RICHMOND, Va. (WRIC) -- According to the December 2024 Virginia Homes Sale Report that was released by Virginia REALTORS, housing market activity for 2024 ended on a positive accord. The report showed that there were 7,907 home sales that were closed on in Virginia by December 2024 -- which was 978 more sales than the year before. “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,” said the association's 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.” The statewide average sales price in Virginia was $413, 490 in December, almost $31,000 higher than the same time the year before. The association defines the reason that home prices continue to rise is due to supply/demand imbalance. In addition, the report showed that there was close to $4.1 billion sold state wide in December, an increase of almost $800 million from last year. By the end of December, there was a total of 16,588 active listing on the market in Virginia -- 1,900 more listing than the year before. There were approximately 102,509 home sales statewide in 2023, which resulted in the housing market ending stronger than 2023. “While Virginia’s 2024 housing market ended stronger than 2023, it was still relatively slow compared to average levels," said Ryan Price, Virginia REALTORS Chief Economist. Looking ahead to 2025, we predict pent-up demand will continue facilitating home sales, though that same demand may keep upward pressure on prices.” To view the full December 2024 Home Sales Report, click here.