There was a 7.2% increase in the average value of second-hand homes in 2024 compared to just 3.8% last year according to Sherry FitzGerald.
Prices in Dublin jumped by 7.1% annually, with a 1.1% increase in the final quarter which was more than double the growth recorded in the previous year.
Outside the capital prices rose by an average of 7.3% with the highest level of growth was in the Mid-West and Midlands regions at 9.9% and 9.7% respectively.
The Sherry Fitz figures show that about 33,700 housing transactions were completed in the first nine months of 2024, down 6% compared to the same time last year.
The estate agents said this decrease was led by an 8% drop in second-hand home sales, which partially offset by a 5% rise in new home transactions.
There was also a drop off in investor activity, with just 11% of Sherry FitzGerald's second-hand sales in 2024 involving investor buyers.
They noted a third of vendors were also investors exiting the market.
Sherry FitzGerald also said today that housing supply remains under significant pressure.
From January to September, only 21,650 residential units were completed, a 3.1% fall on the same time in 2023.
The estate agents have estimated that 62,000 homes are required to meet annual demand in the short term, but said that completions are expected to meet only half of this need.
Marian Finnegan, Managing Director of Sherry FitzGerald, said further prices rises were likely in the future.
"We anticipate further price inflation of 8-10% in 2025 unless these issues are addressed," Ms Finnegan said.
She warned that rental caps and unfavourable tax treatment have driven landlords out of the sector for well over a decade.
"The formation of a new government must prioritise housing at the top of its agenda. Extending the Help-to-Buy scheme and attracting private equity to Ireland are essential to tackling the emergency," Ms Finnegan said.
"Additionally, retaining landlords in the rental market is vital to stabilising rents and ensuring affordability," she added.
