The median sales price for a single-family home in Escambia County during March was $265,000. That’s an increase of 20.4% compared with March 2021, according to a USA TODAY Network localized analysis generated with data from Realtor.com.
On a year-over-year basis, prices have been rising for 26 consecutive months. March’s median sale price represents an all-time record in a database that covers 87 consecutive months. March prices are up from $250,000 the previous month.
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The number of houses sold rose by 30.2% from a year earlier. A total of 405 houses were sold countywide during the month of March. During the same period a year earlier, 311 single-family homes were sold.
Real estate sales can take weeks or months to be recorded and collected. This is the latest data made available through Realtor.com to the USA TODAY Network.
Escambia County condominiums and townhomes sold in March had a median sales price of $277,000. That figure represents a 45.8% increase year over year. Some 65 were sold, up 35.4% from a year earlier.
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Information on your local housing markets is available through the USA TODAY Network, with more data from Realtor.com.
In Escambia County the top 10% of the properties sold had prices of at least $490,925, up 15.5% from a year before.
In March, four properties sold for at least $1 million, consisting of four single-family homes.
The median home sale price — the midway point of all the houses or units sold over a period of time — is used in this report instead of the average home sale price because experts say the median offers a more accurate view of what’s happening in a market. In finding the average price, all prices of homes sold are added and then divided by the number of homes sold. This measure can be skewed by one low or high price.
The USA TODAY Network is publishing localized versions of this story on its news sites across the country, generated with data from Realtor.com. Localized versions are generated for communities where the data quality and transaction volume meets Realtor.com and USA TODAY Network standards. The story was written by Sean Lahman.
This article originally appeared on Pensacola News Journal: Escambia County’s average home sold for a higher price year over year