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What Are Your Perceptions Of The London Ontario Real Estate Market For March 2023

February 2023 Year to Date Real Estate Numbers London Ontario and Area

In February 2023, the MLS® System of the London and St. Thomas Association of REALTORS® (LSTAR) recorded 436 residential transactions.

There were 761 new listings in February 2023 bringing the number of active listings to 1,320.

Compared to February 2022, the overall average home price and the composite MLS® Home Price Index (HPI) Benchmark Price were significantly lower, down 24.2% and 25.1%, respectively. Despite this, both metrics saw modest month-over-month growth. LSTAR’s average home price was $621,912 last month, while the composite MLS® HPI Benchmark Price was $583,500.

To further understand the market, the following table illustrates February’s average home prices in LSTAR’s main regions compared to the benchmark prices for those same areas. 

AreaFebruary 2023 MLS® HPI Benchmark PriceFebruary 2023 Average Price
Central Elgin$581,600$772,488
London East$473,500$545,823
London North$701,900$716,079
London South$579,700$591,098
Middlesex Centre$833,600$901,034
St. Thomas$499,100$552,500

In February, the single-family home continued to be the most desirable housing type in London and the area, with a total of 325 transactions recorded. Next were condo townhouses with 56 sales, and thirty-four apartment condos were sold, which is relatively low.

Providing a comprehensive overview of the benchmark prices for all housing types in LSTAR jurisdiction, the following table presents the figures for February 2023. This data allows for a direct comparison with the benchmark prices from the preceding years of 2022 and 2020.

MLS® Home price Index Benchmark Prices
LSTAR Composite$583,500↓25.1%↑44.0%
LSTAR Single-Family$628,300↓25.0%↑46.4%
LSTAR One Storey$558,400↓25.2%↑43.0%
LSTAR Two Storey$676,300↓24.8%↑48.4%
LSTAR Townhouse$489,400↓25.7%↑43.3%
LSTAR Apartment$353,800↓26.1%↑18.2%

Compared to other values recorded provincially and nationally, homes in our area remain reasonably priced!

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

Founder & Owner & Broker of Record of Sutton Group Envelope Real Estate Inc, That's all I can say about me! You see, this is about you, not me; you do not want to hear blah blah stuff about awards, designations or that we walk older people across the street, the reincarnation of Mother Teresa, walk on water or anything else to impress you. We let the numbers speak for themselves; you see, success leaves clues!

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