Morrow Ohio home sales in May continued to increase and reached their highest monthly total in recent years. The biggest issue? The shortage of homes for sale that are NOT new construction.
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: 30 (0 Bank/Government Owned, 0 Short Sale, 3 New Construction) UP 2
Average Price Sold: $243,793 DOWN $52.5k
Median Price Sold: $232,250 DOWN $3k
Average Days on Market for SOLD homes: 27 DOWN 20 (median 8)
Homes Active 6/23/19: 67 UP 8
Homes Pending 6/23/19: 39 DOWN 3
Average Sales/List %: 98.6% DOWN 1.6%
Most Expensive Home Sold: $434,900
Least Expensive Home Sold: $72,500
So what can we determine from the latest statistics?
- With 30 completed sales, May matched the highest total for any month in over 6 years.
- Prices are whipsawing month to month based on the mix. This month sales were sparse on the upper end (ZERO sales over $500,000), so prices dropped.
The pending number is still good, so expect June's numbers to also be good.
- The number of homes for sale increased, but not enough to have an abundance of homes for sale. 67 homes for sale not under contract and 29 of them are new construction.
- 1 homes sold for less than $100,000 and only 2 sold for more than $400,000.
- Time to sell average dropped under 4 weeks and the median time was just over one week.
Distressed property accounted for none of the 30 sold and none of the 67 for sale.
So what does this mean to you as a Morrow single family home owner?
Obviously we're in the midst of the busy season and now is the time to get your home on the market. 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.
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: