In a set of sales prices, which value represents the median for the prices given?

The median is the value that separates the higher half from the lower half of a data set. To determine the median, the sales prices must first be arranged in numerical order. Once organized, if there is an odd number of prices, the median is the middle value. If there is an even number of prices, the median is the average of the two middle numbers.

In this scenario, the provided answer indicates that $216,000 is the median. This suggests that when the sales prices were listed in order, $216,000 was found to be the middle value in that ordered list, effectively splitting the dataset into two equal halves. This means that at least half of the sales prices are less than $216,000, and half are greater, making it a representative measure of the central tendency for those prices.

The other values listed do not fulfill the criteria of being the middle value in the ordered dataset, reinforcing that $216,000 is the correct median in this instance. This foundational understanding of how to find the median is crucial in real estate appraisal, allowing appraisers to gauge property values relative to surrounding sales.