Median sales price

Median price is not the same as average price. When looking at all the homes sold in a Zip code, the median price represents the midpoint — meaning that half the homes sold for above the price and half sold below it.

Although prices can and do vary from neighborhood to neighborhood, knowing a Zip code’s median price gives you some sense of what homes cost in that area.

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Days on market

Days on market is a median, not an average, measurement, meaning that half the homes were on the market for less time and half of were on the market longer.

Knowing how long it takes a house to sell can tell you whether it is a buyer’s or seller’s market. Houses that sell quickly usually point to a seller’s market, meaning you have little room for negotiation. Houses that linger on the market usually signify a buyer’s market, meaning you have a better chance of negotiating.

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Average sale to original list price

The measurement, shown as a percentage, indicates how much homes sold above or below their list price in that Zip code. For example, if a home is listed at $1 million and sells for $800,500, then its sale-to-original-list price percentage is 80.1 percent. If a home is listed at $200,000 and sells for $202,000, then its sale-to-original-list-price percentage is 101 percent.

The measurement gives buyers and sellers an indication of whether homes on the market in that Zip code are being priced well or poorly.

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SOURCE: RealEstate Business Intelligence. GRAPHIC: Kevin Schaul, Dan Keating and Kathy Orton. Published Feb. 19, 2015.