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What's My Morrow Ohio Home Worth? April 2019

By Liz and Bill Spear

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

May 16, 2019 07:22 PM

Morrow Ohio home sales in April spiked upwards from the very low March totals. Not too often we can say home sales more than tripled from one month to the next! There's an ongoing issue with a minimal number of homes for sale, with only 32 homes NOT under contact and NOT new construction opportunities.

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: 28 (1 Bank/Government Owned, 0 Short Sale, 2 New Construction) UP 19

Average Price Sold: $295,238 UP $65k

Median Price Sold: $235,000 DOWN $6k

Average Days on Market for SOLD homes: 47 UP 1 (median 7)

Homes Active 5/16/19: 59 DOWN 3

Homes Pending 5/16/19: 42 DOWN 5

Average Sales/List %: 100.2% UP 2.1%

Most Expensive Home Sold: $860,502

Least Expensive Home Sold: $60,250

So what can we determine from the latest statistics?

A pretty big swing from last month to this month, with completed sales more than tripling. That said, March was an abnormally low month, and April was a better than typical month for an April.
The big price change UP for average price? That was basically a reversal of a big DROP the month before.
The pending number dropped a little, but is still a very solid number.
The number of homes for sale dropped slightly. And when you consider that 27 of the 59 homes for sale are new construction, there's a VERY limited choice for buyers.
Sold homes included 5 priced $500,000 or more, a bit unusual for the Morrow market. 2 homes sold for less than $100,000 (and that included the foreclosed home).
Enough homes sold above list price that the percentage overall for sold to asking price actually exceeded 100%!
Time to sell average remained about 7 weeks, but the median was only 7 days. Obviously a few homes took MUCH longer to sell and moved the average up.
Distressed property accounted for 1 of the 27 sold and none of the 59 for sale.

So what does this mean to you as a Morrow single family home owner?

The Spring market is here! 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 OUR BUYER ADVICE: 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