Average asking price for a home rises to €325,000

Potential buyers also face a more limited choice. Picture: PA

The average asking price for a home in Ireland has increased to €325,000, with asking prices in Dublin now at €415,000.

The Myhome.ie property website has revealed a 4.1% increase in asking prices for homes, with buyers paying a further 4% above the initial asking price in December.

Potential buyers also face a more limited choice, with 11,628 properties listed nationwide compared with 15,225 at the end of 2022, a drop of 23.6%.

Some 6,291 new properties were on the market in late 2023, a decrease of 18% compared with 7,728 at the end of 2022.

It also took longer to sell a property last year, at 3.2 months, compared to 2.7 months during the same time the year before.

Price growth was steady or accelerated in most counties across Munster, the property report shows.

In Cork, median asking prices were up 3.6% to €285,000 and up 3.9% in the city to €290,000. 

Joanne Geary, managing director of Myhome.ie, said 'supply shortage is now a very real issue'. Picture: Tom Honan

Median prices in Kerry rose 2.2% to €235,000.

The report stated: “Tipperary also saw a 3.8% gain to €202,500. 

"However, both Limerick and Waterford saw sharper price gains, by 4.3% and 6.1%, to €240,000 and €210,000 respectively.” 

In contrast, median prices in Clare were down 4.4% to €239,000.

Kerry offers the lowest median prices for three-bedroom semi-detached houses across Munster at €192,500.

In Dublin, sellers of three-bedroom semi-detached houses asked a median price of €380,000. 

The median price of a two-bedroom apartment in the capital was €285,000 during quarter four last year, up 5.6% on the year before.

Joanne Geary, managing director of Myhome.ie, warned: “Supply shortage is now a very real issue.” 

She said before the pandemic there were about 20,000 homes listed on the website, compared to over 11,000 by the end of last year.