Here is recent market activity showing the Median Price for Newport Beach, 92660. The definition of the Median Price is the price of the house that falls in the middle of the total number of homes for sale in that area.
The Median price of 101 sold homes would be the price which is lower than 50 of the prices and also higher than 50 of them. Do not confuse this term with average. The difference between average and median can be quite different. For example, if you are looking at a “sold” market analysis and the homes are evenly distributed, the median and average might be similar. But, if the homes sold were more to one end of the price range, then the median and average could be different.
Let me know what you think the local Real Estate market is doing…post a comment and get the conversation started.