The average price of a second-hand, three-bed semi in Limerick city rose by 0.7% in the first three months of the year, according to the latest national survey by Real Estate Alliance.

Three-bed homes in the city now cost €272,000, up from €270,000 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.

First-time buyers made up 70% of the Limerick city market during Q1, with 25% of buyers coming from other cities.

The average time taken to complete a sale in the county is four weeks, unchanged from the previous quarter, the survey shows.

The average price of a second-hand, three-bed semi in Limerick county rose by 8% in 12 months, to €227,000, unchanged in the past three months.

“We have noticed a very slow start to 2023 in terms of transactions and new listings,” said Pat Dooley, of REA Dooley.

“The spring market kicked off a little later than usual but since late February there has been a steady increase in new listings.

“Demand is also increasing with volume of viewings and transactions up significantly since January.

“Price growth seems to be static but this may be because of the seasonality and the slower start to the spring market.”

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%.