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What's My Morrow Ohio Home Worth? February 2018

By Liz and Bill Spear

Real Estate Agent with Transaction Alliance 513.520.5305 www.LizTour.com SAL.2002007747

March 18, 2018 03:17 PM

The numbers are better this month than last for Morrow Ohio homes sales. Prices were good and sales volume and homes under contract both went up. Inventory is still tight and new construction is an important part of the Morrow housing market. 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: 14 (1 Bank/Government Owned, 0 Short Sale, 5 New Construction) UP 7

Average Price Sold: $212,214 UP $10k

Median Price Sold: $199,500 UP $15.5k

Average Days on Market for SOLD homes: 94 UP 61 (median 35)

Homes Active 3/18/18: 43 UP 2

Homes Pending 3/18/18: 58 UP 13

Average Sales/List %: 98.9% DOWN .2%

Most Expensive Home Sold: $325,000

Least Expensive Home Sold: $135,500

So what can we determine from the latest statistics?

While low for a lot of area communities, 14 total sales was a very good February for Morrow. Keep in mind with that low a volume that prices can easily move up or down so take any month to month comparisons with a grain of salt.
58 homes under contract points to a good March completed sales number.
Homes needed an average of 3 months to go under contract.
Prices continued to be in a tight band, with none below $100,00 and only 2 above $300,000.
Distressed property is almost nonexistent this month, accounting for one of the homes sold and none of the homes not under contract.
New construction is still a sizable portion of homes for sale, with 14 new construction homes of the 43 for sale.

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. Interested in new construction? We can help with that too, so just call 513-520-5305.

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