Why city-wide average prices can mislead
THE HOME GUIDE · 26
Why city-wide average prices can mislead
A city average can describe a city without describing your home.
ABOUT 3 MINUTES TO READ
A QUICK LOOK · THREE THINGS TO KNOW
01 / START HERE
Start with the right type
A city average may mix condos, townhomes and large houses.
02 / START HERE
Look close to home
A smaller area may tell you more about local choices.
03 / START HERE
Include homes still for sale
A sold home shows what someone paid.
A news story may say the average home in a city sold for one price. That number can mix condos, small houses and large homes. It may say little about one street.
PART 01
Start with the right type
A city average may mix condos, townhomes and large houses. Compare the same kind of home before using that number.
PART 02
Look close to home
A smaller area may tell you more about local choices. But one or two sales may be too few to show a clear trend.
PART 03
Include homes still for sale
A sold home shows what someone paid. A current listing shows what else buyers can choose now. Both matter.
A SMALL STEP YOU CAN TAKE
One thing to check today
Find three nearby homes like yours. Note the sale dates and key differences.
HOW TO USE THIS
If you are buying or selling
If you are buying
Compare the home you want with similar nearby homes.
If you are selling
Use local sales and active listings to help set a plan.
SAVE THIS LIST
Three questions worth asking
- Which homes are in the data sample?
- Are the similar homes functionally similar?
- What active listings could change buyer expectations?
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