New real estate figures for the London area suggest the average price of a home in the city has already surpassed analysts' estimates for the year.

Analysts predicted in December that the average price of a home in London could hit $450,000 in 2020, and new sales figures released Wednesday by the London St Thomas Real Estate Association (LSTAR) suggest the average price of a home in the city has already reached that financial milestone.

In January the average price of a home in the city rose almost 17 per cent over last year to $452,924. The report indicates that the 568 homes bought and sold that month in the London area were only two sales shy of the the all-time record for the month set in 2017.

LSTAR said one of the reasons so many homes traded hands last month was a flood of new listings, up nine per cent over the same time last year.

Prices in Strathroy are on par with London, up 14 per cent over last year to $452,960, while St Thomas is relatively cheaper, up 12 per cent to $384,291 this month.

Outside of urban areas the average price of a home in Middlesex County stood relatively flat last month, gaining slightly over two per cent to $482,669, while Elgin County saw the largest gain, where prices rose more than 25 per cent since last year to $410,314 in January 2020.

That puts the average price for the London region as a whole at $437,197, up almost 14 per cent overall over the same time last year.