Median price is an indicator of the strength and direction of a housing market, a midpoint of all the prices of Denver homes sold in a given area during a specified period. Midpoint means half the Denver homes sold for higher prices and half the Denver homes sold for lower prices. The median price is different from the average home price sale, which is calculated by totaling all the prices and dividing by the number of homes sold. The median price is affected by the characteristics and sizes of Denver homes sold as well as price trends. For example, if the market shifts from starter homes to luxury mansions, the median price will increase even if Denver homes are not appreciating in value.
According to the Metro Denver Economic Development Corporation, the average single family home price in Denver appreciated to $307,170, while the median price of an existing single-family home in Metro Denver rose to $245,600. First this tells us that more than half of homebuyers are paying less than average prices for a home in Denver. Second, this tells us that there are a wide variety of homes on the market, since more than half the homes cost significantly less than average, and that the homes on the upper end are so costly that they have pulled the average price up to more that $60,000 over the median price.
I regularly mail market reports to several Metro Denver neighborhoods and provide this data, based on the sales within a several-block radius of homes. This is the most accurate look at data for those homes. If you would like to receive this data for your home's neighborhood, don't hesitate to ask. It would be my pleasure to provide and discuss it with you.
Best Regards,
Marie
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