New figures from Sherry FitzGerald show that the average value of second-hand homes in Ireland increased by 2.8% in the first quarter of 2022, compared to 1.5% the same time last year.
Overall, average values have increased 11.1% over the past 12 months, the estate agent said.
Sherry FitzGerald said that price growth in Dublin matched the national figure at 2.8% in the quarter, up from growth of 1% in the first quarter of 2021.
In the twelve months to Q1 2022, prices grew 9.2% in Dublin, while price growth outside of Dublin has been greater at 13.6%.
Today's figures show that second-hand home price growth is strongest in the Border region, where the combination of lack of supply and lower average values has resulted in greater levels of price inflation than elsewhere.
In the year to the first quarter of 2022, prices increased 19.9% in the region.
Last year saw housing sales almost fully recover to their pre-pandemic levels, with the second-hand market at its most active in over a decade.
Excluding block sales and new homes acquired for social housing, there were over 54,600 housing transactions in 2021, according to the Property Price Register.
This was 18.1% higher than 2020 although still 1.2% lower than 2019.
Sherry FitzGerald noted that activity in the second-hand market was brisk, with approximately 47,000 units sold - significantly ahead of the previous year and 2.5% stronger than 2019.
It said that second-hand sales growth was strongest in lower average value and coastal counties, with as many as seven counties noting double digit growth on 2019 volumes.
Transaction volumes in larger and more urban counties was on par with or just slightly below their pre-Covid-19 levels.
Second-hand activity in Dublin and Cork was 1% lower than 2019, while Galway was 3.9% lower. In Limerick, second-hand sales in 2021 matched 2019 levels, today's figures show.
Eoin Lynch, Sherry FitzGerald's economist, said the elevated rates of price inflation observed last year have continued into the opening quarter of 2022.
"Lower valued properties have recorded the largest increases in the rate of growth, albeit sustained price inflation is an almost ubiquitous trend nationally at present," Eoin Lynch said.
The economist said that although the outlook for the market is clouded given the uncertainty in how geopolitical events will unfold, there is some reason to believe the moderating forces will begin to take effect as the year progresses, tapering house price inflation.
"It appears increasingly likely that the ECB will begin to raise interest rates later this year. Additionally, new listings in the second-hand market are recovering towards their pre-pandemic levels and the heightened level of commencement activity over the past twelve months should help see some improvements in the levels of supply currently available," he said.
"All these factors have the potential to coalesce to reduce the current heightened rates of inflation," Eoin Lynch said.
But he also said the supply horizon is much more favourable in Dublin at present, both in terms of commencements and granted planning permissions, notwithstanding the potential effects of judicial reviews.
"This will likely lead to a continued divergence in price and rental growth in and outside the capital, as witnessed in recent times," he added.