Why “Median” Price?
Have you ever wondered why most real estate data reports give median sales figures, as opposed to average or mean numbers?

VAREALTOR.com explains it this way; Imagine that seven homes sold for $180K, $195K, $208K, $275K, $281K, $302K and $1.8 million. The average sales price would be $463,000 because of that single most expensive home – the outlier. But, the median price is $275,000, which is a much more representation of the market.

Posted By: Lynnette Tully on Tuesday, July 19, 2011