quarter fall in house prices.
The average price listed around the country was €308,497 – 2.7% above the same period in 2022 but 17% below the Celtic Tiger peak.
Meanwhile, the number of homes available to buy at the start of this month stood at just 13,000 – significantly below the 2019 average of 24,200.
The rate at which availability has been increasing has slowed down in all parts of the country.
Trinity economist and report author Ronan Lyons said the report highlights the change in market conditions over the past year.
“A year ago, double-digit inflation in housing prices was still prevalent across much of the country,” he said.
“Now, very few markets are seeing prices more than a percentage point or two higher than a year ago – and those increases largely reflect increases seen March-June last year.”
He said the number of new homes coming on the market also appears to be slowing.
“While demand has weakened, the post-covid recovery in supply also appears to be weakening, in both new and second-hand segments,” he said.
“Thus, while this year is unlikely to bring any substantial increases in housing prices, underlying issues stemming from housing shortages will persist.”
During the first three months of the year, listed prices in Dublin were, on average, 0.4% lower than the last three months of last year.
In Cork city, they were 0.5% lower and in Limerick they remained stable.
Meanwhile, Galway and Waterford cities saw larger quarterly falls – 1.5% and 0.8% respectively.
Outside of the cities, prices in Leinster and in Connacht-Ulster fell by roughly half a percentage point, but they rose in Munster, by 0.6%.
Daft.ie Average list price and year-on-year change
- Dublin City: €423,593 – up 1.5%
- Cork City: €323,728 – up 1.2%
- Galway City: €345,880 – up 2.5%
- Limerick City: €248,881 – up 3.0%
- Waterford City: €224,138 – up 2.2%
- Rest of the country: €259,567 – up 3.7%