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Home Sales Down in London Ontario in November 2023 Moving to a Buyers Market!

There were 421 homes sold in London, Ontario, and the area in November 2023, according to the MLS® System of the London and St. Thomas Association of REALTORS® (LSTAR), down from the 487 homes sold in November 2022.

There were 1467 active listings on the market, indicating 4.7 months of supply, indicating a buyer’s market!

An Update On The Real Estate Market London Ontario

The average home price in November for the entire jurisdiction of LSTAR was $605,661, a modest decrease from $629,605 in October. Concurrently, the Composite MLS® Home Price Index (HPI) Benchmark Price settled at $577,400, a slight dip from the October figure of $592,100.

What does that mean?

To distinguish between these two metrics, the HPI benchmark price represents the value of a “typical home” as buyers perceive it in a specific area, considering various housing attributes. In contrast, the average sales price is derived by summing all home sale prices and dividing the total by the number of homes sold. The HPI benchmark price is a more reliable tool for tracking trends over time: it offers a stable reference point. This is particularly significant as average sales prices may fluctuate due to changes in the mix of sales activity from one month to the next.

The following table indicates the average and MLS® HPI Benchmark Prices recorded last month in LSTAR’s main regions.

AreaNovember 2023 MLS® HPI Benchmark PriceNovember 2023 Average Price
Central Elgin$596,200$612,857
London East$463,800$475,192
London North$681,300$690,401
London South$573,800$614,409
Middlesex Centre$824,600$963,503
St. Thomas$509,500$559,812

The table below shows the November benchmark prices for all housing types within LSTAR’s jurisdiction, and how they compare with those recorded in the previous month and three months ago. 

MLS® Home price Index Benchmark Prices
Benchmark TypeNovember 2023Change Over October 2023Change Over
August 2023
LSTAR Composite$577,400↓2.5%↓4.9%
LSTAR Single-Family$620,200↓2.1%↓4.8%
LSTAR One Storey$565,800↓4.0%↓4.7%
LSTAR Two Storey$660,000↓0.8%↓4.7%
LSTAR Townhouse$484,500↓4.8%↓5.0%
LSTAR Apartment$375,500↓2.5%↓5.8%

Prices in Other Cities in Canada!

Below You Can See Instantly What Is For Sale Now in The Area, Refreshed 10-12 Times Daily

Houses for Sale London Ontario & Area
All Townhouses & Townhomes For Sale in London Ontario and surrounding towns and villages for sale

All apartment condos for sale in London Ontario

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Ty Lacroix

"Not All Realtors Are The Same"! This website and content are for you and are designed and constantly upgraded with the latest real estate trends, how-tos, and what is for sale on MLS. Our primary focus is guiding home buyers and sellers to make good decisions. We believe selling real estate is a process, not an event or knee-jerk reaction; we sleep well at night and ensure our clients do as well! We are not for everybody, nor can we please everybody, nor do we tell people what they want to hear; I know that may be old-fashioned and boring, but we are dealing with hundreds of thousands of your hard-earned money. Would you rather be happy, excited and bored or unhappy, excited and make a poor choice? About Ty I am a Broker with Sutton Group Preferred Realty Inc., Brokerage and the team leader for The Envelope Real Estate Group, that's enough about me! You see, this is about you, you do not want to hear blah blah stuff about awards, designations, or that we walk older adults across the street (I used to help old ladies cross the street, but as I got older I did not want my wife to think I was flirting) the reincarnation of Mother Teresa, walk on water or anything else to impress you. We let the numbers speak for themselves; success leaves clues!

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