Real estate prices are virtually usually biased to the right. If we estimate the price of a typical home in a city at $500,000. We would have no trouble locating properties for $2 million and $3 million, and perhaps even some $5 or $6 million residences. However, you won't find houses for under $1.5 million. Because of this, the mean value is pulled toward the high end more than the median value.
