A report by Daft.ie has suggested asking prices are now back to the level seen in May 2006.
In the past 12 months asking prices have fallen on average by 7.9%.
The most severely affected Irish counties in the report were Sligo and Monaghan, which sustained drops of around 12%.
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These new figures are based on transactions processed by the online estate agent.
Daft.ie's economist Ronan Lyons suggested there is a "severe downward pressure" on property prices. Mr Lyons attributed this to a surplus of homes for sales in certain areas.
Many sellers have "unrealistic" expectations of price, according to the report's findings. None more so than in south Dublin, where new properties on the market are being pitched at around €60,000 greater than those already for sale in the vicinity.
(PR/JM)
