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Dumb and Dumber …
Could somebody please explain to me what a median price is and why it attracts so much attention in the media?
The median price is the middle figure when all the data is lined up from the lowest to the highest price. If the data has an odd number of figures, then the median price is the middle figure when sorted. If the data has an even number of figures, the median price is the average of the two middle numbers. Obviously, the greater the amount of data, the more meaningful this measurement is.
The median prices that are released by the REIV & other statutory bodies throughout the year are not what your property is worth nor is it the average which most people wrongly believe, it is purely one of a number of measurements used to interpret shifts in value based on the middle value in a large sample of data.
It is actually surprising how many people do not know what a median is . Next time you are for dinner, ask your friends what the median price means to them, you will be staggered with their responses !