The latest MyHome.ie report shows that property prices in Galway are around €10,000 more expensive than this time last year.
Meanwhile, there were 599 properties for sale in Galway at the end of Quarter 1 2024 - a decrease of 16% since the start of the year.
Nationally, asking prices for homes rose by 6.5 percent last year, with properties selling at 5 percent over the advertised price.
Chief Economist at Bank of Ireland Connall MacCoille says there's still a shortage of supply, which is why homes are selling for above their asking price.
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