May 2025 London Market Snapshot:
Resilient, Shifting, and Full of Opportunity
By Elevate Real Estate Group
The London and St. Thomas real estate market is demonstrating remarkable resilience, even as broader economic uncertainties—including ongoing U.S. tariff impacts—continue to affect buyer and seller behaviour.
According to the London and St. Thomas Association of REALTORS® (LSTAR), a total of 722 homes were sold in May, representing a 15.4% drop compared to May 2024. While this may initially seem like a setback, it reveals just one part of the story. Listings have increased — and that’s significant for local buyers.
May 2025 London Market Snapshot:
📈 More Homes, More Choice
With 1,999 new listings hitting the market (up 15.3% year-over-year) and 3,253 active listings available (up 26.5%), buyers are enjoying a wider selection across the region. More inventory translates to more choices — and in some cases, increased negotiating power — especially for those who have been waiting on the sidelines for the right moment.
“The increase in listings is encouraging for buyers,” says Dale Marsh, LSTAR’s 2025 Chair. “However, economic uncertainty, particularly from US tariffs, continues to influence market behavior.”
💵 What’s Happening With Prices?
The average home price in May was $656,432, representing a 1.4% increase from the same month a year ago. This stability, despite slower sales, suggests that demand remains steady and sellers who price their homes strategically are still seeing strong results.
Additionally, inventory levels have climbed to 4.5 months of supply, bringing the market closer to balance.
🏘 Area Breakdown: May 2025 Snapshot
Here’s a quick look at average prices across the region:
| Area | MLS® HPI Benchmark | Average Price |
| Central Elgin | $638,900 | $689,474 |
| London East | $468,400 | $524,701 |
| London North | $682,000 | $742,398 |
| London South | $589,700 | $649,905 |
| Middlesex Centre | $843,600 | $979,397 |
| St. Thomas | $545,700 | $564,737 |
| Strathroy-Caradoc | $823,100 | $679,453 |
| LSTAR Region | $593,900 | $656,432 |
Note: The MLS® HPI Benchmark Price reflects the value of a “typical home” in a given area based on various housing attributes. It helps track market trends more consistently than averages, which can swing based on the mix of homes sold in a given month.
🔍 Price Trends by Property Type
In May 2025, the MLS® Home Price Index (HPI) composite benchmark for the region was $593,900, showing:
- A 0.8% increase from April 2025
- A 4.5% decrease over three months
- A 2.2% drop compared to last year
Here’s how different home types performed:
| Property Type | Benchmark Price | MoM Change | 3-Month Change |
| Single-Family | $651,500 | ↑ 1.6% | ↓ 3.3% |
| One-Storey | $602,700 | ↑ 3.5% | ↓ 0.9% |
| Two-Storey | $691,700 | ↑ 0.6% | ↓ 5.0% |
| Townhouse | $488,200 | ↓ 0.4% | ↓ 1.8% |
| Apartment | $369,500 | ↓ 6.2% | ↓ 2.7% |
📌 Takeaway: While apartments and townhouses saw price softening, one-storey homes experienced the biggest monthly bump, up 3.5%. This aligns with a longer-term trend — over five years, one-storey homes in the region have appreciated by 55.9%.
🛠 Real Estate’s Ripple Effect
It’s worth remembering that real estate goes beyond merely buying and selling homes. Each transaction stimulates broader economic activity. A recent Altus Group study found that the average resale home transaction in Ontario contributes $88,966 in spin-off spending — from legal fees and moving services to renovations and furniture purchases.
The resale market also supports jobs: between 2020 and 2022, real estate activity generated over 106,000 jobs per year in Ontario, across industries like manufacturing, construction, finance, and insurance.
💡 Final Thoughts from Elevate
What we’re seeing is a market in motion — more balanced, with opportunities for both buyers and sellers. If you’re considering making a move this summer, whether it’s buying your first home, upgrading, or downsizing, this could be your moment to act with confidence.
📞 Let’s talk strategy. At Elevate, we’re here to guide you through every step — with insight, experience, and a client-first approach that helps you succeed in any market.
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Elevate Real Estate Group
Why Choose Elevate Real Estate Group?
At Elevate Real Estate Group, we understand that buying a home is a significant decision. That’s why having the right team by your side is essential. Our experienced realtors—Stewart Blair, Jeremy Odland, Brittany Wurfel, and Caitlyn Ford—bring unmatched expertise and dedication to every client.
Additionally, our in-depth knowledge of the London, Ontario, market allows us to confidently guide you through every step of the process. From the initial consultation to the moment you receive your keys, we’re committed to making your journey smooth and stress-free.
Learn more about Elevate here, Meet the Elevate Real Estate Team
Elevated Excellence in Real Estate
When you ask our clients, you’ll hear time and time again how we stand out in a competitive market. Our unwavering focus on Ethical Behaviour, providing the Best Client Experience Possible, and maintaining a Commitment to Excellence sets us apart.
Unlike others in the industry, we do not chase awards, focus on sales volume, or rush through deals to move on to the next client. Instead, we care about Every Client, Every Deal, Every Time. Whether you’re a first-time buyer or a seasoned investor, you can trust us to deliver the care and respect you deserve.
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More From The Elevate Real Estate Blog
Exploring real estate in London, Ontario? We’ve covered you with various blog posts designed to guide you through every step of the buying or selling journey. Whether you’re considering a move to London, preparing your home for showings, or looking for expert tips on navigating the real estate market, our curated resources are here to help. Dive into the posts below for actionable advice, local insights, and strategies to make your real estate experience seamless and successful. Each blog is tailored to provide you with valuable knowledge to make confident, informed decisions in the London, Ontario, real estate market.
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A Beginner’s Guide for Buyers and Sellers in London, Ontario
How To Leverage Realtor.ca To Find Your Next Home
How Elevate leverages Realtor.ca for your home search
Homes for Sale in London, Ontario
What You Need to Know Before You Buy 🏡
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