In its review of 2009, property website DAFT.ie says the national average asking price for a house at the end of 2009 was €242,000, down more than €100,000 from the peak.
Daft.ie's report says the rate of decline in asking prices has varied across the country with the market battered by a crisis in confidence.
Prices in Dublin are down 42% from their 2007 highs.
In the surrounding counties and Cork, the decline from peak to now has been more than 30%.
In Cork, Galway and Waterford cities asking prices are around 30% down on their 2007 peak.
Limerick city and county have performed better with falls of just over 20%.
The average time taken to sell a property is now nine months, though this has fallen to four months in Dublin where the number of homes for sale fell by 17%.
The stock of properties for sale nationally is 3% lower than a year ago, though Daft.ie says with 60,000 properties on the market, the number of people looking to sell remains high.
