Median home price and appreciation are different concepts in real estate.
1. Median Home Price: This represents the middle price of homes in a specific area, where half of the homes are priced higher and half are priced lower. It is a snapshot of the current prices in the market and doesn’t take into account changes over time.
2. Appreciation: This refers to the increase in the value of a home or property over time. It reflects how much a property’s worth has grown since its purchase. Appreciation can vary greatly based on factors like location, market conditions, and property improvements.
In summary, median home price is a single value that represents the current state of home prices in a particular area, while appreciation is a measure of how much a property’s value has increased over a period of time.