New analysis carried out by Property Consultants Savills Ireland has found that there are 24.2 properties for sale per 10,000 population across Ireland.
When it comes to the availability of homes for sale in Waterford, there were 22.6 homes available per 10,000.
This places Waterford in 14th place. Meanwhile Dublin ranked 8th with 19.5 available.
Monaghan performed the worst with just 12.2 available per 10,000 with Meath, Kildare, Carlow and Louth rounding out the top five - all counties within a reasonable distance to Dublin.
"What ties these counties together is that they are all commuter counties to Dublin, suggesting that the higher prices in Dublin are leading to stiff competition for homes for sale within striking distance of the capital," said Savills Ireland.
The report indicates that cheaper prices along with flexibility in working patterns post pandemic may have nudged people to buy outside of Dublin.
Waterford performs similarly when it comes to the rental market ranking 11th with 4.9 homes to rent or share.
Monaghan again fares worst however with just 2.4 homes to rent or share.
Only 5.4 homes are available for rent per 10,000 people nationwide. This is in stark contrast to the 24.2 available for sale.
Munster counties Tipperary and Clare ranked amongst the worst for homes available to rent or share placing fourth and fifth respectively.
Dublin, Carlow and Limerick has the most availability when it comes to rentals.
Director of Research at Savills Ireland, John Ring said “the starkest finding of this analysis is the shortage of rental stock across the country and it is not clear how this issue is going to be resolved.
"Apartment development, the traditional channel by which rental stock has been delivered historically, is unviable in most locations outside of Dublin, with no new apartment delivery of scale taking place since the crash."
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