The Morrow Ohio real estate market in December was almost a duplicate of November, with only slight differences in price, days to contract and number of homes for sale and under contract. For a December, that was STRONG! And new construction continues to play a HUGE role in the Morrow market, accounting for 6 of the 16 sold, 21 of the 47 under contract and 18 of the 51 homes not under contract. Stick with us for more 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: 16 (1 Bank/Government Owned, 0 Short Sale, 6 New Construction) SAME
Average Price Sold: $206,191 DOWN $4k
Median Price Sold: $197,320 FLAT
Average Days on Market for SOLD homes: 47 DOWN 18 (median 13)
Homes Active 1/11/17: 51 DOWN 8
Homes Pending 1/11/17: 47 DOWN 6
Average Sales/List %: 98.8% UP 1.5%
Most Expensive Home Sold: $320,000
Least Expensive Home Sold: $27,500
So what can we determine from the latest statistics?
- Like we said at the start, minor differences from November to December. Total sales identical, median price was only $300 difference, average was slightly different, and as we'd expect the number of homes not under contract shrank a bit as did the homes under contract. And the market is fairly uniform, with 14 of the 16 homes sold between $100,000 to 300,000.
- Again a repeat, but new construction in the Morrow area is a significant portion of the real estate market. And of course the builders have MORE than they list in MLS available.
- Distressed property influence is still relatively low, with 1 of the 16 sold and only 1 of the 51 not under contract.
So what does this mean to you as a Morrow single family home owner?
STILL 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 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 HERE EITHER: 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.
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: