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, 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 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.
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: