this is what 2,200 Sq foot cost you elsewhere

[IdaClaire]

Originally Posted by jbognar

That's not necessarily true. For example, say you have 5 homes with the following prices...
$200k, $400k, $400k, $400k, $400k
Average = $360k
Median = $400k

In that case, you're right- the median price is higher.

However, I'm guessing that in a comparison across the country, the lows may be something like 130K and the highs may be something like 1.3 million dollars. In that case, the average is going to be greatly skewed to the right, as there is much more than 130K difference between the lowest and highest figure...

Ugh, my college stats class is coming back to me...

[TuborgP]

Before I posted the link I did a meta analysis and came up with the following to help analyze the data:

not bad
sorta expensive
expensive
real expensive
mucho expensive
get real
California

Hope this helps

[nocaltonc]

Ah yes...you get it.

And that, my friends, is why I'm selling my 2,000 sq. ft. home in the San Francisco east bay and getting out of dodge while I can!

Bought it 6 yrs. ago for $449,000...appraised today for $925,000. That outta get me a larger shack in Raleigh, no?

[jello212]

Originally Posted by jbognar

That's not necessarily true. For example, say you have 5 homes with the following prices...
$200k, $400k, $400k, $400k, $400k
Average = $360k
Median = $400k

In your example, the 400K median is in line with the price of the area as a whole. But consider the example 200K, 300K, 250K, 100K, 2M.
Mean = 570K
Median = 250K

Of course, both of our examples are distorted by small sample sizes.