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The exact middle sales price among all recorded sales prices of houses that closed over the last twelve month. In general, median values are more accurate than average values, which may be skewed by price outliers (a few sales that are extremely expensive or extremely inexpensive).
That's easy. Best way to express it is this way. For example imagine the following raw data (discreet sold prices), $350,000, $209,000, $155,000, $209,000, $609,000, $2350,000. The Mediam value is calculated using Median = {(n + 1) ÷ 2}th value. First we sort the sold prices in ascending order, smallest to highest, then you determine (total properties + 1) ÷ 2. If the results is an odd number, than that's the number in the sequence that if exactly the middle sold property. If it is even, you need to average the 2 middle numbers, in other words the nth sequence and the nth sequence + 1