WHAT IS MEDIAN SALE PRICE
You have probably heard the average sale price or the median sale price. The difference is the average sale price is when you add all the prices together and divide by the number of sales. The median sale price is different. It is basically the middle sale price of all the homes sold. So if your neighbourhood had 5 recent sales at 200K, 225K, 250K, 300K and a big one at 500K the median sale price is the 250K house while the average sale price shows the neighbourhood at 295K. Median is typically a clearer picture of the typical house in the area.