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What’s a median? If the prices for all the transactions are ranked from lowest to highest, the median is the one in the middle. That is, there is an equal number of prices above and below it. If there is an even number of transactions, the median is the average of the middle two (2) entries.
Example for odd number of entries:
1) $249,000
2) $258,000
3) $275,000
4) $300,000
5) $350,000
The Median is the 3rd entry, $275,000. It has an equal number of entries above and below.
Example for even number of entries:
1) $249,000
2) $258,000
3) $275,000
4) $300,000
5) $314,000
6) $350,000
The Median is the average of the two (2) middle entries, 3 and 4. This equals ($275,000 + $300,000) / 2 = $287,500. |
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