Cross Validated Asked by Chua S Yang on January 28, 2021
As mentioned in the title, I am not sure whether to use the median or mean function on prices of properties since prices of properties are on the y axis and my x-axis is for the years.
I have attached my images on the different graphs generated by using the mean and the median.
This is the mean graph and its code:
Plotly<-URA_data %>%
mutate(Year = 2000 + as.integer(substring(Date.of.Sale, 1, 2))) %>%
filter(Type.of.Sale %in% "Resale" & Type %in% "Condominium")%>%
group_by(Year,Market.Segment ) %>%
summarise(Price = mean(Price....))%>%
ggplot(aes(Year, Price, color = Market.Segment)) + geom_line()+ geom_point()+
labs(color="Segments")+
ggtitle("Mean Property Prices by Market Segments ")+
xlab("Year")+ylab("Price (Mean)")+
theme(
plot.title=element_text(color="red",size=14,face="bold.italic",hjust=0.5),
axis.title.x=element_text(color="blue",size=14,face="bold"),
axis.title.y=element_text(color="green",size=14,face="bold")
)
library(plotly)
Graph<-ggplotly(Plotly)
Graph
This is the median graph and its code:
Plotly<-URA_data %>%
mutate(Year = 2000 + as.integer(substring(Date.of.Sale, 1, 2))) %>%
filter(Type.of.Sale %in% "Resale" & Type %in% "Condominium")%>%
group_by(Year,Market.Segment ) %>%
summarise(Price = mean(Price....))%>%
ggplot(aes(Year, Price, color = Market.Segment)) + geom_line()+ geom_point()+
labs(color="Segments")+
ggtitle("Median Property Prices by Market Segments ")+
xlab("Year")+ylab("Price (Median)")+
theme(
plot.title=element_text(color="red",size=14,face="bold.italic",hjust=0.5),
axis.title.x=element_text(color="blue",size=14,face="bold"),
axis.title.y=element_text(color="green",size=14,face="bold")
)
library(plotly)
Graph<-ggplotly(Plotly)
Graph
Should I use mean or median of prices when doing analysis on property prices?
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