Housing market confidence drops significantly - will it matter in NoVA?

According to a survey released today by the NY Fed, potential home buyers are significantly discouraged by mortgage rates + home prices. From this survey, and given the trajectory of mortgage rates, we would expect to see a nationwide cooling of the housing market. That's expected from me, and not at all surprising.

What I don't know is how this shakes out here. Because as a 25 year resident of NoVA, I've learned our economy doesn't work at all like the rest of America's economy. We are our own little insular macroeconomy, and we are seriously buff.

But as strong as we are, prices here on both SFHs and THs are legitimately out of reach for so many. So I can't help but wonder ....