Median Sales Prices & Average Dollar per Square Foot Values
Data per MLS or Zillow Research
Median Sales Price is the price at which half the properties sold for more and half for less. It may be affected by seasonality, “unusual” events, or changes in inventory and buying trends, as well as by changes in fair market value. The median sales price for an area will often conceal an enormous variety of sales prices in the underlying individual sales. Changing the period for which values are being measured by even short periods of time can alter the statistics.
Dollar per Square Foot is based upon the home’s interior living space and does not include garages, unfinished attics, basements, rooms built without permit, patios, decks, or yards (though all those can add value to a home). These figures are usually derived from appraisals or tax records, but are sometimes unreliable (especially for older homes) or unreported altogether. The calculation can only be made on those home sales that reported square footage.
Many aspects of value cannot be adequately reflected in median and average statistics: curb appeal, age, condition, amenities, views, outdoor space, “bonus” rooms, additional parking, quality of location within the neighborhood, and so forth. How these statistics apply to any particular home is unknown without a specific comparative market analysis.