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What Does Median Home Price Mean...And Why Should I Care?
Debbie Laity "Why might you be concerned about median price versus average price? The median price can often be a more accurate representation of the value in a neighborhood."
Right on target - and - re-blog!
What Does Median Home Price Mean...And Why Should I Care?
Most people understand the average home price in a neighborhood, but don't understand the median price and why it's used. What does this mean, and why should you as a home buyer or seller care?
The median price (number) is the middle number of all of the properties in an area. So for example let's say you have seven homes listed in a particular neighborhood. To determine the median price of these listings you write down the numbers from lowest to highest. The median is the middle number. If you have an even number of properties, you take the two middle numbers and find the average of them. That would then be your median price. 
Why might you be concerned about median price versus average price? The median price can often be a more accurate representation of the value in a neighborhood. Median prices aren't affected by large price deviations. 
Here's an example to better illustrate my ... more

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