What does Median House Price mean?

The median house price is calculated by finding the midway point of all the properties sold at market price over a set period of time.

This differs from the mean point, which equates to the average price – adding the sales prices together and then dividing this by the number of sales.

The reason the term median house is used rather than mean price, is because it more accurately reflects the market.

I would advise however, for the very best way to get an idea of property prices, it is advisable to  view the median house prices over a period of time and monitor trends rather than looking at the median house price sold over a shorter period of time.

Property prices fluctuate up and down throughout the seasons.