{"id":54475,"date":"2016-10-25T04:45:52","date_gmt":"2016-10-25T11:45:52","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=54475"},"modified":"2020-10-05T13:11:55","modified_gmt":"2020-10-05T20:11:55","slug":"redfin-estimate-now-more-accurate-and-available-in-twice-as-many-markets","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/redfin-estimate-now-more-accurate-and-available-in-twice-as-many-markets\/","title":{"rendered":"Redfin Estimate: Now More Accurate and Available in Twice as Many Markets"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Less than a year after <\/span><a href=\"https:\/\/redfin.com\/blog\/2015\/12\/introducing-the-redfin-estimate.html\"><span style=\"font-weight: 400;\">its launch<\/span><\/a><span style=\"font-weight: 400;\">, an update has been made to the algorithm behind the Redfin Estimate, making the automated home-value estimate significantly more accurate. The updated Redfin Estimate is 9.7 percent more accurate for on-market homes and 7.8 percent more accurate for off-market homes compared to its original version launched last year. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">As of October 21, the updated Redfin Estimate had a median error rate of 1.80 percent for homes listed for sale and 6.28 percent for off-market homes. This means that when a home that is on the market sells, the Redfin Estimate will be within 1.80 percent of the sale price half of the time; when a home that is not currently listed sells, the Redfin Estimate will be within 6.28 percent of the sale price half of the time. <\/span><\/p>\n<figure id=\"media-54562\" class=\"align-none\"><img decoding=\"async\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2016\/10\/Redfin-Estimate-updated.jpg\" alt=\"Redfin Estimate updated\" \/><\/figure>\n<p><span style=\"font-weight: 400;\">While we can\u2019t give away the recipe for the secret sauce that made Redfin Estimate that much more accurate, we can say that the updated algorithm takes into account even more information about homes for sale, making it even smarter. Investing in the Redfin Estimate has been a top priority; after launching in December, it quickly became one of the most popular features we\u2019ve ever launched. In the past year, we\u2019ve also seen a huge jump in the number of visits to off-market homes on Redfin.com. We see this as a sign that our industry-leading data science is helping people make decisions about buying and selling homes.<\/span><\/p>\n<h3><b>Redfin Estimate Now Available in 41 additional markets including Dallas, Detroit and Minneapolis<\/b><\/h3>\n<p>The Redfin Estimate is now available for about 65 million homes in 80 metro areas across the U.S., nearly every market Redfin serves, with the exception of a few places where there\u2019s not enough data for us to provide an accurate home value estimate.<\/p>\n<div id=\"viz1477338750726\" class=\"tableauPlaceholder\" style=\"position: relative;\"><noscript><a href='#'><img alt=' ' src='https:&#47;&#47;public.tableau.com&#47;static&#47;images&#47;Re&#47;RedfinEstimateMap&#47;Desktop&#47;1_rss.png' style='border: none' \/><\/a><\/noscript><object class=\"tableauViz\" style=\"display: none;\" width=\"300\" height=\"150\"><param name=\"host_url\" value=\"https%3A%2F%2Fpublic.tableau.com%2F\" \/><param name=\"site_root\" value=\"\" \/><param name=\"name\" value=\"RedfinEstimateMap\/Desktop\" \/><param name=\"tabs\" value=\"no\" \/><param name=\"toolbar\" value=\"yes\" \/><param name=\"static_image\" value=\"https:\/\/public.tableau.com\/static\/images\/Re\/RedfinEstimateMap\/Desktop\/1.png\" \/><param name=\"animate_transition\" value=\"yes\" \/><param name=\"display_static_image\" value=\"yes\" \/><param name=\"display_spinner\" value=\"yes\" \/><param name=\"display_overlay\" value=\"yes\" \/><param name=\"display_count\" value=\"yes\" \/><\/object><\/div>\n<p><script type='text\/javascript'>                    var divElement = document.getElementById('viz1477338750726');                    var vizElement = divElement.getElementsByTagName('object')[0];                    vizElement.style.width='954px';vizElement.style.height='729px';                    var scriptElement = document.createElement('script');                    scriptElement.src = 'https:\/\/public.tableau.com\/javascripts\/api\/viz_v1.js';                    vizElement.parentNode.insertBefore(scriptElement, vizElement);                <\/script><br \/>\n<a href=\"https:\/\/redfin.com\/blog\/redfin-estimate\">Click here<\/a> for a full list of all the states and counties where the Redfin Estimate is available, along with its median error rates by location.<\/p>\n<h3><strong>Redfin Estimate is a Powerful Starting Point in Determining a Home\u2019s Value<\/strong><\/h3>\n<p>The Redfin Estimate\u2019s unparalleled accuracy makes it a reliable starting point for homeowners, people thinking about buying or selling a home and even real estate agents, in determining a home\u2019s value. Beyond the instant, data-driven home value estimate at the top of a Redfin home listing or sale record page, users can click or scroll to the \u201cRedfin Estimate\u201d section, which identifies comparable homes that have sold recently. Evaluating these can help provide a better sense of what a home, with its own unique location, features and quirks, is worth.<\/p>\n<figure id=\"media-54477\" class=\"align-none\"><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2016\/10\/Estimate-2.jpg\" alt=\"Estimate 2\" \/><\/figure>\n<p>We recommend that people use the Redfin Estimate to start a conversation with Redfin agents who are experts in the neighborhoods they serve and have often seen comparable homes in person, and in many cases, offered on or sold them. Redfin listing agents also use the Redfin Estimate as one component in their pricing analysis, and many say the efficiency and precision it provides have contributed to their success <a href=\"https:\/\/redfin.com\/blog\/2016\/01\/for-more-money-2016.html\">selling homes for more money<\/a> than other brokers.<\/p>\n<p>\u201cI often use the Redfin Estimate as a tool to help me guide my customers through much of the home-selling process, from when they\u2019re just thinking about listing through the offer negotiations,\u201d said Redfin agent Tonya Nelson in Arlington, Virginia. \u201cWhen we\u2019re just getting started, I use the Redfin Estimate as a gauge to help set a price range we\u2019ll want to list within. I also often pay close attention to the Redfin Estimates of homes in the neighborhood as additional data points when making a pricing recommendation. Because the Redfin Estimate regularly updates to account for homes that have just been listed and sold, my customers and I are able to use it as an up-to-date resource throughout the entire process.\u201d<\/p>\n<p>There is no obligation to work with a Redfin agent to buy or sell a home. The Redfin Estimate is free, and anyone can sign up for <a href=\"https:\/\/redfin.com\/blog\/what-is-my-home-worth\">Redfin Home Report<\/a> emails to get monthly updates on a home\u2019s value.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Less than a year after its launch, an update has been made to the algorithm behind the Redfin Estimate, making the automated home-value estimate significantly more accurate.<\/p>\n","protected":false},"author":13441,"featured_media":54483,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[57],"tags":[65,70,133],"dashboard":[],"coauthors":[],"class_list":["post-54475","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-company-news","tag-home-seller-tips","tag-home-buyer-tips","tag-redfin-estimate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.7) - 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