Two homes can be on the same street, in the same month, and have very different results. One sells in a few weeks. The other is still for sale months later, after one or two price drops.
It is rarely bad luck. In most cases, it comes down to price, and to how that price compares with the other homes buyers can choose from right now in London, Ontario.
What September 2026 looked like in London and St. Thomas
The London and St. Thomas Association of REALTORS, called LSTAR, reported these numbers for its region in September 2026:
561 homes sold, up 5.3% from September 2025.
The benchmark price was $552,500, down 2.6% from a year earlier.
There were 3,335 homes for sale at the end of the month.
Homes took a median of 34 days to sell, up from 29 days a year earlier.
Homes sold for an average of 96.9% of their list price.
There were 5.9 months of inventory, with a sales to new listings ratio of 34.7%.
Let us translate those last two numbers into plain words, because they explain a lot.
Months of inventory means this: if no new homes were listed at all, and homes kept selling at the current pace, it would take about 5.9 months to sell everything already for sale. That is a lot of choice for buyers.
The sales to new listings ratio compares how many homes sold with how many new homes were listed. At 34.7%, far fewer homes sold than were listed. In plain words, buyers had options, and sellers were competing with each other.
These are region-wide numbers for London, St. Thomas, Elgin and Middlesex. Your street, your home type and your price range can look different, so use them as the background, not as a price for your
home.
A word most people mix up: benchmark, average and median
These three prices sound alike, but they are not the same thing.
The benchmark price, $552,500 in September, is the price of a typical home with typical features in the region. Think of it as the price of the "usual" home, not the price of any one home.
The average price adds up every sale and divides by the number of sales. A few very expensive sales can pull the average up, even if most homes sold for less.
The median price is the middle sale: half of homes sold for more, half for less. LSTAR reported a median sale price of $560,000 for the region in September.
Here is why this matters for you as a seller. If you price your home using the average of a few high sales, or using what your neighbour asked two years ago, you may price it above what buyers see as fair today. Buyers compare your home with similar homes that actually sold recently, not with asking prices from a different market.
The surprise in the September numbers
In September, homes across the LSTAR region sold for an average of 96.9% of their list price. That sounds close to asking, and it is. But in the City of London itself, homes sold for about 96.9% of their final asking price and only about 95% of their original asking price.
Read that second number again. It means a good part of the discount did not happen at the offer table. It happened earlier, through a price reduction, before the home sold.
That is the pattern to avoid. A home listed too high often does not get "saved" by waiting. It sits, buyers notice it has been sitting, and then the seller lowers the price anyway, sometimes below the price that might have sold it in the first weeks.
Pricing right from the start does not mean pricing low. It means pricing where buyers who have already seen similar homes will say, “Yes, this one is worth a visit.”
What this means if you are selling in London now
This advice applies to sellers in a market with a lot of choice, like the one in September 2026. It does not apply the same way in a market where homes are scarce and buyers have almost nothing to choose from.
Price from recent comparable sales, not from hopes. Comparable sales are similar homes, in a similar area, that actually sold recently. Your realtor should show you those sales, and explain any differences, such as size, updates or lot.
Look at the competition as a buyer would. Before you list, walk through, in person or online, the homes a buyer would compare with yours at your price. If yours costs more but offers less, buyers will notice, and they will usually choose the other home first.
Treat the first weeks as your best window. That is when your listing is new, when the most buyers see it, and when it has no history of sitting or dropping in price. A realistic first price protects that window.
If you do need to adjust, adjust once, and adjust enough to matter. A tiny drop that still leaves your home above similar sold homes usually just restarts the wait.
Condition and presentation matter too, and in general a clean, well presented home shows better. But even a beautiful home can sit if its price asks buyers to ignore every similar home that sold for less nearby.
What this means if you are buying in London now
The same numbers work in your favour, in a different way. With about 5.9 months of inventory in the region, you usually have time to compare homes, to ask questions, and in many cases to get a home inspection before you commit, as long as your offer includes that condition and your lawyer or realtor explains your specific case.
That does not mean every home is negotiable, or that every seller will accept a lower price. Some homes are priced right, and they sell. It means you can shop with a clear head, compare a home with recent similar sales, and offer a price you can defend with those sales, instead of rushing.
One caution for buyers and sellers alike: do not compare different types of homes. A townhouse price should be compared with townhouse sales, and a detached home with detached sales. Mixing types is how a fair price starts to look unfair, in either direction.
Questions people ask
Does a higher asking price leave room to negotiate?
In general, no, not in a market with this much choice. Buyers see the asking price first, and many will simply skip a home that looks overpriced and visit a similar one instead. You cannot negotiate with a buyer who never books a showing.
Is 34 days on the market a long time?
It is the middle number for the region in September, up from 29 days a year earlier. It does not mean your home will take 34 days. Some homes sell faster, some slower, depending on price, type, area and condition.
Should I wait for a better market instead of pricing to today's market?
Only if you can afford to wait, and only after you have looked at the cost of waiting, such as carrying costs, and at what you would buy next. Waiting is a real choice, but it is not free, and the market may not move in the direction you hope. No one can promise what prices will do next.
The simple test before you list
Ask this question, and answer it honestly: if you were the buyer, and you had already seen the similar homes that sold recently, would you choose this home at this price over the others for sale today?
If the answer is yes, you are probably priced to sell. If the answer is no, or "only if they lower it," that is useful information, and it is better to hear it before you list than after months on the market.
If you want help pricing your home, or understanding what similar homes actually sold for in your part of London, Ontario, talk to Paola Cano, Real Estate Broker, and Jose Ramirez first.
— Paola Cano & Jose Ramirez, Thrive Realty Group Inc., Brokerage, London, Ontario.