The shortage of homes has pushed house prices up, according to the latest Daft.ie report.
Tipperary saw the largest year-on-year increase in the South East, at 15%, while prices nationally recorded their largest three-month increase since 2020.
Despite the increase in Tipp, the average price of a home in the Premier County is still the lowest in the region at €266,000.
It was followed by Waterford, which saw prices increase by 11% over the same period. The average price of a home in Waterford is now €343,000 - only 1% below its Celtic Tiger peak.
Kilkenny saw the lowest yearly increase in the South East at 5%. The average price of a home there is now €310,000.
In Wexford and Carlow prices in the second quarter of this year were 6% higher than a year previously. The average price of a home there is now €302,000 euro and €275,000 respectively.
Housing prices nationally rose by an average of 3.8 per cent in the second quarter of 2024, according to the Daft report.
The typical listed house price nationwide in the second quarter of 2024 was €340,398.
This is 6.7 per cent more than in the same period a year earlier and 35 per cent higher than at the onset of the Covid-19 pandemic.
The report shows that while the increase in the second quarter was broadly based, there remain notable differences in price trends across the country.
The number of second-hand homes available to buy nationwide on June 1st stood at just over 11,350, down 18 per cent year-on-year and less than half the 2015-2019 average of almost 25,000.
Since the start of the year, there have been consistently fewer than 12,000 second-hand homes available to buy.
The only other time the market has been as tight, in a series extending back to 2007, is the period January-May 2022, according to the report.
Author Ronan Lyons, an economist at Trinity College Dublin, said: “Over the past 20 years, a clear pattern has emerged in both sale and rental markets: when availability is tight, prices are pushed upwards.
“Availability in the sales market has been consistently tight since the start of the year and thus it is not surprising that prices nationally recorded their largest three-month increase since 2020.
“In part, tight availability of second-hand homes reflects the impact of significant interest rate increases.
“As rates come down again, and in particular as sitting homeowners come off fixed-rate mortgages, supply should improve.
“This, however, is likely to take time and thus tight conditions may continue for some time.”
Additional reporting, Cate McCurry, PA
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