Bull Run house values are in for a wild ride, as new home sales continue to lead existing home sales by a factor of 2 to 1.
New home construction in the Bull Run Subdivision has been relatively strong, mostly due to liquidation of lots at far cheaper prices than were seen during the boom of the housing market.
While this is good news for the builder, it is not so good news for existing home owners who continue to see Bull Run house values decline.
Bull Run House Values
The real estate graph below shows that Bull Run house values are still on an overall decline trend, though existing home values have bumped along fairly flat for the past two years. But if you look to the left vertical axis, you can see that existing home sales (green resale units) are averaging about one home sale per month. You have to wonder what will happen as more people need to relocate out of this newer subdivision.
The red line above shows that Bull Run house values for newly constructed homes has been on a steady decline, and it is likely that these lower home prices is why buyers have been attracted to Bull Run. But how low can new home prices go in Bull Run? And what is this doing to the value of existing homes in Bull Run?
I think we’ll see the builders hit a point where they can no longer bring new product to the market at the values we are approaching, and then we’ll find out how badly buyers want to be in Bull Run. Will they pay higher prices for existing home sales, or will we see a rash of distressed homes hit the market … only time will tell.
People who want to sell a home in Bull Run will need to be ready to compete with newer homes, and offering buyer closing cost assistance could be useful.
Currently, there are 16 homes for sale in Bull Run in the Tallahassee MLS. Bull Run home sales for the past two years are listed below.
Recent Bull Run House Values
| Address | Sales Price | Price/SQF | Closing Date | Year Built | SQF | Type |
| 2574 Halleck Lane | $269,900 | $134 | 2/28/2013 | 2010 | 2,008 | Arms Length |
| 5852 Appomattox Court | $249,900 | $131 | 2/26/2013 | 2009 | 1,909 | Arms Length |
| 2593 Ulysses Rd | $228,400 | $120 | 2/19/2013 | 2006 | 1,899 | Distressed |
| 2600 Manassas Way | $290,000 | $134 | 2/14/2013 | 2013 | 2,157 | Arms Length |
| 5637 Ringold Lane | $233,500 | $129 | 1/25/2013 | 2011 | 1,809 | Distressed |
| 2606 Farragut Way | $249,700 | $145 | 1/23/2013 | 2012 | 1,720 | Arms Length |
| 2583 Halleck Lane | $274,900 | $137 | 12/31/2012 | 2012 | 2,000 | Arms Length |
| 2557 Ulysses Road | $297,300 | $138 | 12/29/2012 | 2012 | 2,157 | Arms Length |
| 2709 Breton Ridge Drive | $290,000 | $147 | 12/28/2012 | 2012 | 1,972 | Arms Length |
| 2582 Halleck Ln | $255,000 | $142 | 12/21/2012 | 2009 | 1,802 | Arms Length |
| 2628 Antietam | $271,300 | $120 | 12/5/2012 | 2006 | 2,254 | Distressed |
| 2587 Halleck Lane | $269,900 | $148 | 12/1/2012 | 2012 | 1,822 | Arms Length |
| 2584 Ulysses Rd | $309,900 | $146 | 10/25/2012 | 2012 | 2,125 | Arms Length |
| 2619 Opequon Bend | $269,900 | $148 | 10/23/2012 | 2012 | 1,822 | Arms Length |
| 2588 Ulysses Road | $340,000 | $153 | 10/9/2012 | 2007 | 2,228 | Arms Length |
| 5629 Ringold Ln | $319,900 | $151 | 10/5/2012 | 2012 | 2,124 | Arms Length |
