Morrow LITERALLY had a fire sale in February. The lowest priced home sold for $18,000 and that was due to a fire in the home. Cash buyers only, lots of renovations needed. Couple that with a foreclosure also sold below $100,000 AND the low volume of sales in February and it was easy to move the price dials downward. And those big drops you see later basically reversed almost equivalent big gains in January. So all things considered, basically a "normal" month for Morrow Ohio real estate sales! Stick with us for further 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 but also has Lebanon and Kings school district present.
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 2013 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 2
Average Price Sold: $275,842 DOWN $65k
Median Price Sold: $220,000 DOWN $60k
Average Days on Market for SOLD homes: 103 UP 24 (median 72)
Homes Active 3/10/19: 57 DOWN 1
Homes Pending 3/10/19: 28 UP 11
Average Sales/List %: 99.3% UP 0.2%
Most Expensive Home Sold: $420,000
Least Expensive Home Sold: $18,000
So what can we determine from the latest statistics?
- Actually February sales totals weren't bad for a February. Not the best year, but not the worst either.
- The pending number increased quite a bit, so expect a bump up in March for Sold homes.
- As we mentioned at the start, home values reversed January's big gains, but again, low overall sales and easily influenced by the fire sale and lender sale. And despite that, check the median price chart and compare that $220,000 to past February's and you'll see Morrow actually did pretty well for pricing despite having only one home sell for more than $300,000.
- New construction accounts for over half the homes not under contract (31 of the 57).
- Time to sell moved to close to 3 months, but again, 11 houses sold can skew data pretty easily.
Distressed property accounted for 1 of the 11 sold and none of the 57 for sale.
So what does this mean to you as a Morrow single family home owner?
STILL NO REASON TO 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 REASON TO 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.
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: