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The 2023 Residential Real Estate Market in London Ontario and Area

The total number of residential properties sold in 2023 in our local MLS system, The London and St Thomas Association of Realtors® (LSTAR), was 6,717, a record low!

real estate market stats for London Ontario

The average home price for the entire LSTAR jurisdiction reached $628,047 in December, showing a modest increase from the November figure of $605,661. However, the Composite MLS® Home Price Index (HPI) Benchmark Price sat at $571,200, a slight dip from November’s $577,400. Year-to-date, LSTAR’s overall average price settled at $647,190.

The HPI benchmark price reflects the perceived value of a ‘typical home’ in a specific area, considering certain housing attributes valued by local buyers. On the other hand, the average sales price is calculated by adding up all the home sale prices and dividing that total by the number of homes sold. This is why the HPI benchmark price is a more reliable tool for tracking trends over time: it provides a more stable reference point than average sales prices, which may vary significantly from one month to the next due to only a few outliers.

The table below presents a detailed breakdown of December’s average and MLS® HPI Benchmark Prices in LSTAR’s main regions.

AreaDecember 2023 MLS® HPI Benchmark PriceDecember 2023 Average Price
Central Elgin$603,200$657,780
London East$460,300$503,734
London North$669,700$675,433
London South$566,200$636,539
Middlesex Centre$808,200$1,340,019
St. Thomas$514,900$546,987

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

MLS® Home price Index Benchmark Prices
Benchmark TypeDecember 2023Change Over November 2023Change Over
September 2023
LSTAR Composite$571,200-1.1%-4.0%
LSTAR Single-Family$616,700-0.6%-3.6%
LSTAR One Storey$565,300-0.1%-4.5%
LSTAR Two Storey$654,300-0.9%-3.0%
LSTAR Townhouse$473,300-2.3%-5.7%
LSTAR Apartment$355,100-5.4%-5.8%

“When compared to the prices recorded in other provincial and national centres, homes within the LSTAR jurisdiction remained relatively affordable, positioning our region as an attractive housing market for many,” Adam Miller ,LSTAR president said.

The chart below shows the most recent HPI benchmark prices, as provided by CREA.

Below You Can See Instantly What Is For Sale Now in The London, Ontario and the Area On MLS

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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