Post Rate Hike - Millburn, NJ April 2022 vs Oct 2022
Lena Pesso
It’s been 10+ years for me in the real estate business. I love it ❤️...
It’s been 10+ years for me in the real estate business. I love it ❤️...
Here's a 6 month post rate hike market update for Millburn, NJ (April 2022 - Oct 2022 since interest rates went up).
During this time, the average home sale price decreased from $1.94m to $1.7m. The average days on market increased from 14 to 24, and the average sales/list price decreased from 104% to 101%.
There has definitely been a cooling in the market, however it's still a seller's market.
Real estate is local. What's depicted in the national headlines doesn't always correspond to what's happening in our local markets.
April 2022
55
New Listings
86
Active Listings
44
Under Contract
27
Closed Sales
October 2022
15
New Listings
50
Active Listings
18
Under Contract
12
Closed Sales
April 2022
$1.94m
Average Sales Price
14
Average Days on Market
1.9
Months of Supply
October 2022
$1.7m
Average Sales Price
24
Average Days on Market
2.7
Months of Supply