House prices in Ireland have fallen for the first time in three years in year-on-year terms, according to a new report.
The latest Daft.ie report found that house prices in the second quarter of 2023 were 0.5% lower than the same period in 2022.
The report also says that the average listed house price between March and June 2023 was €309,648, up 2.4% from the first quarter of the year.
However, it was slightly lower than this time last year and one-sixth below the Celtic Tiger peak.
Dublin prices were on average 0.6% lower than a year previously, with the city centre experiencing a 2.7% drop while Cork and Galway cities saw larger falls in year-on-year terms, of 3.3% and 2.1% respectively. However, Limerick city saw a price rise of 1.1% higher than a year ago.
The number of homes available on the market is also up this quarter, at just over 13,000. That marks a 5% increase on the same date last year, however, it still massively lags behind the 2019 average of 24,200.
Average list price and year-on-year change – major cities, Q2 2023
- Dublin City: €424,732 – down 0.6%
- Cork City: €320,793 – down 3.3%
- Galway City: €345,460 – down 2.1%
- Limerick City: €253,581 – up 1.1%
- Waterford City: €225,967 – down 0.5%
- Rest of the country: €260,905 – down 0.2%