Post Rate Hike: Montclair, 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 Montclair, NJ comparing April 2022 to October 2022.
During this time, the average home sale price decreased from $1.17m to $916k. The average days on market increased from 16 to 28, and the average sales/list price decreased from 132% to 115%.
The market has cooled, however the numbers indicate that it's still a seller's market in Montclair.
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
51
New Listings
86
Active Listings
47
Under Contract
26
Closed Sales
October 2022
25
New Listings
60
Active Listings
31
Under Contract
24
Closed Sales
April 2022
$1.17m
Average Sales Price
16
Average Days on Market
1.8
Months of Supply
October 2022
$916k
Average Sales Price
28
Average Days on Market
1.9
Months of Supply