To find the median value of the houses listed in the table, we first need to list the property values in order based on the number of houses for each value.
Let's expand the data from the table:
- $150,000: 2 houses
- $220,000: 4 houses
- $490,000: 3 houses
- $540,000: 2 houses
- $800,000: 5 houses
- $975,000: 2 houses
Now we can compile the list with each house's value represented according to its quantity:
- $150,000, $150,000
- $220,000, $220,000, $220,000, $220,000
- $490,000, $490,000, $490,000
- $540,000, $540,000
- $800,000, $800,000, $800,000, $800,000, $800,000
- $975,000, $975,000
Now we count the total number of houses:
- 2 + 4 + 3 + 2 + 5 + 2 = 18 houses
To find the median, we need to find the middle value in this ordered list. Since there are 18 houses (an even number), the median will be the average of the 9th and 10th values in the ordered list.
Counting up to the 9th and 10th value:
- $150,000 (1)
- $150,000 (2)
- $220,000 (3)
- $220,000 (4)
- $220,000 (5)
- $220,000 (6)
- $490,000 (7)
- $490,000 (8)
- $490,000 (9)
- $540,000 (10)
The 9th value is $490,000, and the 10th value is $540,000.
Now, we calculate the median:
\[ \text{Median} = \frac{\text{9th value} + \text{10th value}}{2} = \frac{490,000 + 540,000}{2} = \frac{1,030,000}{2} = 515,000 \]
So, the median value of these houses is $515,000.