Located on the NE side of Tallahassee just west of Thomasville Road, Bull Run offers three and four bedroom houses in a super-convenient location.
Bull Run is a "boom neighborhood," with all houses built from 2004 through present, so you can expect this neighborhood to have issues with pent-up supply in the coming years. As most of the families have moved in at the same time, 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.
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
For all of the three 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 November in 2014.
Average house prices have risen 6% in 2014 versus 2013, but still sit well below the peak of the market prices established in 2007. Distressed sales are are occurring at a rate far lower than other neighborhoods in Tallahassee are seeing, which is one reason why the average price has not seen the same pressure as other neighborhoods. The average recorded sales price is $311,600 for Bull Run thus far in 2014.
House sales activity this year will be record setting as thus far in 2014, there have been 62 closed house sales in Bull Run.
Bull Run House Values
Average house values in Bull Run have risen 1% since last year, the second year in a row to see modest appreciation since the low set back in 2012.
Through November, the average value of a house sold in Bull Run has been $142 per square foot. This is up 1% over last year and just 4% above the bottom reached in 2012, and still down about 17% 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 are likely at zero or negative equity situations.
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 larger homes. The 62 sales thus far in 2014 have averaged 2,188 square feet.
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 2003 in Bull Run.
I hope you enjoyed our December 2014 update on house sales in Bull Run, please feel free to drop me a note if you have questions not covered in this report.