Many people ask us what the term “Median Home Price” of homes that have recently sold is. Some think it’s the average sale price. Others simply don’t know.
It’s not the average sale price. It’s the price where 1/2 of the sold homes were priced above, and half of the homes were priced below. The average would be different, as it can be greatly skewed by a few very expensive homes being sold.
In Ocean County NJ, the median price of a home sold in the 4th quarter of 2016 was $284,378.
Nationally, the median home price was $209,226.
There are a few counties in the country that were a little bit higher. Not surprisingly, California had 4 of the top 5 median prices:
San Francisco County $1,048,166
San Mateo County $1,021,667
Marin County $1,009,308
Santa Clara County $922,511
And in Massachusetts, Nantucket County $983,597
In New Jersey, Bergen County had the highest median value $474,771. Cumberland was the lowest at $161,937.