Definition of Median Home Value:
Calculating Median Home Value in Orange County:
This is the center value of an ordered set of home values. For a set of five homes worth $200,000, $350,000, $400,000, $550,000 and $650,000, the median value would be $400,000 and the average value would be $430,000 (200K + 350K + 400K + 550K + 650K/5). When looking at a neighborhood's home prices the median price is usually the best reflection of a typical price since it won't be affected by a few very expensive or cheap homes in the sample being used. The median home price is usually a better indicator than the average price, especially when there are many home sales to pull from.