Saturday, February 15, 2025

Report: 2024 Housing Market Barely Outpaced 2023 in Virginia

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RICHMOND — Market activity ended on a positive note as 2024 came to a close, according to the December 2024 Virginia Home Sales Report released, with home sales in Virginia up 4,000 from the previous year.

There were 7,907 closed home sales across Virginia in December, 978 more sales than the same time last year, according to the report published by Virginia REALTORS, the largest trade association in Virginia, representing 35,000 realtors engaged in the residential and commercial real estate business. That’s an increase of just over 14%.

“Last year’s housing market was unusually slow due to interest rates staying in the upper to mid-7% range for much of the fall market,” says Virginia REALTORS 2025 President Lorraine Arora. “The surge we observed at the end of 2024 indicates buyers are coming to terms with mortgage rate levels which, while still elevated, are lower than a year ago.”

Supply/demand imbalance continues to push up home prices in most parts of the commonwealth, according to the association, with the statewide median sales price in Virginia at $413,490 in December, nearly $31,000 higher than the same time last year.

With more sales and higher prices, sold dollar volume in Virginia’s housing market continues to surge, it added. There was about $4.1 billion sold volume statewide in December, an influx of nearly $800 million from last year — up 24.3%.

There were 16,588 active listings on the market at the end of December across Virginia, about 1,900 more listings than last year, a 13% increase, according to Virginia REALTORS. Supply in the market has been expanding for more than a year, though overall supply levels remain tight.

In total, there were 102,509 home sales in Virginia in 2024.

“While Virginia’s 2024 housing market ended stronger than 2023, it was still relatively slow compared to average levels,” said Virginia REALTORS Chief Economist Ryan Price. “Looking ahead to 2025, we predict pent-up demand will continue facilitating home sales, though that same demand may keep upward pressure on prices.”

Click here to view the full December 2024 Virginia Home Sales Report.

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