Definition
Median price is the middle point—half sold above, half sold below. It resists outliers and better represents typical values than average price. More reliable market indicator.
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Median price is resistant to outliers—one ultra-expensive mansion doesn't skew the median. For example, if five homes sold at $300k, $350k, $380k, $420k, and $500k, the median is $380k.
Pro Tip
Focus on median price rather than average price. Median better represents typical market values.
Example
In June, the median home price in the market was $385,000, down 3% from June last year, indicating a cooling market.