I have received an email asking to differentiate the meaning of median sales price vs average list price.
An average number is very influenced by the numbers on the extremes. The median number is less influenced.
For example, there are 7 people who's ages are 9, 10, 11, 12, 13, 14 and 75. If we want single number that represented this group's age ...the average would be 20.5. This is a awful representation of the people's ages . On the other hand, the median of this group would be 12. ...which is a more accurate representation of the entire group's age.
Real estate uses the same principle. A median figure describes the market statistics better (IMO) because it isn't influenced by extreme properties. Either extemely cheap or super expensive
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