Zillow Home Price Estimates

The Zillow pro blog has a good post on how they do their home price estimates, and the accuracy of the estimates by market. Here’s the link Skipping to the stats on Phoenix, according to Zillow 83.6% of their estimates are within 20% of the actual sales price transactions, within 10% of the sales prices; 61.7%, and within 5% for just 37.2% of transactions.

In the Phoenix market, the average home listed on the MLS sells for within 3% to 5% (varies by month) of it’s list price. Zillow is a good tool for buyers, but it isn’t a replacement for good real estate agents or appraisers either.