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All attempts have been made to give you the most current and accurate data, but some results may be skewed because of insufficient data to obtain a clear picture. Call me to verify results or to obtain additional information such as; average days-on-market, sales to listing ratios, etc.
Average vs. Median Price
Real estate statistics are a great way to take the pulse of a particular market but knowing what the numbers mean, can sometimes be confusing. Here's the difference between average and median price:
Average: is the set of data added together divided by the number of data that you have.
Example: $250,000, $280,000, $285,000, $350,000, $500,000; add them up equals $1,665,000. Divide $1,665,000 by 5 and answer is $333,000.
Median: is the exact middle number that exists in a set of chronological (smallest to largest) data.
Example: $250,000, $280,000, $285,000, $350,000, $500,000; the middle number is the third number, "$285,000" which is the median. In this case the median has exactly two numbers on each side of it. Now, if there is no middle number, such as $250,000, $280,000, $280,000, $285,000, $350,000, $500,000 then average the two middle numbers, which would be an average of $280,000 and $285,000 which is $282,500.
Average and median are both measures of central tendency, but the average can be skewed by very large or very small data. Click here to read more.
If you are interested in more statistics or have questions about the real estate market in Muskoka, don't hesitate to email or call my cell anytime.
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