What is the median home price?
Is it the average sale price? Many people think so, but that is an incorrect answer. The median sale price is the point where half of the homes sold were priced above, and half of the homes sold were priced below. The average sale price is rarely the same as the median, it could be higher or lower.
According to data reflecting sales in the last quarter of 2016 in Monmouth County, the median sale price was $416,780.
Data from nationwide shows that the median sale price in the same period was $209,226
Interested in the highest median sale prices in the country? Four of the top five were in California.
San Francisco County’s median price was $1,048,166. San Mateo County came in at $1,021,667. Marin County’s median price was $1,009,308. Next was Nantucket County in Massachusetts, which had the median price of $983,597. Rounding out the top five was Santa Clara County in California at $922,511.
A little closer to home, the highest median price in New Jersey was Bergen County, where the median price was $474.771. At the other end of the spectrum was Cumberland County where the median price was $161,937.