As expected for the time of year, the Morrow Ohio real estate market is slowing a bit, but still very similar to past Novembers for total homes sold. Prices continue to be affordable and the area is fairly consistent in that regard. New construction is a big segment of the Morrow market too. Stick with us for more 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.
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 2010 through present month:
Next is the Morrow median price summary chart.
Morrow 45152 Single Family Home Summary:
Homes Sold: 17 (0 Bank/Government Owned, 0 Short Sale, 1 New Construction) DOWN 9
Average Price Sold: $222,775 FLAT
Median Price Sold: $200,000 DOWN $18k
Average Days on Market for SOLD homes: 39 UP 11 (median 23)
Homes Active 12/11/17: 55 DOWN 2
Homes Pending 12/11/17: 35 DOWN 3
Average Sales/List %: 96.5% DOWN 2.3%
Most Expensive Home Sold: $465,000
Least Expensive Home Sold: $99,000
So what can we determine from the latest statistics?
- We're in the winter slowdown, but still not bad! Not quite the same volume of new construction finished as October, thus the drop in total homes sold.
- Average price was essentially the same, the median dropped as the price band tightened, with 13 of the 17 homes sold between 100,000 and 300,000 dollars in price. Only one home sold for less than $100,000 and only 3 sold for more than $300,000.
- Time to go under contract increased, but still VERY good.
- Based on the number of pending homes, expect December completed sales to be similar to November.
- Distressed property is low, accounting for none of the 17 sold and 1 of the 55 for sale.
- New construction is still a sizable portion of homes for sale, with 22 new construction homes of the 55 for sale.
So what does this mean to you as a Morrow single family home owner?
STILL NO CHANGE FROM LAST MONTH: 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 CHANGE HERE EITHER: 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.
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:
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!
Two locations: Lebanon & Mason, OH
Bill Direct: 513-520-5305
Liz Direct: 513-265-3004
Search Homes: Http://WarrenCountyOhioRealEstate.com
Our Website: www.LizTour.com
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