Kilkenny house prices in Q2 of 2023 are 1% higher than a year previously

Kilkenny has bucked the national trend, with house prices continuing to rise here in the second quarter of 2023, according to the latest Daft.ie House Price Report released today.

In Kilkenny, prices in the second quarter of 2023 were 1% higher than a year previously compared to a rise of 8% seen a year ago. The average price of a home here is now €283,000, 13% below its Celtic Tiger peak.

Nationally, housing prices in the second quarter of 2023 were 0.5% lower than a year ago, according to the report by Ireland’s largest property website, Daft.ie. This marks the first time since mid-2020 that prices have fallen in year-on-year terms.

Looking at the second quarter compared to the first, prices rise – and by an average of 2.4% nationally. The average listed price nationwide in the second quarter of 2023 was €309,648, up 2.4% on the average for the first quarter but slightly lower than this time last year and one-sixth below the Celtic Tiger peak. 

Between March and June, prices in Dublin were on average 0.6% lower than a year previously while in Waterford city they were 0.5% lower. Cork and Galway cities saw larger falls in year-on-year terms, of 3.3% and 2.1% respectively. In Limerick city, however, prices bucked the trend and are 1.1% higher than a year ago – and just 2.4% below the late 2007 peak. Outside the cities, prices in Leinster were unchanged compared to a year ago and up 0.6% in Connacht-Ulster, while in Munster they were down 1%. 

The number of homes available to buy on June 1 stood at just over 13,000, up 5% on the same date last year but well below the 2019 average of 24,200. In all parts of the country, the rate at which availability has increased has slowed in recent months.

"Looking at the second quarter compared to the first, prices rise by an average of 2.4% nationally. This is not a trivial increase, almost matching the average quarterly increase in the covid surge between mid-2020 and mid- 2022. And it is the first time since mid-2022 that prices have increased quarter-on-quarter," said Ronan Lyons, economist at Trinity College Dublin.

“The change in market conditions over the last 12 months is clear from the figures in this latest report. A year ago, double-digit inflation in housing prices was still prevalent across much of the country. Now, very few markets are seeing prices more than a percentage point or two higher than a year ago – and those increases largely reflect increases seen March-June last year.

But while demand has weakened, the post-covid recovery in supply also appears to be weakening, in both new and second-hand segments. Thus, while this year is unlikely to bring any substantial increases in housing prices, underlying issues stemming from housing shortages will persist.”