We know that many clients carefully watch median prices and try to calibrate how “the market” is doing. We always encourage people to view median prices as an “economic indicator”, but not as a way to determine the value of a property that they are looking to buy or sell. A median number says much more about the variety of properties that are available for sale and the high-level economic conditions, but much less about the buyer that would bid on a property.
Here is a snap shot of 3 Bedroom Condos in Brookline, August 2021 YTD.
The median price doesn’t impact the search for this type of unit much, and this subset of the market doesn’t impact the median for the town so much, either. But this is a fierce segment of the market with many buyers looking to move to larger units and pushing for multiple bathrooms. During Covid, an additional factor has been outdoor space, which is much more difficult to factor in with an automated dataset.