The median asking price for a home last year was €340,000, up 6.5% on 2022.
The latest MyHome.ie property price report, found asking prices in Dublin in 2023 rose by 7%, while prices outside Dublin were up 5.5%.
In early 2024, homes were being sold at almost 5% more than over the asking price compared to just 1% a year ago.
| Region | Median Asking Price | Change 2022 - 2023 |
| National | €340,000 | up 6.5% |
| Dublin | €425,000 | up 7.2% |
| Outside Dublin | €285,000 | up 5.5% |
The https://t.co/I0viYecPxH Property Report for Q1 2024, in association with @bankofireland, is out today showing national asking prices are up 6.5% over the year - the fastest rate of inflation growth since Q3 2022
Read the report in full at https://t.co/w1uHDzgzfU pic.twitter.com/k3NRmaCytS— MyHome.ie (@MyHomeProperty) April 8, 2024
Chief Economist at Bank of Ireland Connall MacCoille, says there aren't enough homes on sale to meet demand.
"More homes were bought and sold last year than any year since 2008 and 2009.
"The reason the stock is down, is that whatever is available in the sale agent's books is being sold ever more quickly and that just sort of shows that there are a lot of buyers out there.
If something is listed for sale, it's going 'sale agreed' in just 15 weeks on average, which is a historic low as well.
"Asking price inflation is now up to six and a half percent.
"Having said that, if you look at wage growth running at maybe 4 or 5%, you're seeing house prices rise a little bit faster than where wage growth is at the moment. So we need to remember it's not just a lack of supply.
"It's a lot of jobs, there are a lot of people getting wage increases, and that's also serving to push house prices too".
