The price of an average home is surging by €500 a week.
New figures from Real Estate Alliance (REA) show that in Dublin the price of a three-bedroom semi-detached house is jumping by as much as €1,300 every seven days.
The average cost in Dublin now stands at €431,500.
Nationally you can expect to pay almost €222,000 - up over 11% in the last 12 months.
"Supply is the main driver of these continuing price rises with our agents reporting that the volume of listings is down around the country," said REA spokesperson Healy Hynes.
"In what is becoming a vicious circle, families looking to trade up are not seeing the larger homes becoming available while empty nesters looking to downsize do not have a ready supply of smaller homes emerging on the market.
"Looking at the supply figures, it could be 2020 before we see any normalisation in the marketplace."
The commuter counties saw an increase of 2.7% this quarter, with the average house now selling for €229,300.