FAQs
The nationwide median error rate for the Zestimate for on-market homes is 2.4%, while the Zestimate for off-market homes has a median error rate of 7.49%. The Zestimate's accuracy depends on the availability of data in a home's area.
Why does Zillow not show sold prices in Texas? ›
Non-disclosure state — Your home is in a “non-disclosure” state (Idaho, Indiana, Kansas, Louisiana, Mississippi, Montana, New Mexico, Texas, Utah, and Wyoming) where transactions are not publicly reported and therefore, we do not have enough data to create a Zestimate.
Why is the housing market so low in Texas? ›
Lower Land Values
Texans seek affordable dwellings, making it easier for them to purchase or construct properties at more manageable rates. The presence of abundant rural areas helps contribute to decreased housing expenses since land values are usually much less expensive here too.
Does Texas have low house prices? ›
Whether you're a retiree or a young professional looking for exciting opportunities, Texas has affordable housing for everyone. Let's explore some of the cheapest places to live in Texas! Cheaper Houses: The median home sale price in Texas is ~$293K.
Why is my Zillow estimate wrong? ›
A Zestimate's accuracy depends on the data available in the geographic area around a home. Some counties and cities have detailed public information available about a home's size, features, and age, while others do not. The more data that's available to put into that formula, the more accurate the Zestimate will be.
Who has the most accurate home values? ›
Zillow offers one of the most accurate estimators overall. Being one of the top real estate sites on the internet, Zillow has a very accurate estimator that has helped many people in their journey to sell their homes. Most people turn to Zillow for all of their real estate needs.
Are Texas home prices going down? ›
The National Association of Realtors found that home prices dropped in 15 of 221 markets across the United States in the first quarter of 2024 compared to the same period last year, including two in the Lone Star State: Austin-Round Rock (-0.3%) and San Antonio-New Braunfels (-4.6%).
Is Texas the cheapest state to live in? ›
Texas ranked 17 in states with lowest cost of living, according to composite cost of living index data for the first quarter of 2023. Its overall cost of living index was 93 — the lowest was Mississippi at 85.3 and the highest was Hawaii at 179. Here is a breakdown of the how certain expenses scored in Texas.
Are homes overvalued in Texas? ›
In El Paso, Texas, end of April data analyzed by the FAU researchers indicate the typical home is 24.20% overvalued compared to its historical average—ranked 50 on FAU's Top 100 U.S. Housing Markets metro ranking index.
What is the cheapest city in Texas to live in? ›
Wichita Falls is considered the most affordable Texas city for first-time homebuyers, though Midland-Odessa, San Angelo, and Lubbock homes are also high on the list.
Home values in Texas rose by 45.5% in the last 5 years. Home sales increased by 5.3% in January 2023 YoY, and the mortgage rate climbed to 7.28%! So, Texas's housing market is strong, if not bullish. Even if mortgage rates continue to increase alarmingly, home sales will not falter.
Will home prices drop in Texas in 2024? ›
Prices will relax, but not crash.
Prices have relaxed in Texas and gone down slightly in many cities, but you should expect prices to go up some in 2024. Currently, the market has about 3.7 months of home inventory. That number needs to hit 6–6.5 months just for the market to be balanced.
Why is my zestimate lower than my neighbor's? ›
There are several reasons why Zillow's Zestimate may be inaccurate. For one, the feature relies heavily on publicly available data, such as property tax records and past sales data. This means that it may not take into account certain factors, such as renovations or additions to a home, that could affect its value.
Is Zillow Zestimate or Redfin more accurate? ›
Zillow: Redfin is more accurate when valuing homes. Both Zillow and Redfin give homes an approximate value, but the Zestimate provided by Zillow has proven slightly less accurate than Redfin's estimate. Final numbers depend significantly on the local market and demand for a property in your particular location.
Why did my zestimate drop drastically? ›
Shifts in Market Conditions
Changes in the overall real estate market conditions such as supply and demand, interest rates, and affordability in your area also influence periodic Zestimate drops.
Why do some homes not have a zestimate? ›
We do not delete Zestimate®. However, for some homes we may not have enough data to provide a home valuation that meets our standards for accuracy. In these instances, we do not publish the Zestimate® until more data can be obtained.