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RSS FeedWhat does the Median Price mean? |
You often hear and read in the media about the MEDIAN prices of homes. The media can slant facts and figures anyway they like so you should really have an agent who will explain to you what is going on price wise and other wise in a neighborhood you would like to live in. This needs to be done at the local level. If the agent only says the median price in this neighborhood is such and such ask what the lowest and highest are.
The MEDIAN is price is the market price for a given period of time where half the homes sold for higher and half sold for less. In the next reporting period if the MEDIAN price of that neighborhood has risen, it does not affect over all values of the homes. It means that more of the expensive side of the median sold in that reporting period. The same is true when the MEDIAN price declines. It only means that more of the less expensive homes sold.
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