Is Zestimate Accurate?

In York County, Zestimate on a home’s value is off by 20% OR MORE 23.1% of the time. In short, you cannot rely on a Zestimate for accurate values on your home or the home you are contemplating purchasing. But don’t take it from me. Take it from Zillow themselves!

For those of you who are in the dark up to this point, a Zestimate is a Zillow estimate. Zillow is one of the top consumer real estate resources in the United States. Don’t get me wrong–I fully support the resource. In fact, I think this is the future. But at its current state, Zestimate can be a Realtor’s enemy!

The screenshot above is from Zillow.com. Anybody can click on this link, or I have made the screenshot clickable so that it will direct you to the “About Zestimates” landing page.

York County has a Zestimate accuracy of 4 stars! And York county’s number breakdown:
Within 5% of sale price: 39.8%
Within 10% of sale price: 61.7%
Within 20% of sale price: 76.9%
Median Error: 7%

So what does this mean? I already stated that in York County, Zestimate is off by 20% OR MORE 23.1% of the time. That means that 1 out of 4 or 5 York homes you see with Zestimates are off by 20% or more. If you found 5 homes Zestimated at $200,000, at least 1 is likely to have an actual value of

a)$160,000 or below, or
b)$240,000 or more!

Want a more accurate value? Ask your Realtor.

For similar data on other counties, click here to download a spreadsheet.

Nathan Krotzer
RE/MAX Patriots
717.840.4848 office
717.578.0573 cell
http://youtube.com/user/remaxpatriots
http://myyorkpahome.com