Accuracy of Zillow Zestimates: a review of recent data.

Ever wondered how truly accurate those Zillow estimates are in showing what your home will sell for? Wonder no more! I’ve been telling clients since Zillow’s inception that their values are usually way off, but here is some raw data so that you can see it for yourself.

For my data, I selected all homes that sold and closed within the last week in Oregon City and show you prices that these homes sold for versus Zillow’s Zestimate. Here are the cliff notes:

There were twenty homes that closed within the last 7 days.

Of those twenty homes, Zillow’s Zestimate was within $5,000 of the actual sales price on four of the properties.

Six were within $5,000-$15,000 of the actual sales price.

Two were within $15,000-$25,000.

Two were within $25,000-$35,000.

One was within $35,000-$45,000.

Lastly, four homes out of the twenty that sold were at least $45,000 off from the actual sales price of the home. 

The take away message from this? Zillow’s Zestimates are probably accurate within $50,000 of what a home will actually sell for. Maybe half of the time the website will be within $15k of the sales price. However, many of these will sell for vastly more than what Zillow’s estimate shows, some will sell significantly under, and a handful will sell right around the estimate.

Address Sold price “zestimate” Home sold for ___ % above/below zillow’s zestimate:
511 1ST ST $158,000 $188,879 84.00%
18817 ROUNDTREE DR $240,000 $242,657 99.00%
19201 MILES ST $250,000 $242,263 103.00%
522 JACKSON ST $253,000 $204,306 124.00%
18777 BLUE RIDGE DR $265,000 $270,781 98.00%
19132 BEDFORD DR $270,000 $261,822 103.00%
13183 WASSAIL LN $280,000 $233,219 120.00%
19316 TOWERCREST DR $280,000 $257,416 109.00%
14388 TALAWA DR $289,000 $257,416 112.00%
23529 S TRILLIUM HOLLOW RD $290,000 $243,878 119.00%
18701 LASSEN CT $296,500 $292,576 101.00%
17445 WAKE ROBIN CIR $305,000 $317,272 96.00%
20005 MOSSY MEADOWS $329,900 $323,158 102.00%
13633 BARCLAY HILLS DR $330,000 $335,177 98.00%
146 PARK DR $350,000 $350,954 100.00%
18927 Wynton DR $351,450 No zest. listed
16265 BARLOW DR $381,500 $388,101 98.00%
16300 S HENRICI RD $407,000 $368,020 111.00%
1307 15TH ST $425,000 $404,270 105.00%
18598 ALADDIN WAY $540,000 $487,452 111.00%

There is no substitute for a human to help guide you through pricing your home. Having about 25% of the properties off by $50,000 is way too big a financial risk to take. And, in the past, I’ve seen sold price/zestimates that were even larger discrepancies than $50k.

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