| 2579 Halleck Lane | $281,390 | $134 | 9/28/2012 | 2012 | 2,102 | Arms Length |
| 2598 Farragut Way | $269,900 | $148 | 8/31/2012 | 2012 | 1,822 | Arms Length |
| 5627 Tecumseh Drive | $223,000 | $117 | 8/29/2012 | 2006 | 1,902 | Distressed |
| 2635 Ulysses Road | $294,000 | $129 | 8/28/2012 | 2006 | 2,288 | Arms Length |
| 2599 Farragut Way | $269,900 | $130 | 8/3/2012 | 2011 | 2,070 | Arms Length |
| 2538 Bennits Mill Way | $314,900 | $145 | 8/1/2012 | 2012 | 2,175 | Arms Length |
| 5729 Roanoke Trail | $290,000 | $99 | 7/31/2012 | 2006 | 2,941 | Distressed |
| 2625 Opequon Way | $279,900 | $133 | 7/31/2012 | 2012 | 2,102 | Arms Length |
| 2604 Ulysses Rd. | $269,900 | $149 | 7/31/2012 | 2012 | 1,809 | Arms Length |
| 2567 Carthage Lane | $289,900 | $130 | 7/13/2012 | 2011 | 2,225 | Arms Length |
| 5639 Tecumseh Drive | $220,000 | $116 | 7/12/2012 | 2007 | 1,902 | Distressed |
| 2577 Ulysses Rd | $309,900 | $146 | 7/2/2012 | 2012 | 2,124 | Arms Length |
| 5628 Burnside Circle | $255,000 | $111 | 6/29/2012 | 2006 | 2,292 | Distressed |
| 5617 Ringold Lane | $325,000 | $136 | 6/29/2012 | 2008 | 2,386 | Arms Length |
| 2594 Farragut Way | $277,900 | $139 | 6/13/2012 | 2012 | 2,000 | Arms Length |
| 5790 Farnsworth | $395,000 | $143 | 6/4/2012 | 2007 | 2,758 | Arms Length |
| 2544 Halleck Lane | $230,000 | $125 | 5/31/2012 | 2008 | 1,833 | Arms Length |
| 2581 Ulysses Rd | $309,900 | $146 | 5/29/2012 | 2012 | 2,121 | Arms Length |
| 2578 Halleck Lane | $259,900 | $138 | 5/17/2012 | 2009 | 1,878 | Arms Length |
| 2509 Manassas Way | $271,000 | $129 | 5/9/2012 | 2012 | 2,100 | Arms Length |
| 2591 Halleck Lane | $279,900 | $135 | 5/4/2012 | 2012 | 2,079 | Arms Length |
| 5652 Tecumseh Drive | $229,000 | $121 | 4/26/2012 | 2006 | 1,899 | Distressed |
| 5762 Farnsworth Court | $361,400 | $142 | 4/24/2012 | 2012 | 2,551 | Arms Length |
| 5637 Ringold Ln | $270,900 | $150 | 4/20/2012 | 2011 | 1,809 | Arms Length |
| 2607 Opequon Bend | $275,300 | $151 | 4/12/2012 | 2012 | 1,822 | Arms Length |
| 2573 Ulysses Rd | $311,900 | $147 | 4/12/2012 | 2012 | 2,124 | Arms Length |
| 2629 Opequon Bend | $275,950 | $138 | 3/2/2012 | 2011 | 2,000 | Arms Length |
| 2607 Ulysses Rd | $284,900 | $142 | 2/24/2012 | 2011 | 2,005 | Arms Length |
| 2565 Halleck Lane | $290,000 | $145 | 2/21/2012 | 2011 | 2,000 | Arms Length |
| 2623 Manassas Way | $244,900 | $147 | 2/8/2012 | 2011 | 1,670 | Arms Length |
| 2570 Carthage Lane | $290,000 | $147 | 2/3/2012 | 2012 | 1,972 | Arms Length |
| 2518 Lagrange Trail | $271,400 | $150 | 1/31/2012 | 2011 | 1,809 | Arms Length |
| 2566 Carthage Lane | $319,900 | $144 | 1/29/2012 | 2011 | 2,224 | Arms Length |
| 2542 Manassas | $260,000 | $137 | 1/27/2012 | 2009 | 1,891 | Arms Length |
| 2569 Ulysses Rd | $299,900 | $143 | 1/27/2012 | 2011 | 2,100 | Arms Length |
| 2656 Breton Ridge Drive | $279,000 | $113 | 1/26/2012 | 2005 | 2,475 | Distressed |
| 2633 Opequon Bend | $261,098 | $149 | 1/26/2012 | 2012 | 1,755 | Arms Length |
| 2641 Opequon | $249,900 | $150 | 1/20/2012 | 2011 | 1,670 | Arms Length |
| 2664 Breton Ridge Drive | $281,000 | $125 | 1/20/2012 | 2012 | 2,250 | Arms Length |
| 2609 Farragut Way | $272,900 | $136 | 1/6/2012 | 2011 | 2,000 | Arms Length |
