According to the London and St. Thomas Association of Realtors, the local housing market continues to cool off.
Last month, LSTAR saw 514 homes exchange hands across the region, with the housing supply making a steady gain from 2.8 months of inventory in June to 3.6 months of inventory in July.
“With rising interest rates, July saw home sales activity continue to slow down,” said Randy Pawlowski, 2022 LSTAR President. “Inventory has increased, showing more signs of a balanced market. The 3.6 months of inventory in July is in line with the months of inventory recorded during the same month in 2014 and 2015.”
In St. Thomas, the average sale price for a home in July 2022 was $560,360 and $629,313 in Central Elgin.
This, compared to June 2022, where the average sale price for a home in St. Thomas was $576,680 and $616,591 in Central Elgin.
Written by: Kennedy Freeman
