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

SEATTLE–(BUSINESS WIRE)–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

 

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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
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Contacts

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