How much is my home worth?

Knowing the estimated value of your own home helps you price your home for sale, as a precursor to an official home appraisal. Understanding your home’s worth allows you to estimate the proceeds of a future home sale, so you can get a better estimate your budget for your next home. And, if you’re shopping, it’s also useful to check the value of homes in the area to ensure your offer is competitive.

A Zestimate is Zillow’s estimated market value for a home, computed using a proprietary formula including public and user-submitted data, such as details about a home (bedrooms, bathrooms, home age, etc.), location, property tax assessment information and sales histories of the subject home as well as other homes that have recently sold in the area. Updating your home details can help make your Zestimate more accurate. A Zestimate is not an official appraisal, but is a starting point to estimate your home value.

The Zestimate’s accuracy depends on location and the availability of data in an area. The Zestimate’s median error rate for on-market homes nationwide is 3.2%, meaning Zestimates for half of all on-market homes are within 3.2% of the ultimate sale price, and half are not. For off-market homes, the median error rate is 7.52%. Check your home value estimate for free by entering your home address. You can improve the accuracy of your Zestimate by claiming the address as your home and updating the home details.

Begin with your Zestimate, a useful starting point to help you determine an independent and unbiased assessment of what your home might be worth in today’s market. Try comparing your home to recently sold properties in the area to better understand its current value or estimate a possible sale price for your home. Your real estate agent will provide a more robust CMA for you after evaluating the home and taking into account any special features, its location and local market conditions.

Home values increase when buyer demand increases. Making home improvements can also increase the value of your house. Updating your home’s exterior, including the roof, siding, doors or deck often increase the true value of your home, which is what buyers are willing to pay for the property. Depending on the extent of the change, addition or renovation, and the ability of Zillow to identify it, some changes may be reflected in the Zestimate while others may not. You can help by updating your home facts when changes have happened. Search your home address on Zillow, claim the property as your home and update your home facts to reflect recent improvements.

Typically, home values increase over time and grow 3-4% each year in healthy, sustainable markets. However, home values are constantly changing depending on buyer demand and local market factors such as the amount of inventory, bidding wars or economic changes in the area. Local market conditions are the best indicator of projected (short-term) home value appreciation. Your Zestimate is updated regularly to keep up with fluctuating home values, making it an excellent resource for a free home value estimation. Review the history of your Zestimate and/or the Zillow House Value Index (ZHVI) for your neighborhood in order to to examine house value appreciation in your local market.

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