The focus these past weeks has been on increasing prices, as we’re heading toward demand outpacing supply. However, a recent NY Times article gives insight into the “median” price – a midpoint measurement that divides prices right down the middle. “It doesn’t care how high the highest sale is,” states Greg Heym, Chief Economist at Brown Harris Stevens, as an example.
While we typically look at the average price, the median gives a more realistic, less volatile and steadier figure. It also happens to be lower than the average price in our current market, which can be helpful and encouraging for buyers, giving them a more true number.
In this same article, appraisal firm Miller Samuel breaks down the median price by borough over the last two years, which shows a price increase across the board with Queens clocking in the biggest increase at 17.7%. For anyone looking to buy, this chart/data may be a good start to help set expectations before you begin your search.
Please feel free to reach out with any questions, without obligation to using my services. I expect activity will be picking up rather soon as spring rolls around, so the earlier you can get things in motion, the better position you will find yourself in.