The mid-point of a range of property values that are ranked from the lowest to the highest sale price. For example, if there are five sales in a sample, which are ranked from the lowest to the highest sale price, the median value is the third sale.
is the price in an ordered set of prices below and above which there is an equal number of prices (the middle price in an odd number of prices) or is the arithmetic average of the two middle prices (in an even number of prices).
a typical market price where half the homes sold for more, half sold for less
In a specific area, the amount paid for a property where half of the properties in the area sell for less and half sell for more.
The median is the middle price in a series of sales, where half of the sales are of lower value and half are of a higher value. For example, if fifteen sales are recorded in a suburb and arranged in order from lowest to highest value, the eighth sale price is the median price. Median prices are used rather than average or mean prices as they are unaffected by a few unusually high or low prices in a series. Average or mean prices are affected by unusually high or low values in a series. Using the median presents a more accurate indicator of true market activity. Median prices are used for REIV Property Updates, quarterly and annually, and REIA Market Facts.
The price exactly halfway between the top sale price and the lowest sale price. For example, if 5 horses sold for 10,000, 9,000, 7,500, 6,000 and 3,000 respectively, then the median price would be 7,500.
The price of the house that falls in the middle of the total number of homes for sale in that area.
In a given area, the amount paid for a house in which half of the houses in that area sell for less and half sell for more.
House price that falls in the middle of the pricing of the total number of homes for sale in a specific area.