What's My Morrow Ohio Home Worth? March 2020

By
Real Estate Agent with RE/MAX Elite 513.520.5305 www.LizTour.com SAL.2002007747

Morrow Ohio's real estate market continues to show no negative impact from Ohio's shelter-in-place requirements.  Sales were higher than typical, and prices are doing well.  The biggest concern is MORE homes for sale are needed to support buyer needs.  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 of Morrow OhioWedgwood, 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:
Morrow Ohio 45152 Residential Home Market Report
Next is the Morrow median price summary chart.
Morrow Single Family Home Market Report

 

Morrow 45152 Single Family Home Summary:

Homes Active 4/24/2020 35 UP 1

Homes Pending 4/24/2020:  38 DOWN 8

Homes Sold: 29 (0 Bank/Government Owned, 0 Short Sale, 6 New Construction) UP 11

Average Price Sold:  $269,611 UP $26k

Median Price Sold:  $253,000 UP $12k

Average Days on Market for SOLD homes: 58 DOWN 51 (median 12)

Average Sales/List %:  100.1% UP 1.9%

Most Expensive Home Sold:  $593,379

Least Expensive Home Sold:  $63,000

 

So what can we determine from the latest statistics? 

  • The shelter-in-place does not appear to be negatively impact the Morrow real estate market.  Total sales for March were one of the highest months in recent years. 
  • The biggest issue is an ongoing one, a scarcity of homes for sale.  Note the total available only increased by one and the total under contract dropped.  Bascially homes are not being adequately resupplied when sold.  Add in the fact that of the 35 homes for sale and not under contract, 15 of them are new construction.  20 houses not under contract across all price points is NOT a lot of choice for buyers.
  • New constuction is having a big impact on the Morrow market.  Note that 6 of the 29 completed sales were new construction.  New construction is also the reason the ratio of asking price and sales price was ABOVE 100%.  Add-ons to new construction homes were substantially higher than initial asking price, thus pushing up the overall number.  For resale homes, expect an average of 1-2% off of asking price.
  • Sales were in a tight band mostly between $100,000 and $300,000 range.  2 homes sold for less than $100,000 and 8 sold for more than $300,000.
  • Distressed property accounted for none of the 29 sold and none of the 35 for sale.

 

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

No significant change.  There is significantly more activity than would be expected for the time of year and with the impact of shelter-in-place requirements.    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

 

Recent Morrow Market Reports:

February 2020 Morrow Ohio Real Estate Report

January 2020 Morrow Ohio Real Estate Report

December 2019 Morrow Ohio Real Estate Report

November 2019 Morrow Ohio Real Estate Report

October 2019 Morrow Ohio Real Estate Report

September 2019 Morrow Ohio Real Estate Report

August 2019 Morrow Ohio Real Estate Report

July 2019 Morrow Ohio Real Estate Report

June 2019 Morrow Ohio Real Estate Report

May 2019 Morrow Ohio Real Estate Report

April 2019 Morrow Ohio Real Estate Report

March 2019 Morrow Ohio Real Estate Report

February 2019 Morrow Ohio Real Estate Report

January 2019 Morrow Ohio Real Estate Report

 

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Serving Warren County Ohio & Adjacent Areas

 

The Liz Spear Team of RE/MAX Elite
Elizabeth Spear, ABR, CRS, Ohio License SAL.2002007747

William (Bill) Spear, CRS, Ohio License SAL.2004011109  Kentucky 77938
Ask for us by name if you visit the office!

EHO Two locations: Lebanon & Mason, OH
Bill Direct:  513-520-5305
Liz Direct: 513-265-3004     
Fax: 866-302-8418

MailTo:  Liz@LizSpear.com

Search Homes:  Https://WarrenCountyOhioRealEstate.com

Our Website:  www.LizTour.com

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Thank you for taking the time to keep us posted and up to date. Wishing you a great day ahead! Take care.

Apr 26, 2020 02:11 AM #1
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