The average listed price throughout the country in the final three months of the year was €320,046, which is 1.5pc lower than in the third quarter and roughly 14pc below the height of the Celtic Tiger.
The study also stressed a major fall in availability of houses across all major regions.
Author of the House Price Report, Ronan Lyons – who is an economist at Trinity College Dublin – said the availability of homes fell throughout 2023 after having increased dramatically in the second half of 2022.
“The number of homes on the market is now at levels only previously seen during the pandemic,” he said, commenting on the findings.
The study highlights significant differences in price trends across the country. Prices in Dublin rose by an average of 2pc during last year, while the rest of Leinster saw an increase of 0.8pc.
Cork city saw prices rise by 3.7pc during the calendar year with the average listed price for a house there in 2023 being €337,550, while Galway city recorded a 4.1pc jump, with an average price of €365,813.
Waterford and Limerick city noted increases of 6.1pc and 9pc respectively, with an average house price in Waterford of €239,709 and Limerick of €365,813.
Outside the cities, prices were 6.8pc higher in Munster and 8.3pc higher in Connacht-Ulster in the final quarter of 2023 when compared with the previous year. The average listed house price throughout the rest of the country was €239,709 in 2023.
The study noted that the number of homes available to buy nationwide on December 1 stood at just over 11,100.
This figure is down 27pc year-on-year, making it the lowest recorded number since March 2022. It is also less than half the 2019 average of 24,200, according to the House Price Report.
The fall in availability, which started in the middle of the year, can be seen in all major regions of the country, although it is proportionately largest in Dublin, which is down 33pc year-on-year.
With price inflation easing off even as the number of listings is down over 10pc, this suggests that the dramatic change in market conditions over the past 18 months is taking its toll, Mr Lyons said.
Looking ahead to 2024, Mr Lyons said that the big question for the year will be about the performance of the second-hand market.
“The construction of new homes has improved dramatically over the past five years and looks set to continue into 2024 and potentially 2025,” he said.
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