The number of properties for sale here has hit a nine year low, according to the website DAFT.ie.
At less than 24,000, the number is at its lowest point since February 2007.
The biggest falls in availability are now outside Leinster.
Across Munster, Connacht and Ulster there were 13,5000 homes for sale in April 2016 - compared to 21,000 just two years earlier.
Prices are said to be rising because the increase in population each month is not being matched by an increase in new homes.
The report, which looks at the first three months of this year, shows that prices in Limerick and Waterford cities are both up by 18%, while house prices in Galway and Cork cities are up by 14% and 14.9% respectively.
Author of the report and Economist at Trinity College Dublin, Ronan Lyons, says the first three months of 2016 paint a very different picture of the property market than what has been seen in recent years.
"Prices now are basically stable in the capital. In the last years they've only increased by 1% on average," he explained.
"In the rest of the country, though, it's a bit like Dublin was a couple of years ago. We've got accelerating inflation in house prices," he added.
