The Daft.ie House Price Report, published on Tuesday, January 2, shows the average house prices recorded in the fourth quarter of 2023 in Ireland.
In County Clare, prices in the final three months of 2023 were four per cent higher than a year previous, compared to a rise of five per cent seen a year ago.
The average price of a home in the county is now €243,000, 21 per cent below its Celtic Tiger peak.
According to Daft.ie, nationally housing prices during 2023 rose by an average of 3.4 per cent, the smallest increase since 2019. The typical listed price nationwide in the final three months of the year was €320,046, 1.5 per cent lower than in the third quarter and roughly 14 per cent below the Celtic Tiger peak.
While among the major Irish cities, Limerick recorded the highest increase with a nine per cent price hike.
Limerick city was followed by Waterford city which saw a 6.1 per cent increase with an average price of €239,709; Galway city with a 4.1 per cent increase and an average price of €365,813; Cork city with a 3.7 per cent increase and an average price of €337,550; and Dublin city with a 3.4 per cent increase and an average price of €433,613.
The rest of the country registered a 4.3 per cent increase for an average price of €271,117.
Also, the report highlighted how the number of homes available to buy nationwide on December 1 stood at just over 11,100. This is down 27 per cent year-on-year and is the lowest since March 2022. It is also less than half the 2019 average of 24,200.
The fall in availability, which started in the middle of the year, can be seen in all major regions of the country, although it’s proportionately largest in Dublin (down 33 per cent year-on-year).
Commenting on the report, its author Ronan Lyons, economist at Trinity College Dublin, said: “Having increased dramatically in the second half of 2022, the availability of homes fell throughout 2023. The number of homes on the market is now at levels only previously seen during the pandemic. With price inflation easing off even as the number of listings is down over 10 per cent, this suggests that the dramatic change in market conditions over the past 18 months is taking its toll.
Looking ahead to 2024, the question will be about the performance of the second-hand market. The construction of new homes has improved dramatically over the past five years and looks set to continue into 2024 and potentially 2025. However, the second-hand market remains critical to the overall health of the housing system. If uncertainty continues to fade, and potentially interest rates start to fall again, it may be the case that 2024 sees the second-hand market recover. This would likely mean a healthier housing market than for some time, with transactions up but prices largely stable.”