What's My Morrow Ohio Home Worth? May 2016
Five months of the year are complete and we're working towards the heat of summer. Has the Morrow real estate market heated up as the year passes? Stay with us for the details!
We're including some easy to use Search Morrow Homes For Sale links at the end!
This report is specific to zip code 45152 (includes homes in portions of Union Township, Salem Township, Hamilton Township, Harlan Township and Washington Township in addition to Morrow). 45152 is covered primarily by Little Miami Schools.
For a free home valuation, home owners please click What Is My Morrow Ohio Home Value? and fill out the form.
All data is derived from the Cincinnati MLS system. If any Morrow area homes traded hands without a REALTOR® involved, then those sales won't be reflected in this report.
Wedgwood, a typical Morrow area subdivision (although the new construction is finished there!)
With regards to housing choices in 45152, there are quite a few developments, with the majority focused at the $200k price point with many starter type homes available well below that. There are also several smaller communities with a focus on upper end properties with larger lots. Additionally, there are some patio home communities also available. And of course if your preference is rural living with more acreage, there's plenty of opportunity for that too!
So, on to the review!
First up is the number of Morrow area single family homes sold on a month by month basis for 2010 through present month:
Next is the Morrow median price summary chart.
Morrow 45152 Single Family Home Summary:
Homes Sold: 24 (1 Bank/Government Owned, 0 Short Sale, 6 New Construction) DOWN 2
Average Price Sold: $214,920 UP $2.5k
Median Price Sold: $205,000 DOWN $1k
Average Days on Market for SOLD homes: 67 DOWN 14 (median 8)
Homes Active 6/12/16: 67 UP 4
Homes Pending 6/12/16: 55 DOWN 1
Average Sales/List %: 97.9% UP .1%
Most Expensive Home Sold: $365,000
Least Expensive Home Sold: 53,000
So what can we determine from the latest statistics?
- Another solid month! May was only slightly lower than April for total sales, and prices were essentially flat when comparing May to April.
- New construction accounted for 6 of the 24 sales. New construction is also a huge portion of Morrow homes for sales, accounting for 21 of the 67 homes not under contract in Cincinnati MLS. And that's JUST the homes the builders have entered in MLS, there are more available.
- Most of the homes sold are bunched in the $100-200k range, with one below $100k and 3 above #300k.
- The number of homes for sale increaswed slightly and the number of homes under contract dropped slightly, but 55 pending is still VERY strong for the Morrow area.
- Distressed property influence is still relatively low, only 1 of the 24 sold and only 4 of the 67 not under contract.
So what does this mean to you as a Morrow single family home owner?
NO CHANGE FROM LAST MONTH: Low inventory levels work to your advantage, just as long as you take into account the new construction competition. If you live in a community still actively building, that's a key consideration when pricing your home.
Overall, demand varies based on subdivision or rural location, home features, new construction competition, etc.
Buyer demand is obviously there based on the spike in closed sales and the number of homes under contract. However, it does typically take longer to sell than other communities with an easier commute to Cincinnati.
For an evaluation of your specific home's marketability, please contact us.
So what does this mean to you as a potential Morrow home buyer?
NO CHANGE: Competition for the best homes is there, but it's not as severe as other places in Warren County. The best homes CAN sell quickly. Inventory is VERY low. If Morrow's location fits your needs, there is good value in Morrow homes. The commute is actually faster than most people expect, and there's both resale and new construction to choose from for your purchase. You've got your pick of VERY affordable housing.
Inventory levels are NOT as high as other areas of Warren County, so depending on your housing needs, there may not be a good match on the market. You can use these Search Morrow Homes For Sale links to get an idea of what is currently offered.
Search Morrow Ohio 45152 Homes For Sale Under $200,000
Search Morrow Ohio 45152 Homes For Sale $200,000 to $400,000
Search Morrow Ohio 45152 Homes For Sale $400,000 and Up
However, one key piece of advice that applies in Morrow and elsewhere: If you see something you like, don't wait on it assuming there will be a price reduction. Get your offer written, submitted and negotiated to final signatures as rapidly as possible.
When you're considering buying a Morrow area home, please contact us with your needs and we'll help you find the right community or country spot for you!
Serving Warren County's home buyers and sellers,
Liz and Bill aka BLiz
Recent Morrow Market Reports:
April 2016 Morrow Real Estate Report
March 2016 Morrow Real Estate Report
February 2016 Morrow Real Estate Market Report
January 2016 Morrow Real Estate Market Report
December 2015 Morrow Real Estate Market Report
November 2015 Morrow Real Estate Market Report
October 2015 Morrow Real Estate Market Report
September 2015 Morrow Real Estate Market Report
August 2015 Morrow Real Estate Market Report
July 2015 Morrow Real Estate Market Report
June 2015 Morrow Real Estate Market Report
May 2015 Morrow Real Estate Market Report
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