Methods, systems, and devices for memory cell sensing using an averaged reference voltage are described. A memory device may generate the averaged reference voltage that is specific to operating conditions or characteristics. The averaged reference voltage thus may track variations in cell use and cell characteristics. The memory device may generate the averaged reference voltage by shorting together reference nodes to determine an average of values associated with the reference nodes. The reference nodes may be associated with a codeword, which may store values corresponding to the reference nodes. The codeword may be balanced or nearly balanced to include equal or nearly equal quantities of different logic values.