The median market value for a certain area is calculated using the following steps:

1. Collect Data: Gather data on property sales in the area over a specific period. This data typically includes sale prices, property types, sizes, and other relevant details. (This data is calculated from the sold properties in the month of September 2024)
2. Organize the Data: List all the sale prices in ascending order from lowest to highest.
3. Determine the Median:

• If there’s an odd number of sales, the median is the middle value in the ordered list.
• If there’s an even number of sales, the median is the average of the two middle values.

1. Analyze the Results: The resulting median value represents the point at which half the properties sold for less and half sold for more, providing a clearer picture of the market value without being skewed by extreme high or low values.

This method is widely used because the median is less affected by outliers compared to the average (mean), making it a more reliable measure of central tendency in real estate markets.

As shown in the charts, home prices continue to rise steadily! The real estate market is expected to remain strong. Don’t wait to buy—if interest rates keep dropping, more buyers will enter the market, increasing competition and potentially leading to bidding wars. By purchasing now, you have the option to refinance later if rates decrease further. Remember, interest rates can change at any time!

If you require assistance in achieving your real estate goals and navigating the current market, I would be delighted to help. Please feel free to call, text, or email me at your convenience.