The average price of a second-hand, three-bed semi in County Louth rose by 3% in the past year, according to the latest national survey by Real Estate Alliance.

Three-bed semi-detached home values in the county remained at €260,000 during the first three months of 2023, 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 50% of the market during Q1 with 53% of buyers moving out from the cities.

The average time taken to complete a sale remains at five weeks, the survey shows.

In Dundalk, the average price for a three-bed semi remained static at €240,000, with time to sell this quarter falling by one week to three.

“For the first three months of the year the market has been buoyant, despite a shortage of property,” said Michael Gunne, of REA Gunne Property, Dundalk.

The average cost of a similar property in Drogheda is €280,000, the same as the previous quarter, with the time to sell also remaining static at six weeks.

“The price gap is widening between new homes and second-hand homes and there is good value to be had in the second-hand market,” said Darina Collins of REA O’Brien Collins, Drogheda.

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%.