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The median home price and the average home price are two figures used to measure the cost of properties in a given area. Although these figures can be used to compare housing prices between different locations, they are not always the same. Understanding the difference between these two figures is important to ensure you are accurately assessing the cost of housing in an area.

The median home price is the middle value of all the homes in a given area. This figure is typically more accurate than the average home price because it eliminates the effect of extreme values. For example, a few high-end homes in an area may skew the average home price, but the median home price would still give an accurate representation of housing costs in that area.

The average home price is the total cost of all the homes in an area divided by the number of homes. This figure can be affected by the number of high and low-priced homes in the area, as well as the size of the homes. The average home price may not accurately reflect the cost of the typical home in the area, since it can be skewed by extreme values.

When comparing housing costs between different locations, it is important to consider both the median home price and the average home price. The median home price is typically a more reliable figure, since it eliminates the effect of extreme values. However, both figures can be used to get an overall understanding of the cost of housing in a given area.

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