The London and St. Thomas Association of REALTORS® (LSTAR) has unveiled its December 2024 real estate market statistics, highlighting a robust year for the region. The month saw increased sales activity, more new listings, and rising average sale prices, signaling a strong close to the year.
In December, 392 homes were sold, a 2.6% increase compared to December 2023. New listings surged by 17.9%, with 533 properties entering the market. The average sale price rose to $636,667, up 2.3% year-over-year. Active listings also grew, reaching 2,198, a 17.9% jump from last year.
The full year of 2024 demonstrated a thriving market, with 8,088 homes sold, marking an 8.4% increase from 2023. The total dollar volume reached an impressive $5.19 billion, reflecting a 7.4% year-over-year rise. New listings climbed by 10.9%, with 16,707 properties entering the market. Active listings saw a 23.9% growth, totaling 2,563.
The average sale price for the year held steady at $642,006, with a slight dip of 0.9%. In December, homes in Strathroy-Caradoc averaged $581,840.
LSTAR’s report showcases the resilience of the local real estate market, paving the way for continued optimism in 2025.
Written by: C. Soares