Take this month's Morrow Ohio real estate market report with a very big grain of sodium chloride! With only 11 sales completed in February and so few homes for sale overall, it's REALLY easy to whipsaw the numbers in one direction or the other! January was VERY strong, and February was more typical. 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: 11 (1 Bank/Government Owned, 0 Short Sale, 1 New Construction) DOWN 10
Average Price Sold: $171,972 DOWN $37k
Median Price Sold: $173,000 DOWN $24k
Average Days on Market for SOLD homes: 73 UP 22 (median 41)
Homes Active 3/10/17: 48 UP 6
Homes Pending 3/10/17: 56 UP 14
Average Sales/List %: 98.1% DOWN .9%
Most Expensive Home Sold: $345,000
Least Expensive Home Sold: $32,201
So what can we determine from the latest statistics?
- Morrow had a phenomenal January and while we dropped significantly from January to February, if you compare past Februarys to 2017, you'll see 11 is actually a good total.
- Sales prices were dropped but again, with only 11 homes sold, it's VERY easy to move that price dial. Factor in 3 of the 11 homes selling below 100k and you can understand the big drop.
- The number of homes for sale and under contract both grew. 56 homes under contract means a nice number in March for compelted sales.
- Again a repeat, but new construction in the Morrow area is a significant portion of the real estate market accounting for 18 of the 48 homes not under contract. And of course the builders have MORE than they list in MLS available.
- Distressed property influence is still relatively low, with 1 of the 11 sold and only 2 of the 48 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: