Cold Hearted Facts

The average home price was $294,488 as compared to $233,165 a year ago, a 26.3 percent increase.
The median home price was $252,500 in April of 2004 as compared to $175,000 a year ago, a 44.3 percent increase.

- Smith, Hubble. "Southern Nevada's home prices soar." Review-Journal 19 May 2004.

Las Vegas is the fastest-selling housing market in the nation.

Existing homes in Las Vegas were listed for an average of 21 days and sold at 100 percent of the listing price.

- SalesTraq - Larry Murphy, president

Please do not confuse "median" with "average". These two words are not synonymous.

Median is the halfway point above and below in a given set of data, scores, or in our case home prices after the data is organized in ascending, numerical order. It is simply the middle point.

Average is the added compilation of data, scores, or in our case home prices divided by the number of entrants/homes.

Example

• Given set of home prices:
  $330000, $200000, $3500000, $300000
• The median price is $315,000.
  $200000, $300000 <the median price is the half-way point between these two center prices> $330000, $3500000
• The average price with is $295,000.
  $200000 + $300000 + $330000 + $3500000 divided by 4 homes.