Average Price vs. Median Price: What’s the Difference?
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When people look at the average price and median price, it can be easy to mix up the two and believe them to be the same thing. However, an average and a median are very different, and picking one over the other could lead to you pricing your home out of the market. To learn more about which one is the best to look at when pricing, watch this short video.
The median price is the mid-point for real estate prices. It is not the average. The median price represents the cost of a home smack dab in the middle of a list of homes sold in an area over time. Example: the median home price in the Greater Phoenix Metropolitan (at the time of this video) is about $279,000. The average price is currently $366,000. Big difference, right? Exactly.
So what's the big deal? Well, sometimes people get focused on averages. When it comes to averages the fewer homes included in that average the more volatile that number will be from one time period to another. This is why most professionals consider the median home price to be a much more dependable number to rely on for decision-making purposes.
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I’m John Cunningham with eXp Realty. Thanks for stopping by my channel. Every Thursday I add new videos for you. The topics span the gambit and I always want to give information out that is going to help you with your real estate goals. If you have a real estate topic you’d like me to cover let me know. You can message me by any of the means below.
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