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What's My Morrow Ohio Home Worth? July 2017

By Liz and Bill Spear

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

August 17, 2017 07:11 PM

Morrow's real estate market continues to perform strongly. While the numbers at first glance might seem grim, but a closer look will show that Morrow's home market is actually doing very well. Stick 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: 20 (0 Bank/Government Owned, 0 Short Sale, 2 New Construction) DOWN 2

Average Price Sold: $238,298 DOWN $34k

Median Price Sold: $238,000 DOWN $42k

Average Days on Market for SOLD homes: 22 DOWN 22 (median 13)

Homes Active 8/17/17: 60 DOWN 2

Homes Pending 8/17/17: 48 DOWN 6

Average Sales/List %: 97.8% DOWN .2%

Most Expensive Home Sold: $425,000

Least Expensive Home Sold: $105,000

So what can we determine from the latest statistics?

Sales volume was typical for this time of year. Most Warren County markets have passed the peak for sales, but Morrow is a bit more inconsistent than most communities. Low volume tends to swing more in either direction.
Don't panic about the price drops. June was an exceptionally high median price, and this month is still a very good when compared to other months.
No homes sold below $100,000 and only 3 sold for more than $300,000, so the mix this month was more to the middle prices and not to the higher end of the spectrum.
Time to go under contract is still short, with 1/2 of the homes sold under contract in two weeks or less.
Based on the number of pending homes, expect August completed sales to be close to July's number.
Distressed property is low, accounting for none of the 20 sold and none of the 60 for sale.
New construction is still a sizable portion of homes for sale, with 15 new construction homes of the 60 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.

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