The House Price Index shows the average cost of residential property in the area stands at £154, 738, the second lowest of all council areas.
The price has risen by 6.1 per cent from last year but is down o.5 per cent from the previous quarter, October to December 2022.
The index, which is compiled by Land & Property Services, assisted by the Northern Ireland Statistics & Research Agency, covers the most recent quarter (January – March 2023).
The figures also reveal that between the final quarter of last year and this quarter, house prices across Northern Ireland decreased by 1.8 per cent.
However, they rose by five per cent between this time last year and now.
In total, 4,280 residential properties were sold during the first quarter this year, with the average price for a house in Northern Ireland standing at £172,005,
They range from £148,548 in Derry City and Strabane to £204,122 in Lisburn and Castlereagh.