Located on the NE side of Tallahassee just west of Thomasville Road, Bull Run features newer three and four bedroom houses in a highly sought-after location.
Bull Run is one of Tallahassee's "boom neighborhoods," with all houses built from 2004 through present, so we anticipate that this neighborhood will have issues with pent-up supply in the coming years.
With most of the families in this demographic moving every 10 years or so, most will hit natural move times on a similar schedule, yet all will be dealing with issues of equity (or lack thereof) until values move much higher. Unfortunately, new houses are being built below the prices that many current occupants paid, so we need values to rise to help those who will be needing to sell soon.
In this report, we will look at prices, values, and sizes of houses in Bull Run, as well as show current listings in the Tallahassee MLS and all closed house sales going back to 2005.
Bull Run House Prices
Average house prices rose 6% in 2014 versus 2013, but have fallen 4% thus far in 2015. Prices still sit well below the peak of the market prices established in 2007.For each of the real estate graphs found in this report, you will find the number of closed house sales for each year (blue columns, measured on the left vertical axis), and an important real estate statistic shown in red (measured on the right vertical axis. It is important to note that sales are through December for all previous years, but through mid March in 2015.
Distressed sales are are occurring at a rate far lower than other neighborhoods in Tallahassee are seeing, mostly due to the fact that half the sales are new house construction. The average recorded sales price is $299,183 for Bull Run thus far in 2015 (four of the eight sales this year were newly built homes).
House sales activity last year was record setting as there were 68 closed house sales in Bull Run. Thus far in 2015 there have been 8 closed house sales.
Bull Run House Values
Average house values in Bull Run have risen 10% since last year, the third year in a row to see appreciation since the low set back in 2012.
Through mid-March, the average value of a house sold in Bull Run has been $156 per square foot. This is up 10% over last year and 14% above the bottom reached in 2012, which is still down about 9% from the market high set back in 2007.
With such a high proportion of these being new construction, we know that the average is skewed towards new homes. This means that many homeowners who have purchased or refinanced in the past 10 years should expect lower prices and values, and they likely have little or negative equity in their homes.
Bull Run House Sizes
The average house size sold in Bull Run typically falls in a range of 2,000 to 2,300 square feet, and this year buyers have been selecting the smaller homes.
The 8 sales thus far in 2015 have averaged 1,915 square feet, but I would expect it to rise as more of the older houses are sold.
Houses For Sale In Bull Run
The following list of houses are the most recent listings in Bull Run.
Bull Run House Sales
The following list shows house sales going back to 2001 in Bull Run.
I hope you enjoyed our March 2015 update on house sales in Bull Run, please feel free to drop me a note if you have questions not covered in this report.
Joe Manausa, MBA
Joe Manausa Real Estate