The median price refers to when half the properties in the statistical set are priced above and half are priced below the price of a specific property. It’s a useful number to know when using real estate statistics for analysis, especially when compared to the average value, also known as the mean. When the mean is higher than the median, it indicates that there are more properties of higher value in the data set. If the mean is lower than the median, it indicates the opposite, that there are more lower value properties than higher value properties. The median price of homes is often available from entities that compile and publish data about real estate such as the National Association of Realtors, the U.S. Census Bureau, local governments that track sales activity and private companies that specialize in measuring real estate market conditions.
