I have been asked about the difference in these terms and now offer a brief explanation:
Average: You had everything together and divide by the number of units. For example if 10 houses sell you add up the total cost and divide by 10.
Median: The house in the middle of a price range. I’m not sure which way my data base jumps when there is an even number in a range. For example if 11 homes sold and you ordered them from least expensive to most expense the one in the middle would be the Median Price.
Mean: Is the most common number. This might be difficult with real estate as the numbers are large and few are of the exact same price. I do not think it will tell you much with houses. But if you grouped houses in a range the range can become the Mean. In my last Blog on Brentwood Home Sales they Mean size of homes sold is 2001 to 2500 SF as this is the range where most of the homes sales are. I hope this helps you understand the numbers.
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I was half expecting to see a picture of you under the "just plain mean". No reason to rain on my bike parade.
HELLO GENE! I love the titles of all your posts! They are hilarious! This was a good laugh for me today! -- Gabrielle