We often hear about the average sale price for single-family homes. High fives as the average sale price creep higher every month. But a few super high priced and/or a few very low priced homes can skew the average sale price for an area or subdivision.
The median sale price in the precise middle of all the sale prices from low to high. The U.S. Census Bureau lists national median and average sale prices for the past several decades and it makes for an interesting read.
If the graph shows a downward trend, it means that sellers are dropping their prices. Home sales are dropping. Alternatively, if the median price graph for an area is rising prices are also going up.
Make sure to look at both the average sale price as well as the median sale price before you list your home.