Why is median sale price in market insights different from my HomesEstimate?
The median sale price and the HomesEstimate are two different numbers calculated in different ways
The median sale price is simply the middle value in a range of other values. For example, you claim a 3 bed, 2 bath townhouse in Waiwhetu. Based on the three relevant sales in the area this would be the median:
Sale 1: 12 Mark Street, Waiwhetu - $1,000,000
Sale 2: 67 Sam Street, Waiwhetu - $950,000 (This is the median)
Sale 3: 35 Paul Street, Waiwhetu - $850,000
The HomesEstimate is a much more comprehensive calculation. It takes many data points into consideration some of which include land area, floor area, council valuations, council records, school zones and prior transactions of the home.
If you would like to learn more about how we calculate the HomesEstimate please visit our HomesEstimate help page.