Like much of Warren County real estate markets, Morrow home sales took a little dip due to coronavirus and shelter-in-place putting a bit of a damper on the overall real estate market. However, this month's info points to that dip as being VERY temporary. The number of homes under contract point to a return to a normal Spring surge in sales. 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 5/25/2020: 36 UP 1
Homes Pending 5/25/2020: 51 UP 13
Homes Sold: 22 (0 Bank/Government Owned, 0 Short Sale, 6 New Construction) DOWN 7
Average Price Sold: $299,642 UP $30k
Median Price Sold: $257,500 UP $4.5k
Average Days on Market for SOLD homes: 33 DOWN 25 (median 11)
Average Sales/List %: 98.9% DOWN 1.2%
Most Expensive Home Sold: $791,161
Least Expensive Home Sold: $137,000
So what can we determine from the latest statistics?
- The dip in sales from March to April follows March being higher than normal for a March month. April's completed sales were on the lower side for recent Aprils.
- The ongong story? A severe scarcity of homes for sale. New construction accounts for over half (19) of the 36 homes for sale and not under contract. So the math is easy, only 17 resale homes available across ALL price points for those buyers that aren't in the market for a new construction home. Hopefully as we head towards the summer months more homes will be placed on the market to increase buyer choice.
- 7 of the 22 completed sales were new construction.
- Sales were in a tight band mostly between $100,000 and $300,000 range. No homes sold for less than $100,000 and 8 sold for more than $300,000.
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Distressed property accounted for one of the 22 homes sold and none of the 36 for sale.
So what does this mean to you as a Morrow single family home owner?
The Spring market is here and the impact of coronavirus is lessening. Buyers are still buying. 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:
March 2020 Morrow Ohio Real Estate Report
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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