Here's a 6 month post rate hike market update for West Orange, NJ (April 2022 vs October 2022, since interest rates went up).

During this time the average home sale price decreased from $605,584 to $501,333. The average days on market increased from 20 to 36, and the average sales/list price decreased from 111% to 103%.

There has definitely been a cooling in the market, however the numbers indicate that it's still a seller's market in West Orange.

Real estate is local. What's depicted in the national headlines doesn't always correspond to what's happening in our local markets.