Average home price breaks $500K milestone

(Photo by © Can Stock Photo / Feverpitched)

The average sale price of a home in the London area has risen to over half a million dollars for the first time ever.

The London and St Thomas Association of Realtors (LSTAR) said on Tuesday that the average price of a home sold in August was $501,584, which is 22 per cent higher than in August 2019. The average sale price is up also more than 55 per cent compared to the same time three years ago.

“August capped off a very strong summer for home sales in the region,” said 2020 LSTAR President Blair Campbell in a news release. “It’s a testament to the pent-up demand caused during the COVID-19 lockdown months.”

St. Thomas in particular saw an increase in the average sale price last month, with a new peak of $455,786. The average price marked a 33 per cent increase over August of last year and was more than 77 per cent higher compared to August 2017.

LSTAR also said 931 homes exchanged hands last month, making it the second-best August for sales since the association began tracking data in 1978.

“Within the London area, London South had the biggest gains in sales activity and average sales price,” Campbell said. “There were 296 sales, up more than 27 per cent compared to a year ago and the average sales price jumped to $522,999, up 27.4 per cent over August 2019. That’s also up 60 per cent compared to three years ago and up more than 105 per cent over August 2015.”