You really need to compare apples to apples and rely less on "average" or "median" values in diverse neighborhoods like Dorchester. As an appraiser, when I'm valuating a beautifully restored Queen Anne, I will only compare it to similarly restored comparable properties RECENTLY SOLD. It's all about the recently sold comparables. Focusing on average values will not give buyers a true picture of a home's worth in neighborhoods like 02124 because there are so many different types of properties.
Granted, if the Queen Anne I am appraising on Fairfax Street (for example) is surrounded by homes of lesser values and the closest comparable property is over one mile away, then location absolutely plays into it. In general when evaluating values of unique properties in diverse neighborhoods, buyers need to pay much less attention (or no attention) to neighborhood averages and dig down deeper and really compare apples to apples.
Remember, at the end of the day the true value of a property is only what someone is willing to pay for it, and the current market data will tells us generally what that value is.
Hope that helps,
When determining price in making an offer or establishing a listing price, the average or median is only a minor portion of the discussion. A comparative market analysis takes only homes which are as identical as possible to the "subject" property. If there aren't any which have been sold recently the average or median prices are only considered to "adjust" the prices of older sales.