A reporter at the Los Angeles Times looked through the fine print of Zillow’s front page to learn more about the online listing company’s Zestimate accuracy.
Zestimates, which are Zillow’s estimated market values for individual homes, have a nationwide median error rate” of about 8 percent, Zillow CEO Spencer Rascoff said on CBS This Morning.
But that’s just the national median – The Los Angeles Times found that on Zillow’s website, there is information along with valuation error rates by state and county.
“In San Francisco it's 11.6 percent,” writes Los Angeles Times reporter Kenneth R. Harney. “With a median home value of $1,000,800 in San Francisco, according to Zillow estimates as of December, a median error rate at this level translates into a price disparity of $116,093.”
