Sometimes you can get lost with all of the real estate terminology when you're talking to your agent, reading an article or looking through the various homes on the MLS® System. There are quite a few terms that a layman may not have run into before and the three most important ones that need to be explained are median, benchmark and average prices.
For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.
Median price
If you were to take all of the sales within a given time period and put them in a list that ranged from the lowest price to the highest one, the median price would be the price value that is found right in the middle. Half of the real estate
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