The average price of a second-hand, three-bed semi in Co Kerry rose by 2.6% in the first three months of the year, according to the latest national survey by Real Estate Alliance.

The average cost of three-bed homes in the county is now €300,000, up from €292,500 in December 2022, the Q1 REA Average House Price Index shows.

By concentrating on the actual sale price of three-bed semis, the survey provides an up-to-date picture of the second-hand property market in towns and cities countrywide.

Across Kerry, first-time buyers made up 40% of the market during Q1 with 15% coming from buyers moving out of cities.

The average time taken to complete a sale in the county is now seven weeks, down one week from an average of eight in the previous quarter, the survey shows.

In Killarney, the average price for a three-bed semi is now €360,000, up 2.27% from an average of €350,000 in the previous quarter, while the time to sell has fallen by one week to seven over the same period.

The average cost of a similar property in Tralee rose by 2.13% from €235,000 to €240,000 in the first three months of the year, while the time to sell also dropped by one week to seven.

“There has been very little property for sale during this quarter. With no new houses under construction, the number of houses for sale is at its lowest level ever,” said Donal Culloty of REA Coyne and Culloty, in Killarney.

Commenting on the Tralee figures, Mr Culloty said: “As with Killarney, demand for houses remains strong but the amount of properties for sale has been scarce.”

Across the rest of Ireland, the actual selling price of a three-bedroomed semi-detached rose by 0.6% over the past three months to €293,343 – representing an annual increase of 5.3%.

House prices in Dublin recovered after a pre-Christmas fall and rose by 0.5% to €498,333 in the past three months, slightly exceeding last September’s prices and showing an annual rise of 3.5%.

Mirroring the capital, cities outside Dublin experienced a 0.4% rise to an average selling price of €310,250.

The smallest percentage increases came in commuter counties where average prices went from €312,778 to €313,056 – a rise of just 0.1% on average over three months.

The country’s large towns saw the largest quarterly increase at 1%, with prices now averaging €211,776 and properties selling faster at an average of five weeks, than in cities or commuter areas.

Nationally, first-time purchasers make up 60% of the market, the quarterly survey has found.

The actual selling price of a three-bedroomed semi-detached house across the country rose by 0.6% over the past three months to €293,343 – representing an annual increase of 5.3%.