Last Updated: 9/24/2018
What is a Trulia Estimate?A Trulia Estimate is an approximate calculation of a home's market value. It is not an appraisal; it is a starting point in determining a home’s value. Trulia Estimates are based on publicly available information and agent-reported transactions, including:
- The home’s physical characteristics (e.g. location, number of bedrooms, etc.)
- Property tax information
- Recent sales of similar nearby homes
How accurate are Trulia Estimates?We continuously monitor the accuracy of Trulia Estimates by comparing (1) actual sales prices for recently sold homes over a 3 month period with (2) those homes’ Estimates at the end of the month prior to sale. For each county and state, we report the median absolute error of these differences and the percentage of sales where Trulia Estimates were within 5%, 10% and 20% of the final sale prices. Take a look at our?accuracy report, which details the accuracy of Trulia Estimates in available counties across the U.S.
Frequently Asked Questions
How are Trulia Estimates determined?Our engineers and data scientists developed a proprietary algorithm, based on a thorough analysis of market data, which calculates Estimates automatically and updates them daily. Our model spots trends that affect sale prices based on a home’s location and nearby homes. For example, some characteristics, such as square footage or the number of bathrooms, are given more or less weight depending on a home’s location. Some of the information we use includes:
- Location, lot size, square footage, number of bedrooms and bathrooms, etc.
- Property tax information, actual property taxes paid, exceptions to tax assessments, and other information provided in the tax assessors' records
- Comparable recent sales of nearby homes
Can I change my Trulia Estimate?The Trulia Estimate is calculated using a proprietary algorithm. We continuously monitor customer feedback to identify and address systematic issues with the model. It is not possible for anyone to manually change a Trulia Estimate for a specific property.
Why are some Trulia Estimates more accurate than others?Several factors can affect the accuracy of Trulia Estimates, including the:
- Availability of data from public records, agents, and other sources
- Speed of systems used by individual municipalities to report sales data
- Number of transactions in any given area over a specific period of time
- Uniqueness of a property’s design and features
- Missouri (some counties)
- New Mexico
- North Dakota