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Price for Patrician Property Puzzles in Small-Town Mississippi

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All photos via North Central Mississippi Realtors.

We're stumped as to why this cute, three-bed, three-bath antebellum cottage an hour and a half from Memphis, Mississippi, is on the market with a hefty price tag of $950,000.

Yes, it has pedigree: the cottage dates to 1854 and has lovely period detail (heart-pine floors, bevelled glass) and sympathetic additions (beadboard and reclaimed New England barn flooring). William Faulkner and his family lived around the corner, at Rowan Oak, for 40 years.

And yes, it has small-town charm by the bushel. The New York Times reports that the surrounding town of Oxford, a "desirable" historic preservation district, is quaint and quiet, featuring the kind of town square city dwellers wax nostalgic over, anchored by the Lafayette County Courthouse and clustered with local businesses like indie bookseller Square Books and one of the South's oldest department stores, Neilson's, which opened its doors in 1839.

Further down the internet rabbithole, we note that the largely white-collar neighbourhood has a low crime rate, no foreclosures and superb amenities, with the Ole Miss campus, library, fire station, hospital and the county sheriff's office within walking distance. However, the property is still asking 50 percent more than the average price of similar homes in the area.

What gives? Are we missing something here? Commenters, weigh in, or send answers on the back of a postcard, preferably one featuring a daguerreotype of the Lafayette County Courthouse, please.