Home prices in the London-area are continuing on their upward trajectory.
Newly released figures from the London St. Thomas Association of Realtors (LSTAR) show the average cost of a home jumped by $28,365 last month to $646,155. In February the average cost was $617,790. It is the second straight month prices have gone up since a roughly $22,000 decrease in January.
When broken down further, the average price of a single-family home in March rose to $708,044, the average price for a townhouse climbed to $531,369, and apartments were $403,560.
“In addition, the average prices for townhouses and apartments saw slight year-over-year gains, rising by 1.7 per cent and 4.9 per cent respectively,” said LSTAR Chair Kathy Amess. “However, when compared to March 2023, the average price of a single-family home from our area decreased by 0.2 per cent.”
Amess added that despite the month-over-month rise in prices, the London region remains a desirable place to buy a home.
"When compared to the prices recorded in other provincial and national centres, homes within the LSTAR jurisdiction appear relatively affordable, positioning our region as an attractive housing market," Amess said.
The number of homes sold in March dropped by 11.3 per cent compared to the same month a year ago. In total, 636 homes were sold last month, up from 594 in February, but down from 685 in March 2023. The number of newly listed properties surged from 1,024 in February to 1,233 in March, marking an 11.8 per cent increase over a year ago.
"For LSTAR, this was the March with the lowest number of home sales in the last decade, partly because of the statutory holiday Good Friday, which fell at the end of the month this year, and not in April, as usual," said Amess. “However, the number of new listings was in line with the association’s ten-year average for the month of March."
Of the 636 homes sold last month, 449 were single-family homes, 103 were townhouses, and 63 were apartments.
