The middle price in a ranked list of all sale prices in a given suburb and period. Half of sales occurred above the median, half below. The median is preferred over the average (mean) because it is less distorted by extreme high or low sales. A suburb with a $700,000 median means half of homes sold for more and half for less.
Go deeper
How to choose a selling agentInterview process, the appraisal-price trap, and the listing agreement.