Warren County Ohio Real Estate News and Observations: What's My Morrow Ohio Home Worth? August 2017

What's My Morrow Ohio Home Worth? August 2017

While most Warren County markets are slowing down, Morrow mashed the pedal to the medal and completed the sale of 28 homes in August, tied with the highest months' totals since January 2010.  Pretty good news!  Prices were good, the number of homes under contract good, the only thing lacking is enough homes for sale to give buyers a bit more selection!  Stick with us for the 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 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 2010 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 Sold: 28 (0 Bank/Government Owned, 0 Short Sale, 5 New Construction) UP 8

Average Price Sold:  $236,745 DOWN $1.5k

Median Price Sold:  $233,250 DOWN $5k

Average Days on Market for SOLD homes: 27 UP 5 (median 5)

Homes Active 9/14/17:  53 DOWN 7

Homes Pending 9/14/17: 46 DOWN 2

Average Sales/List %:  96.3% DOWN 1.5%

Most Expensive Home Sold:  $407,000

Least Expensive Home Sold:  $140,000

 

So what can we determine from the latest statistics? 

  • Like we mentioned at the start, 28 total sales ties for the best months since January 2010.  5 more new construction homes were part of that 28, so that was a nice boost. 
  • Prices were slightly down, but essentially flat.   
  • No homes sold below $100,000 and 5 sold for more than $300,000, so the mix this month was more to the middle prices and not to the higher end of the spectrum.
  • Time to go under contract is still short, with 1/2 of the homes sold under contract in 5 days or less.
  • Based on the number of pending homes, expect September completed sales to be another solid month.
  • Distressed property is low, accounting for none of the 28 sold and none of the 53 for sale.
  • New construction is still a sizable portion of homes for sale, with 15 new construction homes of the 53 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.

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:

July 2017 Morrow Ohio Real Estate Report

June 2017 Morrow Ohio Real Estate Report

May 2017 Morrow Ohio Real Estate Report

April 2017 Morrow Ohio Real Estate Report

March 2017 Morrow Ohio Real Estate Report

February 2017 Morrow Ohio Real Estate Report

January 2017 Morrow Ohio Real Estate Report

December 2016 Morrow Ohio Real Estate Report

November 2016 Morrow Ohio Real Estate Report

October 2016 Morrow Ohio Real Estate Report

September 2016 Morrow Real Estate Report

August 2016 Morrow Real Estate Report

July 2016 Morrow Real Estate Report

 

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:  LizSpear@Go-Concepts.com

Search Homes:  Http://WarrenCountyOhioRealEstate.com

Our Website:  www.LizTour.com

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Comment balloon 1 commentLiz and Bill Spear • September 14 2017 11:44PM

Comments

Great glimpse at the local market!

Posted by Andrew Mooers, Northern Maine Real Estate-Aroostook County Broker (MOOERS REALTY) about 1 month ago

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