What does it likely mean if the mean, median, and mode sales prices are about the same in a market analysis?

When the mean, median, and mode sales prices in a market analysis are about the same, it indicates a likelihood that the data are normally distributed. In a normally distributed dataset, the values cluster around the central point, and the measures of central tendency (mean, median, and mode) converge. This symmetry is a key characteristic of normal distribution; thus, their similarity suggests a balanced distribution of sales prices with no significant skewness.

In contrast, a small population typically does not predict the relationship between these measures, as it could lead to variability that doesn't reflect true central tendencies. The presence of outliers generally disrupts this symmetry, causing the mean to deviate from the median and mode rather than aligning them. Lastly, while a large sample size can provide more accurate estimates of central tendencies, it doesn’t intrinsically determine their equivalence. Therefore, the observed agreement of the mean, median, and mode strongly supports the conclusion of normal distribution in the dataset.