Why Schilling Farms' Median Price Fell While Its Houses Didn't
August 13, 2026
August 13, 2026
Pull up the median sale price for Schilling Farms right now and you will see a number that looks like trouble. Pull up an actual single-family listing in the same zip code and you will see a market that looks nothing like that number. Both are technically correct. Only one of them tells you what a detached home is worth.
That gap is worth understanding before you compare Schilling Farms to Collierville's Historic Town Square, because the two pockets of town are answering different questions, and a headline median will not tell you which one you're asking.
As of February 2026, Redfin listed the Schilling Farms median sale price at $389,500, down 24.6% year over year. Read that line again and notice the label attached to it: median sale price, all home types. That qualifier is the whole story. It means the figure is blending single-family resales with the flats, townhomes, duplexes, and triplexes that have been landing in Schilling Farms by the hundreds over the past two years, largely from Boyle Investment Company's Water Tower District.
Compare that to what single-family listings were actually doing in the same neighborhood as of late July 2026, when Schilling Farms homes were showing a median list price around $652,450 with an average of roughly $197 per square foot. That is not a market down 24% year over year. That is a detached-home market holding its own while a wave of new attached product resets the blended average underneath it.
Neither number is fake. They are measuring two different housing stocks that happen to share a mailing address.
Schilling Farms was never a static subdivision. Boyle's 443-acre master plan has been adding density in recent years, and the pace has not slowed:
Ed Cabigao, who co-owns SOB with his wife Brittany, put the appeal in plain terms when the Collierville location opened.
The area is growing, and we are excited to be a part of it.
That growth is exactly what shows up in the blended median. Every new flat or townhome that closes at a lower price point than a detached resale pulls the average down, even if not a single existing house lost value. The neighborhood is not deflating. It is diversifying, and the math has not caught up to that yet in the way most buyers read it.
Town-wide, Collierville's median sale price sits around $555,000, up roughly 6.9% year over year, with price per square foot running between $172 and $187 depending on the block, according to our full Collierville market breakdown. But that town-wide figure still averages together two submarkets that behave differently enough to deserve separate treatment.
| Historic Town Square | Schilling Farms (detached) | |
|---|---|---|
| Typical product | Mid-century bungalows and preserved historic estates | Newer single-family builds, many HOA-maintained |
| What's within walking distance | Boutique shops, the train depot, restaurants like Grisanti's on Main | YMCA, corporate offices, a growing dining row (SOB, Cheffie's Café, Rotolo's) |
| Price per square foot | Commands a premium over older, non-walkable builds elsewhere in town | Around $197 per square foot as of late July 2026 |
| Yard and maintenance | Owner-managed, older lots | Frequently HOA-handled, smaller footprints |
| Nearby employers | Downtown Collierville businesses | IMC Companies, plus corporate neighbors within a mile including the FedEx World Technology campus |
Neither column is the better buy in absolute terms. They are answering different lifestyle questions, and the price per square foot in each reflects that rather than reflecting a town-wide trend line.
Here is where this stops being trivia and starts being a transaction problem. If you are selling a detached home in Schilling Farms and your agent pulls comps labeled simply "Schilling Farms" without filtering for property type, you risk anchoring your list price to a blended median that includes brand-new, smaller-footprint attached units priced to move quickly. That number will sit well below what your actual house is worth, and pricing off it costs you real dollars at the negotiating table.
The reverse mistake shows up on the buyer side. A buyer who sees "median down 24.6%" and assumes that applies to the four-bedroom detached home they're touring will walk in with an offer that has no relationship to what similar detached homes have actually been closing at. Sellers who know their comps can and should push back on that number with the specific, apples-to-apples data that supports it.
The fix is not complicated. Ask for comps filtered by property type and built year, not just by neighborhood name. Pull sales from the last 90 days within a genuinely comparable radius. A single-family home built in 2015 on a quarter-acre lot has almost nothing in common, pricing-wise, with a new-construction townhome that closed last quarter, even if both mailing addresses say Schilling Farms.
Meanwhile, Collierville's overall pace has cooled some from its pandemic-era frenzy. Roughly 29% of sellers town-wide are adjusting price before closing, and homes are sitting for a median of 38 to 96 days depending on the price bracket and location. That slower pace makes accurate, property-type-specific pricing even more important. A home priced off the wrong dataset does not just sell for less. It sits, and sitting past the 45-day mark is when buyers start treating a listing as a problem rather than an opportunity.
Boyle has already signaled it is not done. The company announced Morrison Village in February 2025, a new $50 million mixed-use development planned for vacant land off Houston Levee Road near Highway 385, bringing more apartments, retail, and parks into the Collierville growth story. If the Schilling Farms pattern holds, expect the same dynamic to repeat there: new attached product landing alongside existing detached homes, and a blended median that will need the same skeptical read before anyone treats it as gospel.
Does the median price drop mean Schilling Farms detached homes lost value? No. The drop reflects a shift in what's included in the sale count, not a decline in what existing houses are worth. Detached listings in the neighborhood were showing a median list price near $652,450 as of late July 2026.
Is Schilling Farms still convenient if I want walkable dining and shopping? Increasingly yes. The Water Tower District has added a working retail row with SOB, Dutch Bros Coffee, Rotolo's, and Crumbl Cookies within the same 443-acre development, alongside longer-standing spots like Cheffie's Café.
Should I trust any single "median price" for a Collierville neighborhood? Treat it as a starting point, not an answer. Ask what property types are included and pull comps filtered to match the home you're buying or selling before you set a number.
If you're weighing a detached home in Schilling Farms against something closer to the Square, or trying to figure out what a specific comp actually supports, that's a conversation worth having before you set a price in either direction. Mia Atkinson has closed transactions across Collierville's submarkets and can walk you through the numbers that actually apply to your property. Book a call and get the comps that fit your home, not the neighborhood average.
With extensive market knowledge and a passion for finding dream homes, Mia is dedicated to delivering personalized solutions to meet your unique needs. Trust a top-ranked Real Estate Agent in the Memphis Region to guide you seamlessly through the real estate journey.
Let Mia know how she can assist you.
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