Another very good month for the Morrow real estate market. There weren't quite as many new construction homes completed in April as March, so the total sales dropped to 22, but that is still a solid performance. Prices were good too, and despite the "drop" in median price from March to April, that only happened because March was exceptionally strong for selling prices. Foreclosures and short sales are nonexistent, and that's a far cry from what the Morrow market was not so many years ago. 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: 22 (0 Bank/Government Owned, 0 Short Sale, 2 New Construction) DOWN 6
Average Price Sold: $223,732 UP $6k
Median Price Sold: $203,670 DOWN $13k
Average Days on Market for SOLD homes: 37 DOWN 27 (median 6)
Homes Active 5/11/17: 50 UP 2
Homes Pending 5/11/17: 55 DOWN 2
Average Sales/List %: 98.3% DUP .4%
Most Expensive Home Sold: $432,000
Least Expensive Home Sold: $85,000
So what can we determine from the latest statistics?
- While sales dropped, part of that drop is due to fewer new construction homes completed. March's 6 dropped to April's 2. New construction is still important, accounting for 16 of the 50 homes not under contract.
- Home prices were solid and in a fairly tight range. 2 of the 22 homes sold below 100k and 3 sold above 300k, so the remaining 17 were in the 100-300k range.
Time to go under contract shortened, with 1/2 of homes under contract in 6 days or less.
The number of homes under contract dropped very slightly, but 55 is still a nice chunk of homes, so May's numbers should be good also.
What distressed property? None sold and none on the market 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: