The Redfin Estimate is a calculation of the market value of an individual home.
The Redfin Estimate is updated daily for homes that are for sale, and weekly for those that are off the market.
The Redfin Estimate is highly accurate, with a current median error rate of just 1.96 % for homes that are for sale, and 7.49 % for off market homes. This means that when a home that is currently on the market sells, the Redfin Estimate will be within 1.96 % of the sales price half of the time. For off-market homes, the Redfin Estimate will be within 7.49 % of the eventual sales price half the time. The Redfin Estimate is more accurate for homes that are for sale because there is more data available about those homes.
As a real estate brokerage, Redfin has complete access to Multiple Listing Services (MLSs), the databases that real estate agents use to list properties. To calculate the Redfin Estimate the algorithm considers hundreds of data points about the market, the neighborhood, and the home itself, like whether it has a water view or is located on a busy street. When all of this data meets the massive computing power of our proprietary machine-learning software and today’s best cloud technology, you get the Redfin Estimate.
Like other estimates, the Redfin Estimate is not a formal appraisal or substitute for the in-person expertise of a real estate agent or professional appraiser. That’s where your local Redfin real estate agent comes in. If you’re thinking about selling your home, or just want to talk more about what it’s worth, we encourage you to contact a Redfin real estate agent at any time. Speaking with a Redfin Agent is free of charge, and there is no obligation to list your home for sale or work with Redfin.
The table below shows where we currently have Redfin Estimates and the accuracy rates by metro area:
Many factors can affect your home's value, including buyer demand and prices of neighboring homes. The Redfin CompeteScore can give you an idea whether market competition in your area could boost your home's sale price. Or if you're buying, it can indicate how much competition you'll face when you make an offer. Compare Redfin CompeteScores in Raleigh, Philadelphia, Houston, and Sacramento, or check your own neighborhood's score on Redfin.com.
The Redfin Estimate factors in more than 500 data points about the market, the neighborhood, and the home itself to arrive at an estimate for 92 million homes across the United States.
The Redfin Estimate algorithm determines comparable homes by looking for nearby homes that have recently sold and have similar features. You can create an Owner Estimate that will allow you to select your own comparable homes and post a value in addition to the Redfin Estimate for your home.
The Redfin Estimate updates daily for homes that are for sale, and weekly for off-market homes. It's hard to say how often any individual estimate will change. Individual estimates are likely to change more frequently in dynamic, fast-paced markets.
No. The Redfin Estimate is calculated by computers. However, you and your Redfin Agent can decide together on the best listing price for your home.
If your home is under contract but the transaction has not yet closed, then the Redfin Estimate is still updating daily. Depending on how dynamic the market is in that neighborhood, the estimate is likely to change during that time. If the transaction has closed, then the Redfin Estimate for that home is updated weekly, so the Redfin Estimate could potentially change each week.
We offer the Redfin Estimate where we have enough local and home-specific data to maintain our accuracy levels. While we can't give any specific information on expansion, we hope to provide the Redfin Estimate for as many homes as possible over time.
Also, you can contact a Redfin Agent to discuss what your home is worth. Speaking to a Redfin Agent about your home's value is free of charge, with no obligation.
The Redfin Estimate only appears on single-family homes, townhouses, and condos with enough similar properties sold nearby within the last year. If you don't see the Redfin Estimate on your home, it likely does not meet at least one of those criteria. If you believe your home should be showing a Redfin Estimate, please contact our Customer Support Team via our Help Center.
If an active listing meets the right criteria and still doesn't show the Redfin Estimate, the home seller's agent may have opted out of displaying valuations for that home on behalf of the seller.
Accuracy of the Redfin Estimate is extremely important to us. However, there will always be estimates for individual homes that are not accurate, usually because we don't have as much data on that home, or the data we do have is outdated.
If the information about your home is incomplete or incorrect, you can Edit Your Home's Facts and make updates directly to your home on Redfin, or you can create an Owner Estimate that will allow you to select your own comparable homes and post a value in addition to the Redfin Estimate for your home.
We ask for records because we want to make sure our data is as accurate as possible. Also, receiving the records verifies that it's the actual homeowner who is requesting the changes on that home. Additionally, we've found that homeowners appreciate finding out when the public records on their home are inaccurate, so they can get them corrected at the source.
For homes that are for sale, the agent listing the property can remove the Redfin Estimate at any time by deselecting the "Allow Automated Valuations" option within the Multiple Listing Service in which the home appears. This will prevent automated valuations from showing on all third-party real estate sites.
If you'd only like the Redfin Estimate removed for your home, please contact our Customer Support Team for further assistance.
The Redfin Estimate History graph provides a look back at how a home's value changes over time. The Redfin Estimate value each month represents the Redfin Estimate average of all the days in that month. This may differ slightly from the Redfin Estimate displayed in the Home Report email, which shows a point-in-time value for a given day rather than a monthly average.