Cost of Housing
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Yeah, property values went way up after you and 89th left... Not saying there's a correlation, but...
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@Klaus Zillow is one of the top real estate websites and yes, uses an algorithm to estimate the current value from more than just a few basic numbers. It compares nearby sales, trends, local demand, and certainly age and size of the house, etc. That being said, it's very much a ballpark guess with a wider margin of error the higher the value of the house goes up. But if he sold it 3 years ago for $755 and the estimate is now $1.05, there's good odds it would sell today for at least $950.
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Zillow's estimate of its accuracy
These tables break down the accuracy of Zestimates for both active listings and off-market listings.
https://www.zillow.com/z/zestimate/
The nationwide median error rate for the Zestimate for on-market homes is 1.9%, while the Zestimate for off-market homes has a median error rate of 6.9%.
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