Redfin Improves Accuracy of Its Popular Automated Home-Value Estimate and Expands It to 80 Total U.S. Markets

The updated Redfin Estimate is 9.7 percent more accurate for on-market homes

Home for sale in Washington, D.C. (Photo: Business Wire)

SEATTLE--()--Redfin (www.redfin.com), the next-generation real estate brokerage, today announced that an update to the algorithm for the Redfin Estimate has substantially increased its accuracy, less than a year after the automated home-value estimate’s initial launch. The Redfin Estimate is an important part of the brokerage’s rapidly growing home-selling service, as it is used by both home sellers and listing agents as a starting point for the process of setting a listing price for a home.

“The Redfin Estimate has quickly become one of the most popular technologies on our website and mobile apps among home sellers, as well as buyers and homeowners,” said Bridget Frey, chief technology officer at Redfin. “We’ve seen a huge jump in the number of visits to off-market homes on Redfin.com, a sign that our industry-leading data science is helping people make decisions about buying and selling homes.”

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. 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.

The Redfin Estimate error rate is dynamic and fluctuates depending upon the data available at a given time. Redfin posts the most current national and local error rates on the Redfin Estimate page. The error rate updates daily for on-market homes and weekly for off-market homes.

Today’s announcement also includes a geographic expansion, doubling the number of metro areas in which the Redfin Estimate is available to 80 metro areas, nearly every market Redfin serves. The Redfin Estimate is now available for about 65 million homes in the following metros.*

The Redfin Estimate is newly available in:

   
Birmingham, AL

Cincinnati, OH

Columbus, OH

Buffalo, NY

Cleveland, OH

Corpus Christi, TX

Charleston, SC

Columbia, SC

Dallas-Fort Worth, TX

Dayton, OH

Madison, WI

Pittsburgh, PA

Detroit, MI

Memphis, TN

Rhode Island

Grand Rapids, MI

Milwaukee, WI

Richmond, VA

Greenville, SC

Minneapolis-St. Paul, MN

Salt Lake City, UT

Hawaii

Nashville, TN

South New Jersey

Indianapolis, IN

New Hampshire

Southern Maine

Jacksonville, FL

New Orleans, LA

Southwest Florida

Kansas City, MO & KS

North New Jersey

St. Louis, MO

Knoxville, TN

Oklahoma City, OK

Tampa, FL

Little Rock, AR

Omaha, NE

Tucson, AZ

Louisville, KY

Orlando, FL

 

About the Redfin Estimate

The Redfin Estimate is designed to serve as a starting point to help homeowners and home sellers determine their home’s value. Homebuyers use it as a reference point when deciding how much to offer on a home for sale, and Redfin agents often use it as part of their pricing analysis. Redfin encourages anyone who is interested to talk to a Redfin real estate agent in their neighborhood for a more detailed understanding of what a home is worth, with no obligation to list or buy a home with Redfin.

Redfin users can find the Redfin Estimate for a home by typing an address into the search box on Redfin.com. The Redfin Estimate appears at the top of the home listing and sale record pages on Redfin.com. The Redfin Estimate is free, and anyone can sign up for Redfin Home Report emails to get monthly updates on a home’s value.

The Redfin Estimate operates on cloud technology and uses the most complete and up-to-date data available on home listings and sales. As a real estate brokerage, Redfin has 100 percent complete, direct access to multiple listing services (MLSs), the databases that real estate agents use to list properties.

To read more about the improvements to and expansion of the Redfin Estimate on the Redfin blog, click here: https://www.redfin.com/blog/2016/10/redfin-estimate-now-more-accurate-and-available-in-twice-as-many-markets.html.

*For a full list of the states and counties covered by Redfin Estimate, see https://www.redfin.com/redfin-estimate. The following is a list of metro areas where the Redfin Estimate was available prior to today’s update and continues to be available:

   
Allentown, PA

Bend, OR

Chicago, IL

Atlanta, GA

Boston, MA

Colorado Springs, CO

Austin, TX

Boulder, CO

Denver, CO

Baltimore, MD

Charlotte, NC

Fort Lauderdale, FL

Fresno, CA

Orange County, CA

San Diego, CA

Hampton Roads, VA

Philadelphia, PA

San Francisco, CA

Houston, TX

Phoenix, AZ

Santa Barbara, CA

Hudson Valley, NY

Portland, OR

Seattle, WA

Las Vegas, NV

Raleigh, NC

Winston-Salem, NC

Long Island, NY

Reno, NV

Ventura County, CA

Los Angeles, CA

Riverside-San Bernardino, CA

Washington, DC

Miami, FL

Sacramento, CA

West Palm Beach, FL

New York City (The Bronx, Queens, Brooklyn)

San Antonio, TX

 

Connect with Redfin

Facebook

Twitter

Instagram

Google+

LinkedIn

Blog

Download the Redfin mobile app

About Redfin Corporation

Redfin (www.redfin.com) is the next-generation real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the customer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the highly accurate automated home-value estimate. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 80 major metro areas across the U.S. The company has closed more than $31 billion in home sales to date, and saved customers more than $335 million in fees, and counting.

For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center.

To be added to Redfin’s press release distribution list, subscribe here.

Contacts

Redfin Journalist Services:
Alina Ptaszynski, 206-588-6863
press@redfin.com

Contacts

Redfin Journalist Services:
Alina Ptaszynski, 206-588-6863
press@redfin.com