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May 24, 2017 · The Zillow Zestimate home valuation was designed to reflect the market value of a home based on comparable sales where those sales are full-value, non-distressed, arms-length transactions of real estate.
What is your house worth? Check your Zestimate instantly. Improve your home’s value estimate with updated home facts. Request a free market value estimate today.
- What Is A Zestimate?
- Zillow Home Value Estimator: How Accurate Is It?
- Zillow Home Value Estimator: Pros and Cons
- How Zillow’s Home Value Estimator Works
- Zillow Home Estimate vs. CMA
- How Zillow’s Home Value Estimator Compares to Other Estimators
- How to Get An Accurate Home valuation
- Why Trust Us
- Related Reading
Zillow’s automated valuation model (AVM) provides users with a home’s fair market value based on public and user-submitted data. The company publishes Zestimates for more than 100 million homes nationwide. Its website claims it uses state-of-the-art statistical and machine learning models to examine hundreds of data points for each home. But we fou...
Median error rate
Zestimates for half of all off-market homes are within 7.5% of their selling price, and half aren’t. So your home value estimate could be off by tens of thousands of dollars. Zillow’s accuracy also depends on your local housing market. Its Zestimates are far less accurate in states and cities with fewer home sales and active listings. For example, Zillow’s error rate for off-market homes is just 5.2% in Vermont. But its error rates are much higher in states with fewer available Zestimates.
Zillow’s least accurate states
Ultimately, Zestimates are more accurate in markets where Zillow has access to more home sales data. Like other home value estimators, Zillow’s error rate is much lower on active listings. New listing data — such as square footage, bedrooms, and bathrooms — might have been inputted or updated by a real estate agent and incorporated into the Zestimate algorithm.
Home value accuracy tool
Our tool breaks down the Zestimate accuracy. It provides a range of what your home might be worth based on Zillow’s national median error rate of about 7% (for off-market homes). Use the slider to enter an online estimate of your home’s current value. The tool provides a low-end and high-end value estimate based on Zillow’s median error rate. Consider that your market may have a higher or lower error rate than Zillow’s national average.
Fast, free, and easy to use
Zillow’s website makes it easy to get a free home value estimate within seconds. You don’t need to enter your contact information to get your estimate, either. Most of Zillow’s on-market and off-market properties have a Zestimate directly on their listing page. However, you do need to provide your full name and phone number to claim your home and edit its facts on Zillow.
Accuracy comparable to other estimators
Zillow’s error rate for on-market homes is 2.4%, and for off-market homes it’s 7.5%. Its accuracy is comparable to other estimators, including Redfin, which has an error rate of 2.1% for on-market homes and 6.4% for off-market homes.2SourceRedfin, 'Redfin Estimate,' Jan. 2023, https://www.redfin.com/redfin-estimate However, like Redfin and its competitors, Zillow’s accuracy rates vary widely by location and are much lower in states with more recent home sales.
Home values are updated often
Zillow’s home values are updated multiple times per week, except on rare occasions, like if the company is making changes to its Zestimate algorithm.
Zillow’s access to housing data is a key advantage over its peers. It has data on over 110 million homes and publishes Zestimates on 104 million of them, with home values updated multiple times per week. The company incorporates data from county and tax assessor records, as well as hundreds of multiple listing services (MLS) and real estate brokera...
We put Zillow’s home value tool to the test, comparing its Zestimate with our own CMA based on publicly available sales data. For our example, we used a random off-market, single-family home in a popular suburb of Summerville, SC. Our subject property has four beds, three baths, and 2,106 interior square feet. Zillow determined that this off-market...
Zillow vs. Redfin estimate
Zillow and Redfin are two top home value estimators, providing home values for more than 100 million properties. Zillow Zestimates have higher median accuracy rates for both on-market and off-market properties and cover more homes in rural areas or markets with fewer home sales. » MORE: Zillow vs. Redfin breakdown
Zillow vs. Chase
Zillow’s home value estimator also compares favorably to Chase’s. We found Zillow’s homeowner dashboard to be much easier to use and more insightful. For example, while you can edit your home’s information on Chase, the website won’t save your edits. Zillow also covers far more homes than Chase, as Zillow currently covers more than 104 million properties, while Chase claims it has millions of records in its database. » MORE: Chase home value estimator review
Zillow vs. Realtor
Realtor’s home value estimator pulls data from mortgage lenders, which it says makes it more accurate than its competitors. However, unlike Zillow, the company does not currently publish a median error rate, making it hard to compare its accuracy. We also ran multiple test properties through its estimator and found the home values less accurate than Zillow’s.
Compare home values from multiple sites
Zillow is just one of about a dozen home value estimators. Each pulls different data to determine a home’s value. Given the wide range of value estimates we received in our example, you can get a more accurate estimate by plugging your address into multiple home value websites and comparing your estimates. » MORE: What are the best home value estimators?
Request a free CMA report
Zillow is a free, useful resource for a quick home value estimate. But it’s certainly not a substitute for a home valuation from a licensed real estate agent. Real estate professionals know how to value your home’s upgrades and improvements and which recent home sales are most relevant to your home. Thankfully, most real estate agents provide homeowners with a free, no-obligation CMA report. » GET STARTED: Connect with a top-rated local agent
Get a pre-listing appraisal
You can order a professional home appraisal even if you’re not selling your home. It’s a pro analysis of your home’s fair market value, completed by a state-licensed appraiser. Appraisers go through extensive training to properly value a home based on its size, condition, location, and upgrades. An appraisal is expensive ($350–500) and often takes several weeks to complete, so keep this in mind when considering your options. » LEARN: What to know about a pre-listing appraisal
Real Estate Witch provides accurate, actionable, and practical information you can use to make better decisions on your real estate journey. To create this review and others, we spent several weeks testing out every home value estimator tool. We also ran comparative market analysis reports on random properties in multiple markets to compare valuati...
Best Home Value Estimators Revealed:Free home value websites Zillow are useful for a quick ballpark estimate of a home’s value, but some are much more accurate than others. We rank the most popular home value estimators. Redfin vs. Zillow:Check out our head-to-head article on two of the most popular home value websites. We explain how they work, co...
Jan 17, 2024 · A Zestimate is Zillow's estimated market value for a home. Zillow has calculated Zestimates for around 100 million US homes. Estimator tools are a good starting point to determine your home's value.
Nov 26, 2021 · Zestimates are home valuations determined by a secret combination of public and user-submitted data. The feature is always what set Zillow apart from competitors....
- Taylor Borden
FWIW, I bought my home in January (settled on price at beginning on November) for $415k, and right now the five estimates are $418k, $404k, $435k, $421k, and $422k. So I'm guessing that I'm sitting around $420k right now, since they're all generally agreeable and are still backed up by comps. But obviously we'll see how the test of time treats it.
People also ask
What is a Zillow Zestimate?
What is a Zillow Zestimate home valuation?
How many comps does Zillow include in a Zestimate?
How accurate is Zillow Zestimate?
Mar 6, 2022 · According to the site, Zestimates are based on a proprietary algorithm that incorporates public records and user-submitted data. However, a Zillow home value is not an appraisal and may not take into account all the data necessary to make it as accurate as possible.