| 5604 Burnside Circle | $350,000 | $134 | 1/5/2012 | 2007 | 2,611 | Arms Length |
| 2629 Manassas Way | $256,300 | $150 | 12/21/2011 | 2011 | 1,712 | Arms Length |
| 5621 Ringold Lane | $284,900 | $142 | 11/10/2011 | 2011 | 2,005 | Arms Length |
| 2542 Bennitts Mill Way | $313,700 | $148 | 10/28/2011 | 2011 | 2,124 | Arms Length |
| 2580 Ulysses Rd | $309,900 | $146 | 10/21/2011 | 2011 | 2,124 | Arms Length |
| 5625 Ringold Lane | $289,320 | $144 | 9/30/2011 | 2011 | 2,005 | Arms Length |
| 2617 Manassas Way | $269,900 | $130 | 9/28/2011 | 2011 | 2,070 | Arms Length |
| 2541 Lagrange Trail | $296,000 | $128 | 9/9/2011 | 2008 | 2,318 | Arms Length |
| 2590 Halleck Lane | $252,900 | $140 | 9/1/2011 | 2010 | 1,811 | Arms Length |
| 2586 Ulysses Rd | $274,297 | $152 | 8/26/2011 | 2011 | 1,809 | Arms Length |
| 2539 Bennits Mill Way | $299,900 | $145 | 8/15/2011 | 2011 | 2,074 | Arms Length |
| 2558 Manassas Way | $249,900 | $141 | 8/15/2011 | 2011 | 1,775 | Arms Length |
| 5647 Burnside Cir | $239,500 | $126 | 8/11/2011 | 2007 | 1,899 | Distressed |
| 2560 Carthage Lane | $305,000 | $140 | 7/29/2011 | 2011 | 2,184 | Arms Length |
| 2605 Farragut Way | $242,900 | $145 | 7/27/2011 | 2011 | 1,670 | Arms Length |
| 5641 Ringold Lane | $304,900 | $147 | 7/22/2011 | 2011 | 2,074 | Arms Length |
| 2595 Farragut Way | $269,900 | $130 | 7/15/2011 | 2011 | 2,070 | Arms Length |
| 5853 Appomattox Way | $266,000 | $129 | 7/15/2011 | 2008 | 2,070 | Arms Length |
| 2544 Carthage Lane | $305,826 | $147 | 6/29/2011 | 2011 | 2,081 | Arms Length |
| 2554 Manassas Way | $239,900 | $144 | 6/1/2011 | 2011 | 1,670 | Arms Length |
| 2587 Ulysses Rd | $309,900 | $146 | 5/27/2011 | 2011 | 2,124 | Arms Length |
| 2595 Halleck Lane | $276,040 | $137 | 5/27/2011 | 2011 | 2,008 | Arms Length |
| 2556 Carthage Lane | $288,000 | $146 | 5/27/2011 | 2011 | 1,972 | Arms Length |
| 2587 Farragut Way | $252,900 | $139 | 5/25/2011 | 2011 | 1,825 | Arms Length |
| 2537 Ulysses Rd | $263,000 | $155 | 4/29/2011 | 2011 | 1,700 | Arms Length |
| 2509 Ulysses Rd | $269,900 | $154 | 4/25/2011 | 2010 | 1,748 | Arms Length |
| 2704 Breton Ridge Dr | $400,000 | $121 | 4/22/2011 | 2006 | 3,305 | Distressed |
| 2538 Lagrange Trail | $279,900 | $141 | 4/15/2011 | 2011 | 1,990 | Arms Length |
| 2639 Ulysses Rd | $260,000 | $114 | 4/1/2011 | 2006 | 2,272 | Arms Length |
| 2533 Carthage Lane | $285,000 | $138 | 3/28/2011 | 2008 | 2,072 | Distressed |
| 5636 Burnside Circle | $275,000 | $122 | 3/25/2011 | 2006 | 2,257 | Distressed |
| 2549 Lagrange Trail | $370,000 | $161 | 2/28/2011 | 2011 | 2,297 | Arms Length |
| 5755 Farnsworth Drive | $405,690 | $150 | 2/24/2011 | 2011 | 2,700 | Arms Length |
| 2591 Ulysses Road | $299,900 | $145 | 2/3/2011 | 2010 | 2,074 | Arms Length |
| 5632 Burnside Circle | $242,000 | $125 | 1/21/2011 | 2006 | 1,941 | Distressed |
| 2540 Ulysses Rd | $361,000 | $136 | 1/14/2011 | 2008 | 2,650 | Arms Length |
| 5682 Burnside Circle | $244,900 | $121 | 1/7/2011 | 2006 | 2,022 | Distressed |
I hope you gained valuable market insight about Bull Run house values, and you can always find more information on other Tallahassee neighborhoods at the Tallahassee Real Estate Blog.
About Joe Manausa, MBA
