The median price is a measure of central tendency in statistics that represents the value separating the higher half from the lower half of a sample. In other words, it is the middle number when data is arranged in ascending order. For example, if we have a dataset with prices ranging from $10 to $50, the median price would be $25 since it falls right in the middle between two numbers - $20 and $30. In real estate or property market analysis, median price is often used as an indicator of affordability for potential homebuyers. It provides a more accurate representation of the typical prices within a given area compared to the average price which can be skewed by outliers (i.e., extremely high or low priced properties).