Hi. I am just still unclear about this...I know the ideal response would be to go find myself a realtor who would have numbers to appraise or forecast a market's median price range on houses. Yet, there are so many online platforms such as Trulia heatmaps, Redfin, Eppraisal, Zillow, etc. to estimate what the Median Price Range is for a given market's city...so if finding this info online is feasible in that regard, where can I find it and which is most accurate? Thank you!
The median home value for an area changes every day. It is literally the middle number when you sort all prices from high to low. If the median is much different than the mean, then you know there are many larger or small outliers distorting the mean.
Because the median is just the middle number of the group of prices, every-time there is a closing, which happen everyday, the median will change.
You also have to consider what's in the median. If the statistic is only single family homes, excluding foreclosures, then you will get a different number versus including foreclosures. The same goes if you add multi-family properties (2-4 units).