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What does the Median Sales Price represent?

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What does the Median Sales Price represent?

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The Median Sales Price is the sale price of the property situated in the middle of a set of properties that are ranked according to sales price. It is not the average sales price. For example, three properties were sold for $300k, $320K and $900k respectively. The Median Sales Price is $320k which represents the value of property in the middle of the set.

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