This chart shows us the gently upward pricing trend in Peoria over the last 24 months. But it also shows us a lot more - about how easily statistics can be manipulated:
- Median sales price has increased 8.5% over the last 2 years (4.25% per year), from $270,000 in May '16 to $293,000 in May '18.
- Median sales price has increased 7.3% in the last year, from $273,000 in May '17 to $293,000 in May '18.
- Median sales price increased a sharp 17.4% in the 18 months from July '16 to Feb '18.
The point is, it's a good idea to understand not only the statistic being reported, but also the context and the larger picture - what does that statistic really mean, and does it hold up when analyzed further?
- Chris Butterworth
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* All chart data represents single-family detached homes only. Information is believed accurate but not guaranteed.