It was the 21st month in a row of rising home values.
The national property price index increased by 7.9pc in the 12 months to May, up from 7.6pc in the year to April, the Central Statistics Office (CSO) said.
Property prices in Dublin rose by 6.9pc, and prices outside Dublin were up by 8.7pc compared with May last year.
The median price of a dwelling purchased in the 12 months to May 2025 was €370,000. This is up €5,000 on the median, or typical, price paid in April.
The cost of a typical home is now up by €35,000 since May last year.
The highest median price for a dwelling was €670,000 in Dún Laoghaire-Rathdown, while the lowest was €186,000 in Leitrim.
The most expensive Eircode area over the 12 months to May was A94 (Blackrock, Dublin) with a median price of €770,000. Castlerea, Co Roscommon, had the least expensive price of €150,000.
In May 2025, 3,824 dwelling purchases by households were filed with the Revenue Commissioners at a total value of €1.6bn. These purchases were made up of 2,913 existing dwellings and 911 new dwellings.
Revenue data shows there were 1,388 first-time buyer purchases in May.
The region outside of Dublin that saw the largest growth in house prices was the Border, which consists of Cavan, Donegal, Leitrim, Monaghan, and Sligo, at 11.1pc.
Prices an average of 10pc in the Mid-West, which consists of Clare, Limerick, and Tipperary.
At the other end of the scale, the South-East, comprising Carlow, Kilkenny, Waterford, and Wexford, saw a 7.7pc rise in house prices, the CSO said.
This week the Economic and Social Research Institute (ESRI) told an Oireachtas committee there will be no major uptick in housing supply this year or in 2026.
It said Government targets set to be missed in both years.
ESRI economists said a tight construction labour force and low productivity levels mean the outlook for housing remains bleak.
ESRI research professor with the ESRI Conor O’Toole said these factors, coupled with the out-turn for 2024 and the first quarter of 2025, mean the group does “not foresee any major uptick in 2025 and 2026 in housing supply”.
He said the ESRI is currently forecasting 33,000 units in 2025 and 37,000 units in 2026, which would be well below Government targets of 41,000 this year and 43,000 next year. Furthermore, Mr O’Toole added most of the risks “weigh on the downside”.
The slow delivery of new homes comes at a time when demand for housing continues to surge.
Close to one in five consumers in this country are looking to rent or buy, the Banking and Payments Federation Ireland said, quoting European Central Bank statistics.
Demand for housing in this country is now the second highest in Europe, after the Netherlands.
The banking lobby group said 17pc consumers in Ireland, or almost one in five, report that they were looking to rent or buy.
This is according to the February 2025 ECB Consumer Expectations Survey.
source