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London Real Estate Market Update – September 2020

 R E A L  E S T A T E  M A R K E T  U P D A T E

September 2020

September home sales set a new record

LSTAR (The London and St Thomas Association of REALTORS®) announced that in September a record for residential sales was achieved with a total of 960 homes exchanging hands.

This marks the best ever sales for September since 1978 when the Association began tracking data.

Price Breakdown & % Change Across The Region

 

The average home sales price also reached a new peak of $521,883, up 28% over September 2019 and is up more than 98% compared to September five years ago.

The Following graphic illustrates September’s average home prices by area and how they compare to the values recorded for September 2019.

 

Average Home Prices Across London

 

 

How long are Sales taking?

 

Did you know?

According to a research report, a total of $67,425 in ancillary expenditures is generated by the average housing transaction in Ontario over a period of three years from the date of purchase.
This means that London and surrounding areas September could translate into more than $62 million going back into our local economy within the next few years.

Real estate is essential to driving the economy.