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.
![House prices Ireland. Image: Daft](https://media.radiocms.net/uploads/2023/03/29074536/Increase-Q1-2023-Daft.ie-House-Price-Reportpng.png)
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.”
![House prices Ireland.](https://media.radiocms.net/uploads/2023/03/29074615/Least-v-Most-Expensive-Q1-2023-Daft.ie-House-Price-Report.png)
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.”
![Listed house prices around Ireland.](https://media.radiocms.net/uploads/2023/03/29074425/Maps-Q1-2023-Daft.ie-House-Price-Report.png)
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%