Morrow Ohio continues to perform well, although the COVID-19 shelter in place order can be expected to put a damper on activity in the near term.
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 2014 through present month:
Next is the Morrow median price summary chart.
Morrow 45152 Single Family Home Summary:
Homes Active 3/27/2020: 34 UP 2
Homes Pending 3/27/2020: 46 SAME
Homes Sold: 18 (1 Bank/Government Owned, 0 Short Sale, 5 New Construction) DOWN 1
Average Price Sold: $243,432 DOWN $5k
Median Price Sold: $241,250 UP $11k
Average Days on Market for SOLD homes: 109 UP 24 (median 53)
Average Sales/List %: 98.2% UP 2.1%
Most Expensive Home Sold: $460,000
Least Expensive Home Sold: $79,001
So what can we determine from the latest statistics?
Overall a better than typical February for completed sales and price.
- The number of homes sold under contract remained high, so expect March sales to be strong.
- New constuction is having a big impact on the Morrow market. Note that 5 of the 18 completed sales were new construction. Also note that almost half the homes not under contract (16 of 34) are new construction. New construction also explains the increase in time to sell.
- The number of homes for sale increased slightly, but selection is VERY small.
- Sales were in a tight band, with all but 2 homes selling in the $100-300,000 range.
Distressed property accounted for 1 of the 18 sold and 1 of the 34 for sale.
So what does this mean to you as a Morrow single family home owner?
No change. There is significantly more activity than would be expected for the time of year. However, the lack of resales will make the activity tough to sustain. 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: