Scofield Farms Market Recap: Prices Drop as Sales Slow in Rolling Year

Scofield Farms saw its median home price drop to $465,000 over the trailing 12 months, a decline of 11.3% compared to the prior period and the same window last year. This rolling annual review covers 47 closed sales, providing a stable view of market activity despite monthly fluctuations. The median days on market doubled to 48 days, up 100% from the previous 24-day average, indicating a slower pace of transactions. ALEX Intelligence analyzed the pricing dynamics and found that homes sold for 94.9% of their original list price, down from 96.7%. The share of sales closing below the original list price rose to 82.6%, up 16.7 percentage points year-over-year. While new listings increased to 74, the median living area of sold homes shrank slightly to 2,015 square feet, down 6.7%. Current inventory stands at 12 active listings, resulting in 3.0 months of supply based on the recent sales pace. This shift suggests a move toward more balanced conditions compared to the tighter market seen previously. With mortgage rates at 7.11%, buyers are navigating a landscape where negotiation leverage has increased and price reductions are becoming more common. The data reflects a cooling trend in this Austin neighborhood, with prices adjusting downward and homes taking longer to sell. This period of adjustment offers opportunities for buyers to find value while sellers face increased competition. The market remains active enough to provide reliable trends, though the pace of sales has clearly decelerated from earlier levels. Thinking of selling in Scofield Farms, Austin? Ask for a free ALEX Intelligence valuation of your home. Data from Unlock MLS. Information deemed reliable but not guaranteed. Model outputs are ALEX Intelligence estimates, not appraisals. Read more Central Texas market data on the ALEX blog: https://alex-companies.com/blog