The price of the average second-hand three-bed semi in Limerick city has risen by 9.3% to €235,000 in the last three months, according to a national survey by Real Estate Alliance.

Average prices in the county rose 10.1% to €196,000 in this period, the REA Average House Price Index shows – the second highest rise in the country behind Louth.

Across the county, the average time taken to sell remained at three weeks this quarter.

“Stock is currently at an all-time low. Paired with this, in the first-time buyers’ market, demand is very strong,” said Pat Dooley, REA Dooley.

“We are seeing a mix of investors and owner occupiers selling, as well as a number of people trading up and relocating out to the country from the city.

“Because of this, there is a strong demand for country locations and lack of supply is driving up prices.”

Average house prices have risen by almost €1,000 per week nationwide since the end of March, the REA Average House Price Survey has found.

The survey concentrates on the actual sale price of Ireland's typical stock home, the three-bed semi, giving an accurate picture of the second-hand property market in towns and cities countrywide.

Fuelled by pent-up demand and the return of physical viewing, the marketplace is also seeing the lowest supply and the shortest time taken to sell in recent history.

And as multiple buyers bid for scarce supplies, the average three bed semi is now reaching sale agreed after just four weeks on the market across the country – less than half the ten-week average this time last year.

The price of a three-bedroomed semi-detached house across the country rose by €10,000 over the past three months to €253,685 – representing an annual increase of 8%.

The biggest rises in Q2 came in commuter counties and the country’s large towns as buyers continue to move out further from the city in preparation for long-term hybrid working situations.

In Dublin city, house prices rose by €1,500 per week in Q2, increasing from €438,500 in March to a present rate of €456,667

Limerick, Cork, Galway and Waterford cities shared a combined increase of 3.5% in the past 12 weeks with prices rising by €10,000 to an average of €275,000.

Three bed semis in commuter counties rose 4.33% by over €11,000 in the past three months to an average of €270,111 – with the average home selling in just three weeks, down from a high of 11 weeks a year ago.

As the flight to rural locations continues, prices in the rest of the country’s towns rose by over 4.6% in Q2 to €176,690.