algorithm to find a point among n points in plane to minimize the sum of distances
Since you have to compare a sum of square roots, it is not clear/unknown if this problem is in NP. Otherwise, if you assume you can compute sum of square roots and compare them, then I am unaware of an algorithm that works in faster than quadratic time. For approximation, you can just approximate the 1-median using known algorithms in linear time, and then just take the closest point  to this center. This would give you a constant approximation. A better approximation can be had by working somewhat harder.