When JustListed cites housing stats from Zillow, we often get feedback that's critical of Zillow's methodology, which allows feedback from site users. (That negative feedback, by the way, was more common when prices were falling). For the record, here's Zillow's description of their data:
The Zestimate (pronounced ZEST-ti-met, rhymes with estimate) home valuation is Zillow's estimated market value, computed using a proprietary formula. It is not an appraisal. It is a starting point in determining a home's value. The Zestimate is calculated from public and user submitted data; your real estate agent or appraiser physically inspects the home and takes special features, location, and market conditions into account. We encourage buyers, sellers, and homeowners to supplement Zillow's information by doing other research such as:
- Getting a comparative market analysis (CMA) from a real estate agent
- Getting an appraisal from a professional appraiser
- Visiting the house (whenever possible)
Here's the local data:
· Minneapolis Metro Home Value Forecast: The Minneapolis metro hit bottom in Q1 2012. Home values will rise 1.1 percent over the next year (Q3 2012 – Q3 2013). Nationally, home values are projected to increase 1.7 percent over the next year.