Phoenix Real Estate Statistics: Average vs. Median Home Prices

Desert Harbor FishingMark Twain is credited with popularizing the phrase, “Lies, damned lies, and statistics”. Obviously,  he was aware how data can be manipulated, misleading and  needs to be understood in the proper context.  In real estate, we deal with statistics on a daily basis.  In an effort to understand trends, we encounter the terms “average sales price” and “median sales price”.  Both of them use the same set of data. Its just how you look at the data so it is useful to understand the difference between the two terms.

 

Median vs. Average Price in Real EstateCoral Point - The Falls waterfront

The calculations for average and median prices are fairly straight forward.

The median of a set of numbers is that number where half the numbers are lower and half the numbers are higher. When we’re considering real estate,  that means that the median is the price where half the homes are less expensive, and half are more expensive.

The average of a set of numbers is the total of those numbers divided by the number of items in that set.    For example:

Median  vs Average

For the data to the left let’s determine the median and average for these 11 houses.  The value or median where there are an equal number above and below is $210,000.

To calculate the average we add the prices of the 11 homes which gives a total of $3,385,000. Now divide this by 11 and the average house price is $307,727.

As you can see, the difference between the median and average is almost $100,000!  The distribution of the data is the key.  The median will keep the outliers on the extremes from overly influencing the  calculation.

Waterfront on Ocotillo Lakes with boatSo when you’re listening to someone talk about the median vs. the average price per square foot, it’s important to understand the different and how the distribution of the data can affect the outcome.

If you’re looking for that special home but need help finding it, go to send me listings and describe what you’re looking for and I’ll be glad to help.

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$1,375,000 :: 909 E VERMONT Drive, Gilbert AZ, 85295

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6 beds, 4.5 baths
Home size: 5,137 sq ft
Lot Size: 12,197 sq ft
Added: 01/14/22, Last Updated: 01/14/22
Property Type: Single Family
MLS Number: 6338302
Community: ESTATES AT VELVENDO PHASE 1
Tract: ESTATES AT VELVENDO PHASE 1
Status: Active


This incredible former-model home (not lived in till 2017) sits on a premium waterfront lot with a creek running behind the home and a lake to the side. Only one direct neighbor! Formal living & dining, upstairs loft , separate built-in homework space, gorgeous pool & hot tub, and OWNED solar! With over 5,000 square feet, 6 bedrooms and 4.5 bathrooms--including 2 master bedrooms (1 upstairs and one downstairs). The den next to the downstairs master could be used as an in-home office. The oversized gourmet kitchen features two islands, high-end Jenn-air appliances, built-in refrigerator, and spacious breakfast nook. The large great room and open and airy feel make this home perfect for entertaining. You can't beat this location close to shopping, restaurants & the 202 freeway.

Listed with HomeSmart Lifestyles


Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!


$1,349,000 :: 1820 E MONARCH BAY Drive, Gilbert AZ, 85234

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4 beds, 2.5 baths
Home size: 3,055 sq ft
Lot Size: 13,940 sq ft
Added: 01/12/22, Last Updated: 01/12/22
Property Type: Single Family
MLS Number: 6341055
Community: CRYSTAL SHORES AMD LOT 1-82 TR A-I
Tract: CRYSTAL SHORES AMD LOT 1-82 TR A-I
Status: Active


A true gem located in the Val Vista Lakes community, this modern coastal style home is influenced by the outdoors, a harmonious balance of the elements to create a peaceful lifestyle by the lake. Enjoy outdoor-indoor living space with panoramic sliding glass doors opening into the spacious, lakeside backyard. Inside you will experience the comforts of a luxury residence as this home has been extensively remodeled, with an open floor plan featuring 10ft+ vaulted ceilings, a massive butcher block island & quartzite countertops, custom cabinetry, porcelain tile, & carpeted bedrooms. Perfect for entertaining, this is the ultimate outdoor BBQ kitchen for the overachieving chef. Lose track of time while enjoying the best sunset views in the neighborhood from your very own private boat dock.

Listed with Taylor Street Advisors


Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!


$575,000 :: 1346 W CLEAR SPRING Drive, Gilbert AZ, 85233

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3 beds, 2 baths
Home size: 1,602 sq ft
Lot Size: 5,228 sq ft
Added: 01/03/22, Last Updated: 01/06/22
Property Type: Single Family
MLS Number: 6335429
Community: CORAL POINT REPLAT LOT 76-101
Tract: CORAL POINT REPLAT LOT 76-101
The price of this listing was last reduced on 1/6/2022 by 2%
Status: Active


The first thing you'll notice when you pull up to this beauty is the great curb appeal and attractive landscaping. Step inside to a beautiful home with an open floor plan and vaulted ceilings. There is wood-like tile flooring and lots of upgrades. The kitchen offers granite countertops, stainless steel appliances, tile backsplash, island with breakfast bar, and contemporary cabinets. Stunning Master bath suite with stand alone tub, separate shower with marble walls, and walk in closet. Cozy backyard with covered patio and beautiful views. HOA maintains both front and back landscaping. New roof 2019 and new AC 5/21. Hurry and come take a look at this gem while it's still available. You won't be disappointed.

Listed with Real Broker


Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!


$575,900 :: 1025 W PENINSULA Drive, Gilbert AZ, 85233

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4 beds, 3 baths
Home size: 2,787 sq ft
Lot Size: 10,019 sq ft
Added: 12/05/20, Last Updated: 01/27/21
Property Type: Single Family
MLS Number: 6156476
Community: WINDHAVEN
Tract: WINDHAVEN
Status: Active


BEST PRICED WATERFRONT ISLAND HM.N/S.EXP.OVER 10K SF WATERFRT VIEW LOT W/94 FEET OF WATER FRONT & APPROX.120FT DEEP LOT.PRVT DOCK BRIGHT&OPEN.FORMAL LVG;DININGNOOK+FR.VAULTED CEILING.UPDATED FLOORING;GRANITE COUNTER KITCHEN CABINETS;WHITE WOOD SHUTTERS.SECURITY DRS@ENTRY&BACK PATIO DBL FRENCH DOOR. OVER-SIZED COV'D PATIO.WET BAR W/GRANITE COUNTER.ALL BATHS HAVE BEEN REMODELED.MASSIVE MASTER BR W/HIS&HER'S CLOSETSSEP.TUB/SHOWER.2 SINKS W/SPACIOUS COUNTER SPACE&STORAGE.DBL FRENCH DOOR W/SEC.IRON GATE WALK ON TO PVT WATER FRONT VIEW DECK FOR YOUR LEISURE MORNING RELAXATION -THEN RETURN TO ENJOY THE INCREDIBLE ARIZONA SUNSET-LIFE IS JUST PERFECT HERE. HURRY! CALL NOW FOR YOUR PRIVATE TOUR ARRANGEMENT. MUST SEE TO APPRECIATE. MASKS REQUIRED WHILE ON THE PREMISE.

Listed with FDR Real Estate


Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!


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